If you don't have any funds, it may suggest to potential lenders that you're at risk of foreclosure. As a result, while they may grant you a loan, it will almost certainly come with a higher interest rate. This might result in a significant rise in the amount you pay over time.
Eligibility Criteria To Avail Zero Down Payment
If the potential borrower meets all of the lending institution's eligibility conditions listed below, they are entitled to apply for a two-wheeler loan. So, let's take a look at the eligibility criteria to acquire a loan.
1. The minimum age of eligibility varies per lender and can range from 18 to 21 years old. The maximum age of eligibility is 65 years old.
2. A salaried or self-employed professional is required.
3. You must be an Indian citizen.
4. You should have a minimum work experience of a year. To be qualified for a zero-down payment bike loan, most banks would ask you to earn a minimum salary of Rs.12000/month.
5. If you are a self-employed person, you must have been in business for at least two years.
6. If you have already taken out a loan, you must submit the details.
7. A strong credit score is required.
8. Check to see if any of your checks have bounced in the past.
9. For at least a year, you must have lived at the stated address. You will be required to supply applicable papers in the event of a change of location.
There are many websites that can be used for a two wheeler loan eligibility check. You check eligibility for Shriram Finance two wheeler loan here.
You will have to provide basic documents, such as standard identity proofs, proof of income, and proof of residency, among other papers.
1. Id Proof such as passport, PAN card, voter ID card, etc.
2. Address proofs like Aadhaar, utility bills(gas bills), etc.
3. Income statements documents like income tax returns, bank account statements, credit score, salary certificate in case of private limited firms.
4. Remaining KYC documents whichever asked by the lender.
How Can You Apply For The Two Wheeler Loan?
You can contact a lender representative for additional information on bike loans. After that, you must submit all required papers and an application form to the lender for verification. Your loan application will be approved if all of the information you provided is valid.
1. What is a bike down payment?
When you take out a loan to buy a two-wheeler, you may have to pay 5% to 15% of the total worth of the vehicle out of pocket, with the bank covering the remainder. The down payment is the amount you spend out of your wallet.
2. What can I do to guarantee that I am eligible for the minimum money down payment option?
To guarantee that the lender provides you the minimum down payment option, you must fulfil the qualifying conditions, have a good credit score, and have low debt.
3. I'd like to purchase a superbike. Will I be able to purchase it with a zero-down payment loan?
If you match the requirements and have a good credit score, the bank will not only approve your application for a two-wheeler loan but will also most likely finance the entire cost of the superbike.
4. What is the minimum and maximum two-wheeler loan amount?
The minimum loan amount available is Rs. 30,000, with a maximum loan amount of Rs. 25 lakh.