Most fellow citizens are choosing bikes as their first choice of assets. The reasons behind it are lousy traffic control, insecure transport, poor roads, and sometimes our passion. However, in India, only a few can afford to buy new bikes with liquid money.
If you do not have instant money to buy a bike for your use, you need not worry. Several financiers are waiting to help you with bike loans. Moreover, they even allow you to purchase a bike on EMI without making a down payment.
What is a down payment?
There are several bookish definitions of “down payment” on the internet or in the guide provided by a financial company. However, it is as simple as water to understand. In most cases, when you are purchasing a high-value product, you need to pay 5%–15% of the value upfront. This upfront payment value is known as a down payment. The down payment only needs liquidity at the time of purchase as a security expense. However, a loan is only perfectly secure once you provide the other essential documents to the financiers.
Zero Down Payment Offer in India
Most financial supporters like to take a certain amount of money as a down payment while giving loans. However, only some lenders offer 100% financing for your bike loan. It means you can use your two-wheeler without making a down payment. There are two kinds of down payment options:
- Some financiers (especially banks) offer to lend money on some specific bike models to their existing account holders. Therefore, that is a limited offer you cannot take advantage of if you are not one of those account holders.
- Some financial companies provide bikes on EMI without a down payment. However, you must show them a sound repayment track and eligible documents.
Eligibility to get EMI without a down payment
If you want to buy a used car in India, you need hardly such documentation and pros and cons. However, it is essential to look into some eligibility criteria if you are looking for a new bike without a down payment. These are:
Age
Most financiers like Hero Fincorp want buyers aged between 21 and 65. There are some reasons behind it. Only a few people can afford monthly EMIs aged below 21. The main reason behind it is the unemployment rate before this age. Similarly, after 65, it may become risky to handle a bike for anyone.
Income
It is the essential criterion for a financier. For example, if you get your dream bike on EMI without a down payment, you have enough income to pay the EMIs on time. Therefore, you need to have a stable source of income. Even if you buy a used car with an EMI scheme, it needs this eligibility for your purchase.
Also Read: Splendor Down Payment
Working Status
The Source of income is not only the eligibility. You may provide your working status to the financial loan provider to make a satisfaction over you. For instance, if you are taking a loan from Hero Fincorp, you must provide at least one year of working experience with your current company. You may offer salary bills as well.
Other Documentation
Like the other services, you need to provide identity and address proof to get a bike loan. During document verification, you may fail to get a zero down payment facility if the loan provider finds any misconduct. Moreover, you may never get a loan from any other financial company. So, be aware of it.
Credit History
It is only mandatory if you are dealing with your bank. You need a good credit score regarding your existing account to get a zero down payment for your purchase. However, there is very little chance of getting it.
Advantages of zero down payments
There are advantages if you get your dream ride without paying a single rupee while purchasing. They are:
Fulfill your dream instantly
You can avail of your dream bike without delay getting EMI without a down payment. Therefore, it can create mental and economic satisfaction.
Maintain monthly expenses
Taking EMI without any down payment leads you to maintain your monthly expenses without taking an extra load. Moreover, this financing helps you eliminate financial problems roaming around you.
Prevent you from unnecessary expenses
Often people move to bad expenses while they get extra money monthly. They spent it on causes they can’t even relate to at the month’s end. Getting no down payment facility not only helps you to get your dream bike, but it also prevents your unnecessary expenses.
Conclusion
Buy a used car in India or get a new one; in both cases, if you are looking for a zero down payment facility, you must have the proper eligibility. There are so many financiers to give you loans regarding your bike purchase without a down payment. However, you must fulfill all their other criteria to grab the golden opportunity.
