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Beginners Must Know About Zero Down Payment Two Wheeler Loan

.Purchasing a two wheeler has become a common trend among Indians today, with many aspiring to upgrade from their existing bike make and model to high-end ones. Nevertheless, the limits to earning and income opportunities in the current post-Coronavirus scenario put a restriction to the spending limits of people. Naturally, this has brought into perspective the increasing need for suitable financing options.

Now, whether in urgent need of external financing or not for bike purchase, funding options like zero down payment two wheeler loan are a great fit. These advances ensure 100% financing of the bike’s cost along with various. Other benefits that result in minimum strain on one’s personal finances. Let’s take a detailed look at the essential. Things you must know in relation to 100% bike financing through two wheeler loans.

Meaning and Scope of Zero Down Payment Two Wheeler Loan

As per conventional financing arrangements, two wheeler loans are known to attract. A percentage of the model’s cost as down payment for the rest of financing to approve. It means, if your selected bike model is priced at Rs.80,000, a set percentage of the model, say 10%. Or Rs.8,000 will need to be paid to the seller as down payment.

The remaining amount, i.e., Rs.72,000 shall be financed by the lender based on your eligibility requirements. However, under the new lending-borrowing arrangement now known as zero down payment two wheeler loan, the need for such down payment is eliminated. Meaning, the financial institution provides 100% of the bike’s market price as financing for easy vehicle purchase. It thus eliminates the need for a prospective bike purchaser and borrower to make an upfront payment for such purchase and financing.

It thus means that once the loan amount is approved and disbursed by the lender. The borrower can easily take away the two wheeler home without needing to worry about any immediate payment. One, however, needs to make a few necessary payments as fees and charges for the approval and disbursal of his/her loan amount.

Application Process for a Bike Loan without Down Payment

Apart from he fact that zero down payment two wheeler loans do not require you to make any upfront payment for financing and bike purchase. No other significant distinctions differentiate them from conventional bike loans. Thus, the application process for this 100% bike financing is also more or less the same as any other bike loan.

Blow are the some following factors:

Complete the following steps to select and apply for your two wheeler loan with zero down payment.

1: Find a suitable lender based on the interest rates applicable, loan features, and other related benefits.

2: Select a suitable loan amount as per your financing requirement for the selected bike model purchase.

3: Decide on a suitable tenure as per your repayment capacity and the EMI payable.

4: Visit your lender’s official website and navigate to the application form for bike loan. Alternatively, you can also visit your lender’s nearest physical branch for the application. However, the former can be more comfortable and convenient to complete.

5: On the page displaying the application form, fill in all required personal, employment as well as financial details as asked for. Make sure to fill in all details correctly for hassle-free application processing.

6: Next, provide the determined loan amount you seek and the selected tenure.

7: Once filled in, submit the application form along with necessary documents required by the lender. If the application does not accept online document submission. You would soon be contacted by a lender representative for respective document submission, which shall most probably be collected from your doorstep.

8: Post this, the documents will be verified, and your loan application assessed for suitability for further processing.

If all the details are in place and you have met the required eligibility criteria. You can expect to receive approval of your application within the next few minutes. This shall follow loan disbursal in the next 24 hours or as decided by the lender.

Final Words:

Once the zero down payment two wheeler loan amount is approved and disbursed. You can complete your bike purchase and take home the two wheeler. Following this, you would need to meet your repayment liability as per the determined schedule. And pay EMIs within the due date until tenure completion. You can also choose to part-prepay the loan liability or foreclose your loan account with the availability of s lump. Sum funding against nominal charges.

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