All You Need to Know About Zero Down Payment Bike Loan

If you are thinking about a loan without any down payment, you are at the right place. There are banks and financial institutions in the country which offer a zero down payment bike loan. This loan is slightly different from the regular bike loan. When you apply for a regular loan, you need to make a downpayment which is about 20% to 25% of the cost of the two wheeler. This payment is required to be made upfront and the balance amount will be your loan. The lender will not give you a loan of an amount exceeding 85% of the cost of the two wheeler. However, in a zero down payment bike loan, you can choose to purchase the bike of your choice and you will not have to make a downpayment for the same.

In order to apply for a two wheeler loan, you need to be above the age of 18 and having a regular flow of income. This means you need to be either employed or having a business of your own. In order to make the process of seeking a loan easier for you, lenders offer a zero down payment option. This means you do not have to make any down payment and the entire value of the bike will be your loan amount. However, you may still have to pay the loan processing fees which could be a small percentage of the loan amount. Since there is no downpayment in the loan, there could be a minimum annual income requirement in order to qualify for the loan. The eligibility criteria varies from one lender to another. The lender will also examine your credit history in order to process the loan application. If you have a solid credit history, it will help you get quick finance.

The process of loan application is simple and straightforward. All you need to do is fill up the application form and submit it to the lender with the necessary documents. The documents include income proof, identity proof and an address proof. If all is in place, the loan application will be approved within no time. You will be able to bring your bike home within a period of 24 to 48 hours. If you have a positive credit score, you will be able to enjoy a quick approval. Any individual above the age of 18 can apply for the loan. The zero down payment bike loan makes it possible for you to ensure that you can get a new bike without breaking the bank. You will not have to spend all your savings in order to make the down payment and you will be able to get a loan in no time.

Getting a loan has become easier than ever. The process of application is quick and the approvals are given within no time. Even the documentation requirement has become minimal due to increasing competition amongst banks and financial institutions.