Do you know you can get a bike loan at zero down payment? Several NBFCs and loan providers offer 100% financing on two-wheeler loans, allowing you to buy your favorite motorbike or scooter without paying anything upfront. You can apply for bike loan here: https://www.fullertonindia.com/two-wheeler-loan.aspx
Here’s all you need to know about zero down payment bike loans.
What Is Zero Down Payment Bike Loan?
A down payment is an amount you need to pay upfront when you take a loan to make a high-value purchase. Almost all major purchases, like vehicles, property, etc., require a down payment. The down payment amount can be 5-15% of the total purchase value. Hence, you need to have liquid cash at hand to make the down payment.
A zero down payment bike loan eliminates the need for a down payment. The lender offers 100% financing, so you don’t need to pay any upfront amount. This makes the loan process hassle-free.
However, please note that some lenders may charge a nominal loan processing fee, which is usually between 0.5% and 2.5%.
Eligibility Criteria for a Bike Loan with Zero Down Payment
Many NBFCs and lenders provide a two-wheeler loan at zero down payment. The eligibility criteria vary from lender to lender. Lenders consider the following factors in evaluating the eligibility of a loan applicant:
- Age
- Income
- Credit history
- Employment/working status
- Residential status
Conclusion
Zero down payment makes getting a bike loan easy. Many lenders offer two-wheeler loans at zero down payment. If you’re planning to get one, be sure to check the eligibility criteria to ensure you are eligible for getting the loan.
