India is home to the world’s largest two wheeler market, accounting for nearly 40% of worldwide sales. There are various reasons which make two wheelers a popular choice among Indians - their comfort, less fuel consumption, high mileage, low maintenance, less parking space requirement, and so on.
If you are also considering purchasing a bike but are short on finances, you need not worry. You can get a bike loan effortlessly, that too with zero down payment. In this article, we talk about zero down payment bike loans in detail to help you make an informed decision for your much-loved two wheeler.
Down payment refers to the amount that you need to pay upfront at the time of buying a bike, and the balance amount is provided as the two wheeler loan by the financier. In case of zero down payment bike loan, you need not pay this upfront amount, which is generally 5%-20% of the invoice value of the two wheeler, as the entire amount is offered by the loan provider as bike loan.
Zero down payment bike loans are increasingly becoming popular in the country in the post-Covid era. This is because, in these difficult times, a two wheeler has become more of a necessity than a luxury. A two wheeler is one of the most efficient ways of avoiding public transport, which harbors the risk of infection. Moreover, two wheelers provide you with a greater degree of independence in commuting.
There are various benefits of zero down payment bike loans. Here are the key benefits of this style of two wheeler financing.
Eligibility for Two Wheeler Loan With Zero Down Payment
Following are the eligibility criteria which you must meet in order to apply for a zero down payment two wheeler loan:
Apart from the above-mentioned conditions, you must also meet the following requirements in order to be eligible for a bike loan with zero down payment requirement:
It is important to note that at the time of applying for a two wheeler loan, you must declare all your previous loans, active as well as the dormant ones, in order to enable the financier to evaluate your loan-paying capacity correctly. A failure to do so can result in loan application rejection. Also, you must possess a good credit score at the time of applying for an online bike loan.
You can apply for a two wheeler loan with zero down payment online at Shriram City by following these steps:
Once you complete the process, a team of experts at Shriram City Union Finance will reach out to you and help you complete the end-to-end bike loan application process.
Documents Required for Zero Down Payment Bike Loan
You require the following documents for making a two wheeler loan application with zero down payment:
A zero down payment loan is one of the most efficient ways of financing your two wheeler, especially if you want to bring your dream bike home immediately. If you are looking for a hassle-free two wheeler loan with 100% financing, you can reach out to experts at Shriram City Bike Loan and realize your dreams of owning your dream bike.