In case of bike loan, the banks or NBFCs offer coverage up to 85-95% of the value of the bike but the remaining 5-15% needs to be paid by the buyer which is known as ‘down payment. But if you failed to save up the down payment there is no need to worry. You need to meet certain eligibility criteria, the banks or NBFCs will pay the complete amount of the bike. One has to pay for the loan processing charges.
What is the Eligibility Criteria for Bike Loan?
To avail 0 Down Payment Bike Loan one must meet the following criteria.
- A person employed in a private firm or other institution should have a minimum income of Rs.84,000.
- A person running their own business or self-employed should have a minimum income of Rs.72,000.
- Age must be between 21 and 65 years.
- Good credit history is important.
Also Read: 5 Easy Ways to Improve Your Bike’s Speed
What are the Documents Required to Get Zero Down Payment Bike Loan?
Below is the list of documents that are required while applying for Zero Down Payment Bike Loan.
- Id Proof: The applicant needs to submit aadhaar card, passport or voter identity card.
- Address Proof: The applicant needs to submit any document that shows residential address.
- Income Proof: The applicant needs to submit income certificate to prove that you are capable of paying EMIs.
When you avail a bike loan always pay attention to two-wheeler loan interest rate. If you are low on budget option like Zero Down Payment Bike Loan is a blessing to help you in purchasing your dream bike.
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