At a certain time of age everyone dream to have their dream bike. But with some circumstances, you may not able to get your bike. For all of them here we have good news that some banks are providing the loans for bikes without any down payment. This will be zero down payment bike loans. Here are the further details where you can know about the things to follow to get zero down payment two-wheeler loans.
Two-Wheeler Zero Down Payment On Bike Loan
When you are purchasing things at higher prices like a two-wheeler, a car you have to pay some money between 55 to 15% of the value. This payment is known as a down payment. The remaining balance value can be provided as a loan by the banks. At the time of purchasing the things, there should be some liquidity which is required by the down payment.
Zero Down- payment on two-wheeler loan-
Nowadays many banks are providing you the loans with zero down payments. This is to make the loan hassle-free and easier procedure of securing the loan. One the loan applicant reaches all the minimum eligibility criteria required to get the loan will get the full value of the loan.
- The age of the individuals at the time of taking a loan should be a minimum of 21 years and the age at the time of loan maturity should be 65 years of age.
- The income of the self-employed individuals must be Rs.72,000/- and for the salaried employees, the minimum salary should be Rs.84,000/-
- You can get the loan with the cheaper rates if you are the existing customer at the same bank.
- The individuals who are availing loans should be residing for one year at the given address. If you are going to change the place you have to submit the relevant documents to the lender.
- Should be working for a minimum of one year.
- The credit history of the customer will be examined by the lender. Along with this current loans of the customer will also be checked. The cheaper financing will be given by the loans if you maintain a good credit history.
Bike Loan Required Documents-
Like other loans, for this zero down-payment loan for a bike, you have to submit the ID proofs, income proofs, and residential proofs along with the other documents. Before applying for the loans you have to check with the lenders about the necessary documents required for the loan. Documentations may vary from lender to lender.
Proof of Identity-
Can be submitted anyone among the list given below-
- Driving license
- PAN Card
- Voter ID card
- Photo of the Credit Card (reverse and front)
- Ration Card ( if your photo is attached in that)
- Employment ID copy with the employee’s photo.
Proof of Address-
Can be submitted to any one among the following
- Ration Card
- Telephone bill
- Electricity bill
- Gas connection bill
- Sale deed
- Driving license
- Voter ID Card
- LIC Life Insurance Policy
- The Latest ITR Income Tax return can be submitted by the Self-employed individuals.
- The Latest salary certificate or salary slip must have to be submitted by the salaried individuals. This certificate has to be mentioned along with the deductions if they have any.
- Salary certificates have to be submitted if they are having any private limited firms/ proprietorship/ partnership. These certificates will be accepted by the lender only if the certificates contain all the details about the deductions, along with the name of the authorized signatory and designation.
Procedure to Apply for Zero Down-Payment Loan-
Once fulfilling the eligibility criteria required for availing the zero down-payment two-wheeler loans, you can apply for the loan. By following the below steps you can apply for this kind of loan.
- You have to be in touch regularly with the representative of the institution to lend a loan.
- Once knowing the needs of the customer the representative will give all the details about the zero down payment loans.
- Once knowing the details if you are ok with the procedures. An application form will be given.
- Fill the application form with all the details asking in it.
- Carefully read all the terms and conditions and sign the filled in application form.
- Submit all the documents which are required.
- The Lending of the loan will be in a very short period of time once the verification of the document is done.