Two-wheelers keep the country moving. From big cities to small villages, they are much loved and needed. Two-wheelers have become affordable over the years to cater to the masses. Additionally, a two wheeler loan by banks and NBFCs have made these vehicles extremely accessible.
If you want the thrill of riding a bike and are looking to purchase one, you can do so with 100% financing called a zero down payment two wheeler loan. Here’s everything you need to know about it:
How does a two-wheeler loan generally work?
Before getting into what a zero down payment loan is, let’s understand how a vehicle loan normally works. In most cases, if an individual wants to avail a loan to purchase a two-wheeler, they have to pay between 5%-20% upfront as a down payment. The financial institutions offering the loan then provides the balance. In this way, anyone who wants to avail the loan needs to have some cash with them to be able to buy a two-wheeler.
What is a zero down payment two wheeler loan?
This loan is different from a traditional vehicle loan. With a zero down payment loan, the buyer does not need to have a lump sum amount to pay as a down payment. In this case, the bank or NBFC helps with the 100% cost of the vehicle.
This essentially means you can walk into a showroom and ride out with a brand-new bike without having to pay a single rupee. However, not everyone can get this loan. There is certain loan eligibility that an individual has to fulfill to qualify.
What is the two wheeler loan eligibility?
It is easy to get a zero down payment loan. The criteria include:
- Indian citizenship
- Minimum age of 21 years and maximum of 60 years
- Earning member working for an organization or owner of a business
- Healthy credit score of above 750
Some mandatory documents that need to be furnished are:
- Bank statements for the last three months
- Salary slips for the last three months
- Latest ITR (for self-employed individuals)
- Address proof
- Identity proof
Ride like the wind with Tata Capital
Looking to own your dream machine? Tata Capital provides attractive bike loans to make it a reality. It can provide 100% loans starting at Rs 25,000 to Rs 3,00,000, with tenures up to five years. With quick processing and minimal paperwork, your loan will be processed in no time.
For a two wheeler loan apply online or on WhatsApp! Yes, your ride is just a WhatsApp text away. Tata Capital also facilitates flexible EMI options so you can pay at your convenience without any stress. It ensures spot approvals. This means once you have submitted all your documents, it only takes about 20 minutes to calculate your eligibility and approve the loan amount. It cannot get better than this!
Do not wait anymore. Get your favorite bike and take it for a spin today.