Two-wheelers are one of the most preferred vehicle choices, regardless of age or gender. While cars are also a sound investment, it is not the ideal choice for areas with high traffic like metropolitan cities. Two wheelers have the advantage of skipping this traffic and ensuring comparatively lower commute times. Moreover, a two-wheeler loan vehicle is relatively low maintenance. Here is a guide that dictates how you can apply for a zero down payment bike loan. But, before you decide to opt for a loan, make sure you meet these criteria:
The Eligibility Criteria
The minimum age to avail this type of loan can vary depending upon the type of creditor and the type of loan. If you are seeking a zero down payment loan, the minimum age requirement is 23 and a salary of above INR 20,000 per month. The loan amount secured can be anywhere between INR 3000 and INR 5 lakh.
Calculate the EMI Online Some of the best creditors will have an EMI calculator to help borrowers understand their loan amount, monthly EMI, total amount payable and tenure period in more detail. You can plan your expenses well in advance and moreover, decide whether a particular loan is feasible for your budget or not.
Application Procedure for the Loan
There are no provisions for a zero down payment bike loan. However, you can get one using funds from a personal loan.
The Personal Loan
A personal loan is a type of loan, which requires zero down payments and no collateral. However, personal loans have certain parameters that need to be approved of. They are level of income, your credit score, and credit history. If you have a great credit score, you can get instant loan approvals at the best interest rates. One of the biggest advantages of a personal
loan is that the creditor has no control over how you spend those funds. Hence, you can finance your bike using personal loans.
How to Apply for a Personal Loan?
Applying for a personal loan is very easy. You can follow these steps:
Step 1: You need to first fill the eligibility form that is available on the website of the creditor. Your eligibility will be automatically checked by the online tool.
Step 2: You must now look for various offers that are available on personal loans offered by different creditors and check whether you meet their eligibility criteria. Further, narrow down the list of options and then choose the best one based on requirement.
Step 3: You will receive an instant e-approval from the creditor.
This application is received electronically and representatives from the concerned department would get in touch with you. The status of your loan application can be further checked online or via SMS and emails.
Unfortunately, there is no zero down payment loan that you can avail directly. Hence, the best route to take is to be eligible for a personal loan first.
Speak Your Mind