Finding an ideal vehicle in your budget has never been a smooth pursuit. Our financial health is one of the mandatory factors affecting our choice of ride. However, following the trends and statistics of the past few years, there are several financial aid narrowing down the hurdles. One such is of zero down payments bike loan. A wide range of private as well as government-aided schemes is there in the marketing meeting your shortage of funds. By applying these schemes, you can easily buy a vehicle of your choice.
One such scheme is of zero down payments. Zero down payment loans are one of the most credible and efficient ways of getting a Two Wheeler Loan without paying anything upfront. Earlier, it was seen that several agencies used to charge a percent of the actual price amount before sanctioning the loan. With zero down payments, the total price is covered under the scheme thereby leaving you with the EMIs only. All you need to do is submit legally attested paperwork along with the loan application.
Apart from these, there are other factors which you need to check before getting any loan. For making it easier, here are some of those mandatory factors for getting a loan on zero down payments listed below: –
1. Credit score
A credit score is a credit history of the person. Its range between 300-850. This is the most critical factor helping you in acquiring any minimum down payment for bike. Every lender will check your credit score before granting you the loan. Hence, you must have a good credit score and keep checking it you are for free with any website according to your choice.
2. Interest rates
Bike Loan interest rates vary from vehicle to vehicle and the financial agency concerned. If we talk about Bike Loan interest rate of Bajaj , its very low. Interest rates also depend upon the amount of loan you are requesting, the model of the bike, repayment eligibility, credit scores, etc.
3. Loan amount
The total amount you seek is likely to differ from what you would actually get. The amount approved for your loan depends upon factors like minimum and maximum age limit, your job criteria, and the amount of grant you expect. Therefore, before applying for any loan check for the bank’s eligibility criteria and your credentials.
4. Existing Customer
If you are already an active member or a part of any faction of the financial institution, the procedure of loan granting would be short. In such situations, the banks or agencies also provide an additional reduction in the interest rates or loan granting tenures.
5. Fixed Income and Working Status
The monthly income of the applicant has a considerable say in determining the loan’s status. For accessing quick down payment facilities, the applicant is expected to earn at least 84,000 INC. They also have a fixed job for at least a year before the commencement of the loan.
6. Residential Address
The applicant must submit the current address where he has been residing for at least a year. In case of any changes, the report and the address proof with an attached application is needed for the required change.
7. Tenure of the loan
Before getting any investment, you should choose the loan tenure judiciously. If you select lower tenure, then you have to pay your credit for the longer duration of time with the higher interest and vice versa. Hence, choose the aptest term specified by the company for availing the financial aid without paying a single rupee.