Under certain situations, paying the whole amount upfront for a bike may become difficult for you if you are under financial stress. When you apply for a bike loan, usually, you have to make a certain amount of down payment and borrow the rest from a lender. In case, paying the down payment also hard for you, you can get a loan equal to the entire amount, i.e, the price of the bike. This is known as zero down payment loan. Hero Fincorp Bike on zero down payment is not available as the lender offers a maximum of 95% of the price of the bike. Read on to facts about bike loan without down payment and how you can avail from certain lenders.

A zero-down payment on bike loan may involve certain processing fees and other charges but the lender would offer the total price of the bike as loan. You can apply for bike loan online, as the process is comparatively easier than offline method. The benefits of a zero down payment bike loan or 100% financing loan include:

• Zero fund-requirements

You do not have to arrange funds for purchasing a bike. If you want to save your earnings at certain point of time, the zero down payment option would be great for you.

• No effect on liquidity

Your liquidity will not get affected. For making the down-payments, you generally use up some portion of your savings, so, a 100% financing bike loan would not drain your savings.

• No risk of losing the down payment

You do not face any risk of losing the down-payment if you fail to pay the EMIs (equated monthly instalments) during repayment. If you apply for a loan with down-payment, there is a risk that you will lose the down-payment if the lender claims ownership of the bike if you fail to repay.

• No loss

For a zero down payment loan, your loss will only be the instalments that you have paid, and no other lumpsum amount when you apply for the loan.

You can avail the loan if you are salaried or self-employed. However, it would be easier for you to get the loan if you are salaried as you have a fixed cash-generating capability. You cannot get the loan if you have recently started working. The minimum requirement for a job duration may be one year or more. If you are self-employed, you have to stay in the same business for at least two years or more. If there are breaks in the business, then the lender may deny your application.

In case you are applying for a bike loan without down payment or a 100% financed bike loan, you do not have to make any upfront payment. This is convenient as you can purchase a bike if you require it urgently but do not have the required fund at that moment. The procedure is also easy as you just have to meet the eligibility criteria. There is no risk of loss of any lumpsum amount in this type of loan. Hero Fincorp Bike on zero down payment is not available currently, as the lender offers a loan up to 95% of the bike price.

Contact Us & Send Query-

Hero FinCorp Limited
09, Basant Lok, Vasant Vihar, New Delhi – 110057

Tel. 18001024145
Email Id: [email protected]

Website - https://www.herofincorp.com/
URL- https://www.herofincorp.com/two-wheeler-loan

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