All You Need to Know about Getting a Bike Loan With 100% Financing

Advantages of a 100% Financing Option
 
Now that you understand the basic constituents of a 100% financing option in terms of a bike loan, mentioned below are some of its most significant advantages.
 

1. Finance 100% Of the Cost

 
When you see the price breakdown of acquiring a two-wheeler in India, the most significant amount is contributed by the price of the vehicle. Even a mid-range two-wheeler will cost you between INR 40,000 to INR 60,000, and in instances such as these, it can be a big ask. With traditional two-wheeler loans, where the lender generally finances upto 95% of the two-wheeler cost, you still need to pay a large sum to finally get ownership of the vehicle.
 
However, with a 100% financing option, the most significant part of your expenditure is conveniently taken care of by the lender, and thus you only need to pay a small amount upfront and drive your favourite two-wheeler home.
 

1. Flexible Tenures

 
Another incredible advantage of a 100% financing option is the fact that it arrives with a flexible tenure option, which can be anywhere from 6 months to 60 months. Compared to this, in a traditional loan, the lender generally extends a tenure of 12 months to 60 months. While this might not look like a big deal at first, at its core, it diminishes your ability to plan your finances better.
 
With a flexible tenure option in place, you can take even 6 months to clear off your loan or if you are feeling up for it, take 60 months; the choice lies with you.
 

1. Quick and Easy Processing

 
Last but not the least, these days, most lending institutions, especially in the two-wheeler industry, have tie-ups with dealers across the country along with a vast online presence. This makes it convenient for the borrower to avail either of the options, of visiting a dealer and getting their loan application processed there or visit the website of the lender and process it for themselves.
 
Along with this, some lenders also provide the option of a 100% paperless process wherein you can seamlessly upload all the relevant documents to the lender's secured servers from the comfort of your home and get your approval instantly.
 
            Also Read: Factors that Affect Interest of Bike Loan
 
Eligibility and Documents Required
 
After knowing all these details about bike loans, you might be asking yourself about the eligibility requirements and documents to avail this loan. Mentioned below are some of the most significant ones, however, do note that they tend to vary from lender to lender.
 

1. Eligibility

• The applicant/borrower must be between the ages of 21 years to 60 years.
• The applicant must be a permanent resident of India for at least one year.
• The applicant must preferably be a salaried employee with one year of stable employment.
• In case the applicant is a self-employed professional, they must have at least three years of stable income.

1. Documents Required

• KYC documents including Passport/Driving License/PAN Card/Aadhaar Card/Voter's ID (any two of them) along with one or two passport size photographs.
• Income proof in the form of latest ITR certificate for self-employed professionals and the last three months’ salary slip for salaried employees.
• Last three month's account statements.
• Proof of residential address.

 
How to Apply for a 100% Financing Option?
 
As mentioned earlier, these days, you can buy a bike without down payment via either of these two means:

a. Offline Process
 

• Visit the nearest two-wheeler dealership and enquire about their financing options.
• Upon inquiry, ask further if they have a 100% financing option in place.
• If affirmative, proceed to submit your documents for approval.
• Post-approval, pay the other fees and take ownership of your two-wheeler.
   

b. Online Process
 

• Search for "bike on EMI without down payment" and go through all the offers presented to you. During this step, be mindful of the interest rate being charged as well as the tenure being offered.
• Once the above step is complete, proceed to make a choice about the lender who suits your requirements the best and then visit the official website of the same.
• Search for the button labelled "Apply for a Loan."
• Proceed to create your account, followed by uploading all your documents onto the secured server of the lender.
• Once approved, take a printout of the offer and visit a list of dealerships shared earlier by the lender.
• Process your loan offer letter and gain ownership of your dream two-wheeler.

 
Also Read: The Basics of Bike Finance

Conclusion 
A 100% financing option not only allows you to acquire the two-wheeler of your choice without burning a hole in your pocket, but also makes the entire process extremely convenient and seamless. Now that you know how to apply for a 100% finance bike loan, get started today. All the best.