For all many people know, making an initial down payment is a must if they are making a bike purchase through a two-wheeler loan. While this loan arrangement perfectly worked for a long time in enabling various people to complete bike ownership without burdening their finances, a newer and better alternative has been introduced by many financial institutions, known as 100% bike finance. If you have heard of financing options like Hero bike down payment-free financing, you must be having a fair idea of the financing facility.
It is nothing other than 100% bike finance, which means that when availing of a bike loan for vehicle purchase, you would not need to make any down payment and can avail the entire cost as funding. The loan options come with various facilities and requirements you must know before availing of funding for a clearer picture of what this loan option brings for you. Let’s have a look at some of them in detail.
Top Benefits of Purchasing Bike Through Zero Down Payment Bike Loan
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No need to disturb your savings
As its name suggests, a bike loan with zero down payment is a financing option that eliminates the need for an individual to make payment of any amount initially for the loan application to process. It means that you can rely solely on a bike loan for financing your bike’s price, irrespective of the cost it bears, and do not need to use your savings to make such payment.
It thus allows you the freedom to use the finances you own as and when you like without any compulsion. So, in case you are planning to purchase a Hero two-wheeler, you do not need to make any hero bike down payment for the loan application to process and can straightaway apply for a loan based on the cost of your selected bike model.
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Financing for all bike makes and models
Many existing bike owners in top-tier cities wish to upgrade their vehicles to new and better models, which might attract significant costs. The cost of some of the high-end bikes can easily cross lakhs today. This means that if you are making such a purchase through a traditional bike loan, you would also need to make a higher down payment based on the model’s cost.
Thanks to the availability of 100% bike finance for all bike makes and models, you can easily own some of the most high-end two-wheeler models today without worrying about such down payments.
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Tenure flexibility
A zero-down payment bike loan also comes with sufficient flexibility in the repayment tenure. It means you can easily select a period that best suits your affordability for the payment of loan installments. With some of the best lending institutions, such tenure can easily extend up to 5 years, enabling you to choose a term that keeps the EMIs easily manageable while keeping your overall loan liability in check. You can use dedicated financial tools like a bike loan EMI calculator to better decide which tenure works fine to keep your repayments affordable and enter the necessary details accordingly when applying for 100% bike finance.
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Repayments in easy EMIs
One must know that 100% bike finance is only an improvisation to the existing model of lending, which allows leaves low to no strain on the borrower’s finances. It means that apart from eliminating the need to make any down payment, it allows a borrower to avail and benefit from all other features of a bike loan, which remain almost the same. Thus, if you are availing of a zero down payment bike loan, you can be assured that the facility to repay the loan in easy EMIs is available too. You just need to make the right borrowing decisions and negotiate for the lowest rates to keep repayment convenient.
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Nevertheless, financing options like bike loans without any Hero bike down payment naturally increase the risk that a lender undertakes when lending to you. These loans are thus available to you conveniently only when your profile exceeds the minimum eligibility requirement laid down by the financial institution.
