The automobile industry is growing by leaps and bounds in India and manufacturers are making the most of it by introducing new models every few weeks. Each model is better than the previous one and has the latest design and technology. It can be tempting to want to own a model with the latest design and features. If you want to buy a bike but are worried about financing the purchase, you need to put an end to your worries. You can bring home a bike through a bike loan without down payment. Lenders in India offer the opportunity to apply for a bike loan and not worry about making part payment.
If you are above the age of 21 and have a valid driving license, you can apply for the loan. However, it is important to have constant source of income. If you do not have adequate income, you can ask for a guarantor to work with you. Different lenders have minimum income criteria and you need to meet the same. You can compare the same online and then make the loan application. It is also important to compare the interest rates online. When you choose a lender that offers low interest on the loan, your EMI will be low and easily manageable.
Before you apply for the loan, use the EMI calculator to get an insight into the EMI amount payable on the loan. The calculator is a very useful tool and it will give an immediate insight into the monthly outflows you will have to manage. It only requires you to provide the loan amount and tenure. Simply click on Estimate and you will get an answer in no time. This way, you can make a well-informed decision about the tenure and the loan amount. If you think that the EMI amount is easily manageable for you, proceed with the loan application.
Fill the online application form and submit the documents of identity proof, address proof, and income proof. If everything is in place, the lender will process and approve the loan in 24 to 48 hours. You can bring home your dream ride without worrying about the down payment. However, the lender will consider your credit score before approving the loan application. If you have a high credit, you will be able to enjoy favourable terms on the loan and it will make the repayment easier for you.
When applying for bike loan without down payment, you need to prepare a repayment schedule for timely payment of dues. It will ensure that you do not default and the entire loan amount and interest are paid within the tenure. Prepare the repayment schedule before you apply for the loan. Consider the monthly inflow and outflow of funds before you make a decision. Owning a two wheeler has become easy and convenient for all in the country. Just choose the bike you want to own and apply for a loan.