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.
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.
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.
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.
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
b. Online Process
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.
Hero Fincorp offers a wide range of financial products including Personal Loans for personal needs, Business Loans to support business growth, Used Car Loans for purchasing pre-owned vehicles, Two-Wheeler Loans for bike financing, and Loan Against Property for leveraging real estate assets. We provide tailored solutions with quick processing, minimal paperwork, and flexible repayment options for smooth and convenient borrowing experience.