Zero Down Payment on Bike Loan: Eligibility & Process

What is a Down Payment?

What is Zero Down Payment on a Two Wheeler Loan?

Eligibility for Zero Down Payment on Two Wheeler Loan

To be eligible for a two-wheeler loan with 5% down payment and zero tension from Hero FinCorp, you need to meet the following -

Citizenship & Age

• You should be a citizen of India.
•  You must be over 18 years of age.

Employment Status

• Both salaried and self-employed individuals can apply for this loan.

Experience

• Salaried Individuals:
• You should have been employed for at least one year.
• You should have at least six months of experience with your current employer.
• Self-Employed Individuals:
• You should have been in your current business for at least one year.

Monthly Income

• The minimum income requirement is Rs. 8000 per month.

Documents Required for Zero Down Payment Bike/ Scooty Loan

Here's the list of required documents for availing a two-wheeler loan from Hero FinCorp for buying a scooty or bike with just 5% down payment and zero hassle.

Two-wheeler Loan Documents Required for Salaried:

1. Mandatory Documents

•    Duly filled loan application form
•    Passport size coloured photograph

2. Identity Proof (any one)

•    Driving Licence
•    Aadhaar card
•    Passport
•    PAN Card
•    ID Card issued by Central Government/ State Government/ PSUs

3. Residence Proof (any one)

•    Driving Licence
•    Aadhaar Card
•    Passport
•    Property or Municipal Tax Receipt
•    Ration Card
•    Utility Bill

4. Income Proof

•    Salary Slips (last six months)
•    Bank account statement of the last six months (salary account)
•    Salary certificate (with name, designation, and authorised signatory)
•    Form 16

5. Job Continuity Proof

•    Job offer letter from the current employer
•    Experience certificate from the previous employer

6. Age Proof (any one)

•    Birth Certificate
•    Passport
•    PAN Card
•    Driving Licence

These documents can help you get a scooty or electric bike with minimal down payment and zero hassle. 

Two-wheeler Loan Documents Required for Self-employed:

1. Mandatory Documents

•    Duly filled loan application form
•    Passport size coloured photograph

2. Identity Proof (any one)

•    Driving Licence
•    Passport
•    PAN Card
•    Aadhaar card

3. Residence Proof (any one)

•    Driving Licence
•    Passport
•    Aadhaar Card
•    Ration Card
•    Utility Bill

4. Office Address Proof (any one)

•    Maintenance Bill
•    Utility Bill
•    Property Documents
•    Rent Agreement
•    SSI or MSME Registration Certificate

5. Business Existence Proof (any one)

•    Copy of Tax Registration
•    Shop Establishment Proof
•    Company's Registration Certificate

6. Income Proof

•    Last six months bank statement
•    Recent Income Tax Return (ITR)

Why Is A Bike Loan With No Down Payment Advantageous?

A bike loan with zero down payment offers several advantages:

1. 100% Financing

2. Convenient EMIs

3. Minimal Processing Fee

4. Easy Documentation

5. Low-Interest Rate

6. Higher Loan Amount

How to Apply for a Two-Wheeler Loan?

To apply for a two-wheeler loan through Hero FinCorp, follow these simple steps:

1. Visit the Hero FinCorp website and navigate to the two-wheeler loan section.
2. Scroll down to find the 'Apply for a Loan' section.
3. Fill in your personal details in the application form.
4. Choose the specific 'Hero MotoCorp Two-Wheeler dealership' from where you intend to purchase the vehicle.
5. Read and agree to the provided 'terms and conditions' by selecting the checkbox.
6. Finally, click on the 'Apply Now' button to submit your loan application.

By following these steps, you can get a two-wheeler loan with zero hassles, covering 95% of the bike cost. Just make 5% down payment and take home your dream bike or scooter with 0% tension. 
Those looking to buy a second-hand bike with zero down payment can take our Personal Loan and fulfil their need.

Conclusion

Now that you know the eligibility criteria, documentation requirements, and the advantages of a bike loan, apply now. We have also provided insights into the loan application process. So whether you're a salaried individual or self-employed, these details will help you make an informed decision when seeking financial assistance for your two-wheeler purchase. Remember to check the specific terms and conditions to ensure a smooth two wheeler loan application process. With these insights, you can confidently apply for a bike loan without hassle.

FAQ

1. Can I pay extra EMI for a bike loan?

Yes, you can make additional EMI payments for your bike loan. This helps you repay the loan faster and potentially reduce the interest paid over the loan tenure.

2. Is bike loan tax-free?

No, a bike loan is not tax-free. However, if you are self-employed, you may enjoy tax advantages when purchasing a two-wheeler on loan for business purposes. According to the Income Tax Act, you can claim deductions from your total taxable income for the expenses incurred in growing your business. It is advisable to consult a tax advisor to understand the tax benefits applicable to your situation.

3. Will a standalone own damage policy cover my two-wheeler if it's stolen?

Yes, Standalone OD Policy theft is covered, and you will receive compensation based on the insured declared value (IDV).

Disclaimer: The information provided in this article is intended for informational purposes only. Eligibility criteria can differ among lenders and may be influenced by the applicant's profile and creditworthiness. Please note that the details in this article might change after the publication of this article. Hero FinCorp cannot guarantee the approval or rejection of loan applications based on the information presented in this article.