From the last two decades, two-wheelers are in high demand in India. One can get a bike loan without down payment if you fulfill certain criteria. The norms can vary from lender to lender but there are some common criteria like:
1) Age: It Should be under 21 and 65 years of age.
2) Credit History: Lenders check your credit history to determine how you have managed your credit in the past. A good credit history will help you to get cheap finance.
3) Residential Status: One must be residing at the address for a minimum of 1 year. Document proof is needed in case of a change in the place.
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4) Income: Gross income of a salaried person minimum should be Rs. 84,000 a year and for self-employed, it should be Rs.72,000.
5) Existing Customer: One can get loan at low-interest rate if you already have an account in the bank/financial institution. Existing customers gets preferred before anyone else.
6) Working Status: Minimum 1 year of work experience required.
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For documentation address proof, identity proof, income proof among other documents are required. To apply for loan all you have to do is fill an application form online and get funds transferred to your account instantly. It is necessary to compare bike offers of various lenders before opting for one.
You can check your Two Wheeler Loan Eligibility online.