We know what you are thinking and, yes, it is possible. You can get a Two Wheeler Loan without making any down payment. With 100% financing by HDFC Bank, you can own your dream bike or scooter without paying anything upfront.
What is a down payment?
In most cases, when you take a loan for making a high-value purchase like a car or a two wheeler, you are required to pay anywhere between 5% and 15% of the value up front, called the down payment. The bank provides the balance 85%-90% of the value as loan. A down payment requires you to have some liquidity at the time of purchase.
What is a zero down payment Two Wheeler Loan?
To make the process of securing a loan easier and more hassle-free, HDFC Bank offers zero down payment on the Two Wheeler Loan. If you meet the eligibility criteria, the bank will pay the entire value of the bike or scooter without you having to shell out anything.
Does that mean you pay nothing upfront to own your dream bike?
You may still have to pay the loan processing fees, which is a small percentage of your loan amount.
What is the eligibility for a zero down payment Two Wheeler Loan?
The eligibility norms may vary from lender to lender, but common eligibility criteria include
- Income: Minimum gross income of ₹84,000 a year for salaried and ₹72,000 for those self-employed.
- Credit history: The bank will examine your credit score as well as current loans you are servicing. A solid credit history helps get cheaper financing.
- Existing Customer: If you have an account already, you will get the loan at a cheaper rate. For example, HDFC Bank offers loans 2% cheaper for the existing customers.
- Age: Should be between 21 and 65 years of age
- Residential Status: You should be residing at the given address for at least a year. In case of change of place, you will need to provide relevant documents.
- Working status: You should be working for a minimum of 1 year
You can check out your Two Wheeler Loan eligibility criteria.
Documentation
Like any other loan, you will need to provide standard identity proofs, proof of income and residential proof, among other documents.
For example, heck out the list of documents for Two Wheeler Loan admitted by HDFC Bank admits as legitimate proof for process your loan application.
The loan processing today is faster than ever. For example, for a loan from the HDFC Bank, you can simply apply online, check your eligibility status in under five minutes and get funds quickly.
Read more about the tax benefits of a Two Wheeler Loan
Looking to apply for a Two Wheeler Loan from HDFC Bank? Click here now to get started!
* Terms & conditions apply. Two Wheeler Loan disbursal at sole discretion of HDFC Bank Ltd.
