Auto News Desk ★As Diwali approaches, many individuals are eager to purchase new cars. But how can you bring home a car without any initial payment? Here’s what you need to know about zero down payment options.
How to Get Zero Down Payment Facility
Banks typically offer zero down payment options to select customers, involving several verifications before approval.
CIBIL Score is Essential
A strong CIBIL score is crucial for securing a zero down payment loan. A favorable score leads to quicker approvals and better interest rates, while a poor score can hinder loan acquisition.
Offers on Low-Priced Cars
Zero down payment options are often more accessible for lower-priced vehicles. Higher-priced cars require additional verifications.
Additional Verification Requirements
Alongside the CIBIL score, banks need proof of income, Aadhar card, PAN card, ITR, and checks on existing loans.
What Zero Down Payment Includes
A zero down payment loan typically covers the ex-showroom price, registration, road tax, and insurance. Accessories or warranties may not be included.
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Summary at glance
On Diwali, many people are interested in purchasing new cars, and options for zero down payment are available. Banks typically offer this facility to select customers based on thorough verifications, including a good CIBIL score, which is essential for quicker loan approvals and favorable interest rates. Offers are more common for lower-priced cars, requiring less scrutiny. Additionally, banks request proof of income and identity documents, and loans may cover the car’s ex-showroom price, registration, taxes, and insurance.
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