How much is down payment when buying Hero Passion Pro 110 Bike?
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| Model | Exshowroom Price | Down Payment |
|---|---|---|
| Hero Passion Pro 110 Self Drum Spoke | ₹ 54,500 | ₹ 8,175 |
| Hero Passion Pro 110 Self Disc Alloy | ₹ 67,190 | ₹ 10,079 |
| Hero Passion Pro 110 BS6 Disc | ₹ 73,975 | ₹ 11,097 |
| Hero Passion Pro 110Drum 100 Million Limited Edition | ₹ 71,275 | ₹ 10,692 |
| Hero Passion Pro 110 BS6 Disc | ₹ 72,175 | ₹ 10,827 |
| Hero Passion Pro 110 Drum 100 Million Limited Edition | ₹ 71,275 | ₹ 10,692 |
| Hero Passion Pro 110 Disc 100 Million Limited Edition | ₹ 73,975 | ₹ 11,097 |
| Hero Passion Pro 110 Xtec | ₹ 78,924 | ₹ 11,839 |
| Hero Passion Pro XTec Drum | ₹ 75,840 | ₹ 11,376 |
| Hero Passion Pro 110 Self Drum Alloy | ₹ 74,420 | ₹ 11,163 |
Down Payment is nothing but a type of payment made in cash during the onset of the purchase of an expensive good/service. The payment typically represents only a percentage of the full purchase price; in some cases it is not refundable if the deal falls through. Financing arrangements are made by the purchaser to cover the remaining amount owed to the seller. Making a down payment and then paying the rest of the price through installments is a method that makes expensive assets more affordable for the typical person. For example, because houses are extremely expensive assets, home buyers typically pay down payments that equal 5-25% of the total value of a home. The remaining 75-95% of the price will be covered by a bank or other financial institutions through a mortgage loan. The main purposes of a down payment are to ensure that the lending institution has enough capital to create money for a loan in fractional reserve banking systems and to recover some of the balance due on the loan in the event that the borrower defaults.