How much is down payment when buying Hero Splendor Plus IBS i3S Bike?
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| Model | Exshowroom Price | Down Payment |
|---|---|---|
| Hero Splendor Plus Drum Self Alloy - i3s | ₹ 68,360 | ₹ 10,254 |
| Hero Splendor Plus Drum Self Alloy | ₹ 70,658 | ₹ 10,599 |
| Hero Black and Accent | ₹ 65,295 | ₹ 9,795 |
| Hero 100 Million Edition | ₹ 70,710 | ₹ 10,607 |
| Hero Splendor Plus Xtec | ₹ 74,141 | ₹ 11,122 |
| Hero Splendor Plus Drum Kick Alloy | ₹ 64,850 | ₹ 9,728 |
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.