How much is down payment when buying Royal Enfield Classic Bike?
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| Model | Exshowroom Price | Down Payment |
|---|---|---|
| Royal Enfield Classic 500 | ₹ 2,02,000 | ₹ 30,300 |
| Royal Enfield Classic 350 Halcyon series | ₹ 1,93,123 | ₹ 28,969 |
| Royal Enfield Classic 350 Stealth Black | ₹ 2,19,000 | ₹ 32,850 |
| Royal Enfield Classic 350 Classic Signals | ₹ 2,04,367 | ₹ 30,656 |
| Royal Enfield Classic 350 Classic Chrome | ₹ 2,15,118 | ₹ 32,268 |
| Royal Enfield Classic 350 Dual-channel ABS | ₹ 1,84,000 | ₹ 27,600 |
| Royal Enfield Classic 350 Dark Series | ₹ 2,11,465 | ₹ 31,720 |
| Royal Enfield Classic 350 Halcyon - Dual Channel ABS | ₹ 1,98,834 | ₹ 29,826 |
| Royal Enfield Classic 350 Classic Signals - Dual Channel ABS | ₹ 2,10,554 | ₹ 31,584 |
| Royal Enfield Classic 350 Redditch series | ₹ 2,11,958 | ₹ 31,794 |
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.