How much is down payment when buying TVS iQube Electric Bike?
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| Model | Exshowroom Price | Down Payment |
|---|---|---|
| TVS iQube 2.2 kWh | ₹ 1,17,299 | ₹ 17,595 |
| TVS iQube 3.4 kWh | ₹ 1,46,628 | ₹ 21,995 |
| TVS iQube S 3.4 kWh | ₹ 1,46,628 | ₹ 21,995 |
| TVS iQube ST 3.4 kWh | ₹ 1,65,555 | ₹ 24,834 |
| TVS iQube ST 5.1 kWh | ₹ 1,85,373 | ₹ 27,806 |
| TVS iQube Electric STD | ₹ 1,38,286 | ₹ 20,743 |
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.