Bike Loan EMI Calculator
The purchase of a two-wheeler vehicle is an extravagant expense for the majority of individuals. It’s crucial to make sure that the bikes you are opting for ticks all the boxes. (+)
- ₹ 1L
- ₹ 30L
- 1 Y
- 5 Y
- 7 %
- 17.5 %
- Interest Amount
- Principal Amount
- Monthly EMI
- Principal Amount
- Interest Amount
- Total Amount to Pay
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| Year | Interest Paid | Principal Paid | Outstanding Loan Balance |
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Getting the perfect two-wheeler loan for the purchase of your dream bike is not complicated at all. All you need to do is use a bike EMI calculator to compare the loans. Many renowned lenders have this user-friendly tool on their websites to assist applicants. This way, the applicant gets to understand what the right amount of loan is for them to buy the two-wheeler of their choice and how much money they have to pay. As a result, their money-borrowing process becomes a lot smoother, and they avoid going through financial distress later on. Follow the given step-by-step procedure to use a bike loan EMI calculator properly.
Step-1: Head to the ‘EMI calculator’ section on 5Paisa’s website.
Step-2: You will be required to pick the loan amount you will be opting for by moving the cursor shown on the page.
Step-3: After that, you will need to choose the tenure of the loan repayment.
Step-4: Now, you will need to select the rate of interest you want for your loan.
Step-5: The total payable amount for loan repayment will be shown right below the ‘Interest Rate’ section.
This is the entire process of calculating EMI using a bike loan calculator. You will need to use this calculator multiple times and enter new details each time to get an idea of what’s right for you. Compare the results, and soon you will be able to finalise your loan amount.
You don’t always need to consult with an agent before opting for a loan—sometimes, doing all the research on your own can lead to great decisions. The two-wheeler loan interest rate calculator is a must-use tool for such cases. Apart from helping you make confident decisions, here are some other perks of using this tool.
Gives You Accurate Information About the Value of EMI
The main reason why using a two-wheeler EMI calculator is a must is that it shows you how much you need to pay each month once you opt for the loan. You will not need to spend hours calculating each loan amount manually for comparison; just a few clicks on this tool will give you accurate results.
Helps You Compare All the Options
If you have received loan offers from more than one lender, you will be required to select the best suitable option for yourself. To know what’s right for you, it’s crucial that you compare all your loan options. And a bike loan calculator makes things so much quick and easy by showing you accurate information within seconds.
Helps You Pick the Right Tenure
Once you are given the accurate amount you need to repay with the EMI calculation formula for two-wheeler loans, it’ll become very easy for you to pick the tenure of the bike loan. Go for high tenure if you feel that the monthly payment amount will be heavy on your pocket and that the monthly payment amount will go down accordingly.
Breaks Up the Costs
The two-wheeler EMI calculator not only shows you the value of EMI but also gives you a clear insight into the charges included with the loan, like processing fee and rate of interest.
It goes without saying that a bike loan calculator is extremely useful to help you plan out loan expenses accurately. You will be able to use this tool with ease, even if you are a novice in finance. Here are the main reasons why utilising a two-wheeler loan EMI calculator is a must.
- This tool allows you to pick the suitable loan tenure by providing all the information related to EMI and breaking down all the costs.
- You can compare the offers provided by different lenders using this tool as it allows you to see different rates of interest charged by them. You will get accurate information about how much you will be spending if you opt for each loan offer.
- Lastly, you will learn more about the basic elements of the two-wheeler loan you are opting for. Once you have gathered all the information, negotiation will not be a big deal. You can use all the knowledge you have attained in the process to get the best deal on your dream two-wheeler.
Purchase of a two-wheeler or any vehicle is a wonderful experience, and getting a good deal on your dream vehicle makes things even better. Use a bike EMI calculator to make your vehicle buying experience a great one.
The EMI for each type of loan is calculated using a formula. The formula is as follows:
E = P x R x (1+R)^n / {(1+R)^n – 1}
'E' stands for EMI you owe,
'P' stands for the Principal Amount - the loan amount that you have applied for,
'R' stands for the interest rate that applies to your bike loan,
'n' stands for the duration of the bike loan in months.
Frequently Asked Questions
Just like any other EMI, you will be required to pay the principal portion of the loan amount and rate of interest as the EMI for your two-wheeler on a monthly basis until the tenure is over.
No, you will not need any documents to use a free bike loan EMI calculator. Documents will be required once you’ve made up your mind about getting a loan.
No, you will not have to enter the amount of the down payment in the bike loan EMI calculator. You will only need to choose the loan amount you want, the rate of interest, and the tenure of the loan to get the amount of EMI.
To get this information, you can visit the official website of the lender you want to get the loan from or consult with an agent.
No, your CIBIL score will not be required to use a bike EMI calculator, but it will be needed with your other personal documents when you’re applying for a bike loan.
Disclaimer: The calculator available on the 5paisa website is intended for informational purposes only and is designed to assist you in estimating potential investments. However, it is important to understand that this calculator should not be the sole basis for creating or implementing any investment strategy. View More..