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Bike Loan EMI Calculator helps you calculate you monthly bike EMI amount. Just enter the loan amount, bike loan interest rate and the tenure of the loan, this will give you monthly bike EMI.
However, you must be informed of the interest rate and EMI amount before picking a financial institution. To make the bike loan procedure easier, banking institutions provide a bike loan EMI calculator so that applicants may calculate their EMIs more easily. A bike EMI calculator is an online tool that helps you know how much you need to pay in EMIs. When you know the amount of bike EMI you have to pay each month, you can organize your monthly budget accordingly.
Every financial institution provides a bike EMI calculator on its website so that consumers do not have to go through the lengthy and time-consuming process of calculating their bike EMI.
You may use the two wheeler loan EMI calculator to get a quick and more accurate result.
You only need to enter three major details:
The principal amount, interest rate, and loan duration, and after that, the calculator will deliver the result, i.e., the amount of your bike EMI.
You may also use the formula to calculate your EMI for two wheeler.
Here is the formula that you need to use.
EMI = [P x R x (1+R)N]/[(1+R)N-1]
P represents the principal loan amount
R stands for the monthly interest rate
N denotes the number of monthly installments
There is a fast and easy way to calculate your bike loan EMI in just a few steps. To calculate the EMI amount, you have to know the loan amount, the repayment period and the bike loan interest rate. You can then use the online EMI calculator, an online tool that helps you calculate the amount you would need to pay after the loan is approved.
In the bike loan EMI calculator, you will need to enter your loan details, such as the loan amount, tenure and interest rate, and click on ‘Apply Now’. You will be able to see your EMI amount, principal amount and total bike loan interest. The two-wheeler EMI calculator on Bajaj Markets allows you to plan better and prepare your finances. By entering the required details, you can calculate the amount you will have to pay every month.
Let’s understand this with an example. Let’s say you are taking a loan of ₹1.5 Lakhs for a tenure of 12 months at an interest rate of 9% p.a. Once you fill in these details in the EMI calculator, it will tell you that your monthly EMI will come out to be ₹13,118.
There are numerous benefits of using a two wheeler loan EMI calculator. Some of them are listed below:
Saves Time: You might save your time with the help of a two wheeler loan EMI calculator, as it gives results in just a few minutes.
Aids in Determining the Bike EMI Value: The other benefit of this bike EMI calculator is knowing the exact amount you will be paying each month. It ensures precise results.
Comparison Becomes Easy: You can compare the bike loans of different financial institutions by their interest rate and the EMI amount. It will help you to choose the best as per your requirements.
More Convenient: You will be spared from the time-consuming procedure of manual calculation. The bike EMI calculator will also eradicate the possibility of getting an erroneous answer.
Here are the important factors that affect a bike loan EMI.
Your CIBIL score is one of the most crucial factors that every financial institution considers before granting a bike loan. Your CIBIL score assists the lender in evaluating your creditworthiness. You must have a good CIBIL score in order to obtain a bike loan.
Your bike EMI is also heavily influenced by the interest rate of the financial institutions. The greater the interest rate, the more you will have to pay in total.
The amount of your bike EMI is based on the length of your loan. The longer the loan tenure, the lesser will be the EMIs.
Here are the ways to reduce your monthly Bike EMI:
If you can pay a large sum of money, you should consider paying a more considerable amount as your down payment. It will decrease your loan amount, and as a result, you will have a reduced bike EMI.
Your monthly payments will be lowered if you choose a provider with a lower interest rate.
Your EMIs will decrease substantially if your loan repayment is stretched out over a prolonged duration.
The documents that you need to apply for a two-wheeler loan are as follows:
Salary Slips for the previous 3 months
Bank statements for the last 3 months
Address Proof and Identity Proof documents
After paying the last EMI, you should obtain a no-due certificate (NOC) and provide it to the RTO. Afterwards, the RTO office will cancel the lien in the RC book. You will then officially and legally become the new owner of the two-wheeler
Any individual at least 21 years old and with a regular income source (salaried or self-employed) can apply for a two-wheeler loan and pay the amount in monthly installments.