The bike loan gives you the advantage of buying a bike of your choice without worrying about your budget. You can get a bike loan from any financial institution and repay the amount in EMIs. Bajaj Markets is one of the best platforms to acquire a bike loan.
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.
Your monthly EMI is
at % interest rate for months
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 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.
CIBIL Score: 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.
Rate of Interest: 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.
Duration of the Bike Loan: 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 two wheeler loan EMI.
Make a Down Payment with Greater Amount
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.
Select a Lender with a Lower Rate of Interest
Your monthly payments will be lowered if you choose a provider with a lower interest rate.
Pick a Lengthier Payback Period
Your EMIs will decrease substantially if your loan repayment is stretched out over a prolonged duration.
Yes, your loan tenure has a significant effect on your bike EMI. It helps in reducing the bike EMI. If you spread out your loan repayments over a more extended period, your EMIs will be considerably lower.
Knowing your CIBIL score is not essential to use the two wheeler loan EMI calculator. Your CIBIL score influences your bike loan application process, as well as the rate of interest you obtain on your two wheeler loan.
The bike loan tenure varies from lender to lender. You can verify the loan tenure with the lender from whom you are acquiring the bike loan.
The timeframe of a bike loan varies depending on the lender. You may confirm the loan duration with the lender from whom you are obtaining the bike loan.