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## Bike Loan EMI Calculator

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.

## Calculate Bike Loan EMI with Bike EMI Calculator

Loan Amount
Tenure
• Months
• Years
Rate of Interest
%

at % interest rate for months

Total Amount Payable
Principle Amount
Total Interest
Year Principal Interest Balance

## How is Bike Loan EMI Calculated?

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]

where,

• 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.

## Benefits of Using Two Wheeler Loan EMI Calculator

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.

## Factors that Affect Bike Loan EMI

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.

## How to Reduce Your Two Wheeler Loan EMI

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.

## Bike EMI Calculator FAQs

• ### ✔️What are the documents required to apply for a Two Wheeler Loan?

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

• ### ✔️What should be done after paying the last bike loan EMI?

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

• ### ✔️Who is eligible for two wheeler loan EMI?

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.

## Happy Customers of Bajaj Markets

Getting a loan to take care of my wedding and relieving my parents to enjoy the occasion was the best decision I ever made. Easy-to-apply, amazing interest rate and quick disbursal, what more can one ask for!

I am passionate about the vehicle I drive. I want to protect it with the best available option. What amazed me was the full transparency, quick quotes and the attractive discount on the premium while choosing the annual payment option!

Check your personal loan eligibility in seconds!

My husband and I will finally move into our own house this Diwali. All thanks to Bajaj Finserv, with competitive interest rates, minimal processing fees and easy to repay EMIs, our dream saw the light of reality in no time!