Bike Loan EMI Calculator
A bike loan EMI calculator is an online tool that calculates the monthly installment you will be required to pay off the loan. You have to input the principal amount, interest rate and tenor to calculate the EMI. You can use the tool to judge your repayment capacity.
Bike Loan Calculator - How It Works?
The two wheeler EMI loan calculator calculates the repayment amount after you input the following details:
- Loan amount - The amount taken by the borrower to buy a bike or scooter
- A rate of interest - The interest charged by the lender on the principal amount
- Tenor - The number of months or years in which the loan is to be repaid fully
When you click on calculate EMI, the amount you have to pay every month is shown.
How to Calculate EMI on Bike Loan?
As mentioned above, it is very easy to use our bike loan EMI calculator. The steps are:
- Choose the loan amount
- Choose the interest rate
- Choose the loan tenor
On the top of the table the EMI for the loan amount will show, as each variable is changed.
Benefits of Using Bike Loan Calculator
- The calculator is easy to use. All you have to do is choose the correct values and your EMI for the chosen loan amount and tenor would be shown.
- It is fast. The calculator shows you the EMI as soon as you change a value.
- The calculations are accurate. The EMI you see is accurate and gives you a good idea of the amount you will have to pay for the loan period.
- You can use it anywhere and anytime. There is no login required to use the calculator. You can use it anytime of the day and from anywhere.
- It is accessible on all devices. You can use the EMI calculator on all computers, laptops, smartphones (both iOS and Android) and tablets.
Bike Loan Lowest Interest Rate
If you feel the EMI is working out to be higher on a short-term loan, you can opt for a lower interest rate which will proportionately bring down the value of EMI.
- Keep in mind that even the slightest increase of 0.25% can have a substantial effect on your repayment amount. You can trust us to offer you a competitive interest rate as per your eligibility and requirement. The term for two wheeler loan is usually 1-3 years, but in some cases, we can extend it to 5 years.
- Once you get your calculations right, you should also look at the bike loan interest rates and processing fee involved in sanctioning of the bike loan.
Steps To Apply For Two Wheeler Loan
Bajaj Auto Finance also offers the option of applying for Two Wheeler Loan online by filling up a simple online form.
- Fill in the all the details including financial status and repayment capacity.
- Upload documents required for a two wheeler loan.
- Loans are usually sanctioned within 2-3 working days.
- A processing fee of 1-2% is charged on the sanctioned loan amount for two-wheelers.
- Once the loan is approved, generate the letter of approval and get your dream vehicle
An equated monthly installment, which pays off both the principal and interest. If the EMI is not paid on time, it results in a penalty.
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