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.
How to reduce your Two Wheeler loan EMI?
You can reduce your two-wheeler loan EMI in the following ways:
Choose a longer repayment tenure -Since your loan repayment is spread over a longer period, your EMIs will automatically go down.
Choose a lower interest rate - When you opt for a lender that offers a lower interest rate, you will reduce your monthly repayments.
Opt for a higher down payment -If you have the budget, pay a higher down payment amount to reduce the principal loan amount. A lower loan amount results in a lower interest rate, which in turn reduces your two-wheeler loan EMI.
What will be the charges if you miss a bike EMI?
If you miss your bike loan EMI payment, you may have to incur a late payment penalty fee. The late payment penalty depends on the unpaid EMI amount. It could range between 3% to 5% of the unpaid instalment. Besides the late payment penalty, your credit score will also be impacted. If you miss your EMI payments more than once, your CIBIL will decrease significantly, jeopardizing your chances of securing loans in the future.
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%* 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.
A: While applying for a two-wheeler loan, it is imperative to know how much you can afford to buy, and you can not know that unless you know your EMI. Knowing your EMI in advance enables you to borrow an amount that you need. The best part is that you can plan out your repayment without hurting your monthly budget. Furthermore, knowing your EMI before applying for a loan can help you with your prepayment planning that significantly reduces your two-wheeler loan interest rates.
A: A two-wheeler loan EMI can be determined through our online EMI calculator that enables you to calculate EMIs effectively. There are three main components of an EMI calculator - loan amount, interest, and loan tenure. After entering the values of the said components, the calculator will produce an accurate result based on your needs. If you are not satisfied with the result, you can alter changes in the value of loan amount, interest rate, and loan tenure to figure out a suitable EMI.
A: The two-wheeler loan tenure you choose has a direct impact on your two-wheeler loan EMI. The longer the loan tenure, the lower the EMI. However, a longer loan tenure can cause high interest in the long run. If you have money, go for a shorter tenure and reduce your burden. Lenders offer a loan tenure that ranges between 12 to 36 months. You can choose the loan tenure based on your affordability.
The factors that affect a two-wheeler loan EMI are:-
Credit score:Your credit score helps the lender determine your creditworthiness. A high credit score can lower the interest rate levied.
Loan amount:Bajaj AutoFinance offers upto 99% of the value of the bike. However, choosing a higher loan amount increases the interest rate and vice versa.
Loan tenure:Opting for a longer tenure increases the chance of defaulting on the loan, which increases the interest rate of the loan. So, if you want to lower your interest rate, you must choose a shorter loan tenure.
Apply for Loan Check Interest Rates
A: The maximum two-wheeler loan tenure is 36 months from the date of loan approval. Generally, you can choose between 12 to 36 months. However, make sure to assess your needs and choose a tenure based on your affordability. A longer loan tenure may increase your interest in the long run but lowers your EMI. If you wish to secure a lower interest rate, go for a shorter loan tenure to reduce the financial burden.