Planning to buy the bike you have been eyeing for a long time but don’t want to spend all your savings on it? Procuring a loan might be a good option. In fact, two-wheeler loans are one of the most common types of credit in India. Of course, the fact that bikes and scooties are very popular helps!
A two-wheeler loan allows the buyer the convenience of paying the installments monthly. This is known as Equated Monthly Installments (EMIs). You can avail these loans from banks, fintech companies, or even non-banking financial companies (NBFCs).
Seems easy as a breeze, right? But be very sure to use a two wheeler loan EMI calculator before availing of a loan. For that you need to look no further; we bring to you this effective bike finance calculator that keeps your spending in check.
What is a Two Wheeler Loan EMI Calculator?
EMI calculator for bike loans is a digital tool that helps you calculate how many installments you will have to pay each month. It is super quick, easy, and accurate. Just keep the following details handy:
1. Principal Amount: This is the amount you are being loaned ( For example: ₹ 1 lakh, 2 lakh)
2. Interest Rate: The rate of interest is the percentage of the principal amount you will have to pay in addition to the principal amount. It could be anywhere from 10% to 25% per annum.
3. Tenure: The total time period within which you must repay the principal and interest.
How Does The Bike EMI Calculator Online Work?
The two wheeler loan EMI calculator makes use of the following formula:
Equated Monthly Installment (EMI) = P x R x [(1 + R) N / ((1 + R) N – 1].
P is the principal amount
R is the interest rate
N is the loan tenure in months
We get it; these mathematical mumbo-jumbos can be quite daunting! That is why you just need to enter the P, R, N values, and this bike installment calculator gives you the precise EMI value.
Upon buying a bike, it is also a concern to look into the right insurance for it. A bike insurance calculator is an application that enlists all the available insurance options. All you have to do is enter your car number!
Benefits of the 2 Wheeler EMI Calculator
A two wheeler loan EMI calculator is a useful tool for anyone looking to finance their bike, scooter, or scooty purchase. It allows you to determine your bike installment in just a click. This helps you in planning your finances better and keeping funds available at the time of payment. After the purchase, a bike mileage calculator can also help reduce your overall expenses by saving on fuel.
So if you’re still wondering how to calculate EMI for bike loan, the bike loan EMI calculator online is your hero tool for accurate results.
Frequently Asked Questions
How much is the down payment for a bike?
It depends on the lender ( bank, credit union, etc.) The minimal bike down payment for a bike can be anywhere between 10% to 20% of its total cost.
How to calculate EMI for a bike loan?
You can use the EMI formula, which is P x R x (1+R)^N / [(1+R) ^N-1], where P is the loan amount, R is the rate of interest, and N is the time frame in months. Or you can simply use a bike or scooty loan EMI calculator for quick and easy results.
