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Two Wheeler Loan EMI Calculator

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Loan amount
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₹75,000 ₹35,00,000
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12 Months 72 Months
Rate of interest
%
10% p.a 19% p.a

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  • Total Amount Payable

    0*

  • Total Interest Payable

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Disclaimer: The aforementioned values, calculations and results are for illustrative and informational purposes only and may vary basis various parameters laid down by Tata Capital.

Before you secure a two-wheeler loan to buy a bike, it's important to determine your potential EMIs to ensure you can manage the repayments comfortably. This is where a bike EMI calculator comes in. It helps you calculate two-wheeler loan EMI in advance so you can make an informed decision.

What is a Two-Wheeler Loan EMI Calculator?

Are you planning to avail of a two-wheeler loan but don't know if the EMIs will fit in your monthly budget? If yes, then a 2 wheeler loan EMI calculator is just what you need. It helps you determine your potential monthly EMIs in advance. You can know exactly how much money you need to put aside each month to repay the principal and interest payments of the loan over the fixed tenure. 

Using a bike loan EMI calculator, you can adjust these values to arrive at an amount you're comfortable with. It makes it very easy and convenient to plan your monthly EMIs and repay your bike loan without any defaults.

Don't know how to use a bike loan interest calculator? We've got you. All you need to do is enter the principal amount, interest rate, and repayment tenure in the two-wheeler loan calculator to get instant results.

Some calculators may ask you for personal details, income details, etc. to arrive at a comfortable repayment plan depending upon your repayment capacity.

What does Two-Wheeler Loan EMI Stand For?

In general, EMI stands for Equal Monthly Instalments. This is the amount that you need to pay every month to repay your loan for a fixed loan tenure. You can choose a loan tenure anywhere between 6 and 60 months with Tata Capital. Your two-wheeler loan EMI will include the principal amount + the interest applicable on the loan. 

The amount of loan EMI remains the same every month; however, the principal and interest change over time– the interest is higher during the initial months whereas the principal becomes higher during the latter months. The exact percentage of principal and interest will depend upon the two-wheeler loan interest rate and the tenure for which the loan is taken. 

Formula to Calculate Bike Loan EMI

Your EMI is one of the most important components of your two-wheeler loan. Because this is essentially how you'll be repaying the loan, checking your EMI before taking a bike loan is crucial. This is to ensure that the monthly payments are affordable based on the interest rate offered by the lender and the loan amount you have applied for. 

Fortunately, you don't have to do any of this manual work anymore. Through an online two-wheeler EMI calculator, you can simply input certain variables, and you'll get the desired result. 

But if you'd still like to calculate it manually or understand how it works, we break it down for you step-by-step.

There are usually three factors that are involved in EMI calculation, and they are the loan amount that you borrow, the tenure of the loan and the interest rate involved. 

This is the formula for calculating the EMI of your two-wheeler loan.

P x R x [(1 + R) N / ((1 + R) N – 1]

Here, P represents the principal amount of the loan 

R represents the rate of interest 

N represents the tenure of the loan. 

So, for example, if you need a loan of three lakhs at 9% for four years, then your EMI would be Rs. 7466. This can help you decide if the EMI is affordable and if you need a longer or shorter tenure to repay the loan at your convenience. 

Fortunately, there isn't any work that is needed from your side if you use a bike loan interest rate calculator online. All you need to do is input your loan amount and the tenure, and the calculator will display the expected EMIs at the applicable interest rate. 

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How to Calculate Your EMI Using Our Two-Wheeler Loan Calculator?

An EMI calculator for scooter is the most convenient tool to calculate your potential EMIs in advance. To use a two-wheeler loan EMI calculator, you need the following three inputs –

Loan Principal

This is the amount that you borrow and must repay along with the applicable interest over a fixed loan tenure.

Rate of Interest

refers to the rate at which interest will be levied on the principal loan amount for a specified period.

Loan Tenure

It is the period or duration within which the loan amount along with the interest is to be repaid in Equal Monthly Instalments (EMIs).

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Benefits of Using a Bike EMI Calculator

A two wheeler loan EMI calculator has several benefits. These include

  • Checking affordability

    With the bike EMI calculator, you can determine if the EMI fits your repayment capacity. If not, you can adjust the different components in the calculator to arrive at a more comfortable EMI calculate for bike.

  • Planning finances

    By helping you determine your EMI value in advance, you can plan your monthly budget to avoid any defaults on bike loan EMI payments and have enough money to meet other monthly expenses.

  • Eliminating hassles related to manual calculation

    Manual calculations are time-consuming and prone to errors. But with a bike loan EMI calculator, you will get accurate results every single time, and that too within seconds.

  • User-friendly

    An EMI calculator is easy-to-use and requires only three basic inputs – Principal Amount, Interest Rate, and Loan Tenure.

  • Safe

    Since your identity remains anonymous, the bike EMI calculator is safe-to-use.

How does Bike Loan EMI Calculator Help in Planning and Purchase?

A bike loan EMI calculator is a useful online financial tool while planning your repayment tenure. This is because it helps you choose a suitable loan tenure. 

A bike EMI calculator will calculate how the EMI payment varies with longer repayment tenure and a shorter one. You can try different combinations of loan amount and tenure in the to arrive at an EMI amount you are comfortable paying monthly.

Using a loan calculator for bike before applying for a loan will also help you make a well-informed decision. You can use it to estimate your EMI amount. This will help you understand how much principal you should borrow and plan your budget more effectively.

Things to Know Before Using a Bike EMI Calculator

Before using a bike loan EMI calculator, here are a few things you must consider –

  • You can only adjust the bike loan interest rate up to a certain point depending upon the website.
  • The EMI amount calculated by the bike EMI calculator is only an estimate of the instalments payable. The actual EMI might differ based on various other factors of your bike loan application. But there wouldn’t be a significant difference between the two.
  • Some calculators might ask for other details such as the processing fee for the bike EMI calculate. However, it might be optional and wouldn’t cause much difference.  

 

What Factors Affect your Two Wheeler Loan EMI?

The following factors play a major role when it comes to your two-wheeler loan EMI –

Principal Amount

This is the amount you borrow from the lender and it has a direct effect on your loan EMI. The higher the principal amount, the higher will be your EMI payments. For a more accurate estimation, you can use a two-wheeler loan interest rate calculator online and decide on an affordable loan amount according to your requirements.

Rate of Interest

Higher rate of interest on your two-wheeler loan implies larger EMI payments and vice versa. Financial institutions generally use multiple factors like your credit score, repayment capacity, income, etc., to decide the interest rate. You can use a bike EMI calculator to arrive at an interest rate that you're comfortable with.

Loan Tenure

Your EMI amount is inversely proportional to the loan tenure. A longer loan tenure implies lower monthly payments and vice versa. Besides, if you're finding it difficult to pick a suitable loan tenure, don't bother doing manual calculations. Just rely on a two-wheeler loan calculator instead. It will give you results instantly.

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What is the Bike Loan Amortisation Schedule?

A bike loan amortisation schedule is a table showing the complete breakdown of the principal and interest component of your monthly EMIs. Your two-wheeler loan EMI payments include a certain ratio of principal repayment and the interest amount. With time, this ratio keeps changing.

For example, initially, the interest component in EMI is larger than the principal amount. However, towards the end of the tenure, the principal amount becomes larger than the interest.

Hence, the bike loan amortisation table is a useful tool, especially when you decide to foreclose or prepay the bike loan.

How to Reduce Your Two-Wheeler Loan EMI?

You might be spending a significant portion of your expenses on EMIs. Not only do they become a financial burden, but they can also prevent you from making other purchases. So, how do you reduce your two wheeler loan EMI then?

Get to know your affordability

Suppose you plan on purchasing a bike that costs Rs. 1,00,000; how do you plan on making this purchase? Do you plan on taking a loan completely for the one lakh, or do you plan on making a down payment first? Having such options can help you reduce your EMI significantly. For instance, if you decide to pay a high down payment on your bike, then your EMI will be much lesser than you would expect as your loan amount will be lower.

Using a bike loan calculator

By simply entering the required variables, such as the principal amount, interest rate and tenure, you can see how much you need to spend. Try tweaking the variables to arrive at a figure that helps you reduce your EMI as well as ensure convenience in repaying. 

Go for a longer tenure

You can apply for a bike loan at a longer tenure to effectively divide your EMIs over several months. This will significantly bring down your EMI and ensure you can repay the loan comfortably. However, longer repayment tenures also lead to higher interest payments during the tenure, so determine your affordability before applying for a longer tenure. To know more about bike loan, download our two wheeler loan app

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Related Videos

How to Check Two Wheeler Loan Eligibility?
#twowheelerloan

How to Check Two Wheeler Loan Eligibility?

Discover how easy it is to determine your eligibility for a Two Wheeler Loan with Tata Capital! In this informative video, we guide you through the simple steps to check your eligibility for a hassle-free loan experience. Whether you're a first-time buyer or looking to upgrade your ride, our expert tips will help you understand the process and requirements. Don't miss out on the chance to own your dream two-wheeler

1:07

FAQs on Two Wheeler Loan EMI Calculator

What are the benefits of knowing your EMI in advance with the help of a bike EMI calculator?

Knowing your monthly bike EMI in advance has several advantages. When you use a bike EMI calculator to know your bike loan EMI beforehand, you get to –

  • Know your affordability – With the help of an EMI calculator, you can determine if the EMI you need to pay is within your repayment capacity.
  • Manage your finances – If yes, then you can plan out your monthly budget in a way that you do not default on any EMI payments and also manage other monthly financial obligations comfortably.
  • Adjust your loan tenure – If the result of the EMI calculator is beyond your repayment capacity, you can adjust the loan tenure and other components until you arrive at an EMI value that you’re comfortable with.

In how many steps can you get your two-wheeler loan EMI value using a loan calculator for a bike?

You can get your two-wheeler loan EMI value in three simple steps using a 2 wheeler loan interest rate calculator-

Step 1 – Set the Principal loan amount.

Step 2 – Set the value of the applicable Rate of Interest.

Step 3 – Finally, set the desired loan tenure.

Once done, the bike loan EMI calculator will automatically calculate the EMI value within seconds. 

Does loan tenure affect two-wheeler loan EMI?

Yes, two-wheeler loan tenure will affect the EMI value – the EMI is inversely proportional to the tenure. This means the longer the loan tenure, the lower will be the bike loan EMI value, and the EMI value will consistently rise as the loan tenure shortens. To arrive at the best loan tenure as per your requirements, use an online bike EMI calculator. All you need to do is enter the loan amount, interest rate, and your desired loan tenure. The 2 wheeler loan interest calculator will give you the desired results in seconds.

When is the loan’s 1st EMI due date?

A1. Login to your account and select the corresponding account number to determine the first EMI due date for your bike loan. EMI calculators are also available to plan your payments.

I want to change the bank from which my EMI is being debited.

A2. If your bank participates in digital e-NACH, you can request the change by logging in here or emailing customercare@tatacapital.com and submitting scanned documents. Otherwise, you can contact the service executive and provide the necessary physical documents.

What will happen if I do not pay my two-wheeler loan EMI?

A3. Failure to pay EMI can lead to late payment charges, negative credit score impact, interest

accumulation, and possible legal action, including vehicle repossession. To avoid penalties, use

a two-wheeler loan EMI calculator to make a payment strategy. Use the bike loan interest rate

calculator to determine the applicable interest rate.

Who is eligible for two wheeler loan EMI?

A4. The requirements are:

1. Minimum one year of residential and employment stability

2. Age: 21 to 60 years

3. A credit score of 750 and above

To calculate your EMI, you can use a two-wheeler EMI calculator.

Is it a good idea to purchase a bike on EMI?

    Yes, purchasing a bike on EMI can be a good idea if you want to spread out the cost over a period of time, making it more affordable. However, it is important to ensure that the EMI payments fit within your budget.

What is the lowest interest rate on a bike loan?

    The lowest interest rate on a bike loan can vary depending on the lender, your credit score, and your financial profile. It's best to compare rates from different lenders and financial institutions to find the most competitive offer.

How to lower your two-wheeler loan interest rate?

    To lower your two-wheeler loan interest rate, consider the following tips:

    • Maintain a high credit score
    • Make a larger down payment
    • Negotiate with multiple lenders
    • Leverage existing relationship with a lender
    • Take advantage of promotional offers or discounts

How to change the amount paid towards a bike loan EMI?

    To change the amount paid towards a bike loan EMI, you can either prepay a portion of the loan, extend the tenure, or consider a balance transfer.

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