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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.
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.
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.
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.
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 –
A two wheeler loan EMI calculator has several benefits. These include
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.
Before using a bike loan EMI calculator, here are a few things you must consider –
The following factors play a major role when it comes to your two-wheeler loan EMI –
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.
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?
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.
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.
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.
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.
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.
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.
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.
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.
To lower your two-wheeler loan interest rate, consider the following tips:
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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