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Knowing your monthly bike EMI has several advantages. When you know your bike loan EMI beforehand, you get to –
Know your affordability – You can get an idea of whether or not 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 manner that you do not default on any EMI payments and also cover up for other monthly financial obligations.
Adjust your loan tenure – If the bike loan EMI value is beyond your repayment capacity, you can adjust the loan tenure until you arrive at an EMI value that you’re comfortable with.
You can get your two wheeler loan EMI value in three short and simple steps using two wheeler loan EMI calculator for two wheeler loan –
Step 1 – Set the Principal loan amount.
Step 2 – Set the value of the applicable Rate of Interest.
Step 3 – Set the desired loan tenure.
Once done, the bike loan EMI calculator will automatically show the EMI value within seconds.
There are mainly two ways to calculate bike loan EMI, as discussed below –
Manual calculation using formula – Under this method, the formula – P x R x [(1 + R)N/((1 + R)N – 1] is used to calculate the EMI value. Here, P stands for the Principal amount of the loan, R stands for the applicable Rate of Interest, and N stands for the Loan Tenure in months.
Automatic calculation using bike EMI calculator – This is a faster, easier, and more accurate method wherein you need to enter only three basic inputs – Principal amount, Rate of Interest, and Loan Tenure – and the calculator will give instant results automatically.
You can reduce your two wheeler loan EMI value in the following ways –
Choose a longer repayment tenure – Since the repayment amount will be spread over a longer period, the amount you will need to pay each month as EMI will naturally go down.
Opt for a lender offering lower interest rates – Since bike loan EMI is equal to the principal amount + the applicable interest, lower two wheeler loan interest rates will automatically reduce the EMI value.
Go for a higher down payment amount – If you can afford, pay a high down payment amount to reduce the loan principal. As a result, the EMI value will also decrease.
Yes, two wheeler loan tenure will affect the EMI value – the EMI is inversely proportional to the tenure. Meaning, the longer the loan tenure, the lower will be the two wheeler loan EMI value, and the EMI value will consistently rise as the loan tenure shortens.
The factors impacting two wheeler loan EMI are as follows –
Principal Amount – This is the sum of money borrowed as a two wheeler loan and which needs to be repaid along with the applicable interest within a fixed tenure.
Rate of Interest – Two wheeler loan interest rate is the rate at which interest will be applicable on your loan principal.
Loan Tenure – This is the period for which the loan is borrowed. Meaning, the principal + the interest needs to be paid off fully within the fixed loan tenure.
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