How Can We Calculate Bike Loan EMI Online Or Offline?

Bike EMI Calculator
When you are planning to buy a bike, an EMI can be a  boon in disguise. EMI  helps you pay a huge amount in small manageable instalments. However, calculating EMI before you apply for a loan is important. It allows you to pre-plan your repayment by giving you an idea of how to distribute your instalments and over what period.

Methods Of EMI Calculation –

There are two ways in which you can calculate EMI for your bike loan and then apply for a bike loan.

1. The Offline Method

For calculating EMI offline, there is a simple mathematical formula: 

EMI = P x r x (1+r)n/ {(1+r) n-1}

Where, 
P = the amount of bike loan you took
r = the interest rate
n= tenure in which you are supposed to repay the amount

The higher your amount of loan, the more will be the number of your instalments. 

2. The Online Method 

If maths is not the best of your subjects, the online method is a much easier way to calculate the EMI. Make sure you go to a trusted website like Bajaj Auto Finance, one of the top lenders, where they provide the facility of a  Bike loan EMI calculator.

All you need to do is fill in the details like loan tenure, amount, interest rate and get a personalized EMI result in a matter of a few seconds. 

Conclusion 

You can use any of the two methods mentioned above according to your convenience. However, the online Bike loan EMI calculator is a better option as it eliminates errors and gives you faster results. 


Must Read:

Top 5 Reasons Why Bike Loan is The Best Option

Leave a comment