Category: Bike EMI Calculator

How We Can Calculate Bike Loan EMI Offline and Online?

Bike EMI Calculator

Motorcycle prices are skyrocketing with each passing year in India. Hence, a motorcycle loan is the only way to buy a bike these days.

However, one should be patient when choosing a loan scheme. One should always use a bike loan EMI calculator before taking the final decision.

What is an EMI calculator?

EMI calculators are free-to-use tools available on the websites of lenders and bike portals. The basic function of a Bike Loan EMI Calculator is to allow one to learn the tentative EMI for a loan.

Why one should use an EMI calculator?

Many reasons make it important for one to use an EMI calculator. Some of those reasons are mentioned below.

  • EMI calculators allow one to plan their repayment steps by selecting the best tenure + downpayment combination.
  • Selecting the perfect downpayment + tenure combination also allows one to keep EMIs for a loan affordable.
  • Selecting the perfect downpayment + tenure combination of a bike loan allows one to keep the interest rate low.

How does an EMI calculator work?

EMI calculators are programmed to run their calculations by using the mathematical formula mentioned below.

P x R x [(1 + R)N/((1 + R)N – 1]

The variables used in the formula above stand for different terms of a loan. The meanings of the variables are mentioned below.

  • P = Principal – The amount the lender offers to the borrower.
  • R = Rate of interest – The amount the lender would charge for the principal.
  • N = Tenure – The time (in months) within which the debt has to be repaid.

How to calculate EMIs offline?

If one wants to calculate the EMI for their motorcycle loan then they can calculate using the formula mentioned above. 

Must read:  How To Choose The Best Bike Loan Interest Rates?

What is Bike Loan EMI Calculator and How We Can Use It?

Bike EMI Calculator

EMI calculators are free-to-use online tools available in bike portals as well as the official websites of lenders.

The working principle of a generic bike loan EMI calculator is quite simple. It is programmed to work by taking into account the mathematical EMI calculation formula.

Almost all bike loan EMI calculators entail a simple user interface. The UI is riddled with a series of empty labelled spaces. The user would have to fill up these empty spaces with the particulars of their bike loan. Most (if not all) EMI calculators would require the following loan particulars from a borrower.

Here goes – 

  • Loan tenure of the loan
  • Borrowed amount and
  • Rate of interest.

After the above particulars are provided as input to the calculator tool, one has to press the ‘calculate’ on-screen button. After that, the approximate EMI for the bike loan will be displayed in no time!

Why one should use a bike EMI calculator?

There are many benefits in store for borrowers who use an EMI calculator before they apply for a bike loan. Some of them are as follows – 

  • With the help of an EMI calculator, one can check whether the tentative EMIs for the loan will be affordable or not.
  • With the help of the EMI calculator, one can choose the best principal + tenure combination. In this way, the borrower can keep the EMIs and interest rate on the loan affordable.
  • With the help of an EMI calculator, the borrower can plan ahead. Ensuring that one has the financial means to support the EMIs of the loan is possible with an EMI calculator.

Must read: How To Get Instant Approvals On Bike Loan?

What is a Bike Loan EMI Calculator and How Does it Work?

Bike EMI Calculator, Two Wheeler Loan EMI Calculator

The prices of motorcycles sold in India are being relentlessly hiked over the past two years. This means that the majority of motorcycles in India are out of reach for the common person. So, what can one do? As spending a boatload of cash is not a wise decision especially when cash is king in India.

The solution is to apply for a bike loan.

Why?

The benefits of a bike loan are many. Some of them are as follows – 

  • The loan will offer a financial cushion to the loan applicant and keep them from breaking their FD or savings.
  • With each EMI paid on time, the loan applicant will be boosting their credit score and credit history.
  • Bike loans can also help the loan applicant to reduce the financial burden on their shoulders. How? Well, bike loans come with flexible tenures, interest rates and repayment options. Hence, one can choose a loan scheme that suits their needs.

There is a catch though!

One should only apply for a motorcycle loan after they have used a bike EMI calculator.

What is that!?

A bike loan EMI calculator is a free-to-use tool that all NBFCs and banking institutions offer on their official websites. These tools allow borrowers to have a vague idea about the EMIs they would need to bear for the loan.

How does the tool work?

The EMI calculator tool works on the principle of the following mathematical formula – 

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

The meanings of the variable mentioned in the formula above are as follows – 

  • P is the loan amount.
  • R is the rate of interest and
  • N stands for the number of EMIs.

Users would need to put the values as per their preference along with the tenure in months. For more details, one must consult with their financial advisor as soon as possible.

Must read:  How To Select The Best Two Wheeler Loan Based On Interest Rate

How To Calculate EMI on Bike Loans with EMI Calculator?

Bike EMI Calculator

Applying for a bike loan is inevitable these days. The ex-showroom prices of motorcycles in India have been hiked by several folds in the last couple of years. Hence, buying a bike using cash is out of the question.

A bike loan will be accompanied by EMIs. EMI is the abbreviated form for equated monthly instalment.

It is the fixed amount + interest that the loan applicant pays back to the lender monthly. This trend will continue until the borrower pays back the debt + interest to the lender in full.

Why calculate EMI?

Calculating the EMI allows the borrower to make sure that they can bear the burden of the loan.

How to calculate EMI for a bike loan?

Calculating the EMI of a bike loan can be done by using a bike loan EMI calculator. It is a nifty little, free-to-use tool that leading lenders offer on their websites.

How does the tool work?

An EMI calculator tool is programmed to run calculations based on the formula EMI = [P x R x (1+R)^N]/[(1+R)^N-1]. The meanings of the variables in the formula are as follows – 

  • P – is the principal or borrowed amount
  • R – is the rate of interest and
  • N – is the tenure of the loan.

How to use an EMI calculator tool?

  • One has to visit the official website of their preferred lender and look for their EMI tool.
  • Then they would need to fill up the blank spaces with variables like loan amount, tenure and interest rate.
  • Then they would need to press the ‘calculate’ button.

Conclusion

To apply for a two wheeler loan, consulting with a reputed lender is strongly advised.

Must Read: 

How To Choose The Best Bike Loan Interest Rates?

How To Calculate Two Wheeler Loan EMI?

Bike EMI Calculator

It is a good idea to apply for a bike loan instead of buying your dream bike using cash. The reason is simple – you will be able to keep your savings intact. Furthermore, you can also apply for a 0 downpayment loan. In this case, the whole MSRP of the bike will be paid for by the lender. However, the rate of interest and the EMIs will be higher in this case.

Another benefit of applying for a bike loan is that with EMI, your credit score will get a boost. A high credit score will make you automatically eligible for personal, home, car or business loans in the future.

How bike loan EMIs are calculated?

Before applying for two-wheeler loan you must calculate the EMI that you would have to bear each month.

How to do that?

Well, you can use the free-to-use online bike loan EMI calculator tool. These tools are available on the official websites of all leading lenders in India.

Simply input the parameters in the tool, follow on-screen instructions and learn about the EMI of your loan. The process will take just a few minutes of your time.

You can also follow an offline method to calculate bike loan EMIs –

Just follow the formula given below – 

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

  • P is the borrowed money.
  • R is the rate of interest on the principal.
  • N is the number of EMIs to be paid to the lender.

For more details, consult your preferred lender or talk with a financial advisor today!

Must Read:

How To Choose The Best Bike Loan Interest Rates?

How We Can Calculate EMI On Bike Loan?

Bike EMI Calculator

Everyone is using online tools to calculate bike loan EMIs. Did you know you can also use a mathematical formula to calculate EMIs? Read on to know more!

Bikes in India are getting expensive with each passing year.

This is making most commuter bikes available in India out of reach for bike enthusiasts and the common person alike.

So what is the solution?

Well, bike enthusiasts and the average person can both benefit when they apply for a bike loan.

How?

Well, applying for a loan is a decision that comes with many benefits.

Some of those benefits are as follows – 

  • You would not need to break your bank by paying a lump sum amount at the bike dealership.
  • Your bike options will not be limited.
  • No need to make adjustments to your financial plans.
  • Your credit score and credit history will get a boost.

How to calculate bike loan EMI?

Well, there are two ways to do that.

The first process

You can use a bike EMI calculator and get the results instantly.

Most lenders in India have an EMI calculator tool on their websites. Website visitors can use the tool free of cost.

All one needs to do is put the required data in the designated places.

The data consists of the principal amount, the tenure and related information pertaining to the loan scheme.

The second process

You can also manually calculate the EMI for your bike loan by using the formula – 

P × r × (1 + r)n/((1 + r)n – 1).

The meanings of the variables are as follows – 

  • P = amount
  • r = rate of interest
  • n = tenure of the loan (in months).

Must Read:

How Much Minimum Down Payment is Required For Bike Loan?

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

How Do We Calculate Two Wheeler Loan EMI?

Bike EMI Calculator

Two-wheelers are a popular and affordable mode of transport for middle-class Indians and therefore they are in great demand. Two-wheeler manufacturers in India keep introducing new innovative technologies to make two-wheelers more fuel-efficient and value-for-money products.

Two-wheeler sales have seen a tremendous surge in India in the past three decades as anyone can buy a bike or scooter of their choice by availing a two-wheeler loan. Several Indian banks and private lenders offer attractive two-wheeler loans with a flexible repayment schedule to their customers. You can now apply for a bike loan online by visiting the websites of banks and this has made the application process a lot easier.

Once you plan to avail of a two-wheeler loan, you can use the online bike EMI calculator available on the websites of banks and private lenders to plan your monthly budget for repayment of the loan in Equated Monthly Installments (EMIs). With the help of the EMI calculator, you will be able to figure out your loan borrowing capacity and what will be your liability for paying the EMIs every month. You can also use a bike EMI calculator to restructure your EMIs by adjusting the tenure of your two-wheeler loan. The calculator assists you in choosing the right loan term and viable EMI as per your monthly budget.

To calculate bike loan EMI, there are three inputs required by the bike EMI calculator. Insert the loan amount for which you are eligible, interest rate, and loan tenure, and the EMI calculator will work out the entire calculation for you. 

Must Read:

How To Choose The Best Two Wheeler Loan?

How We Can Calculate Bike Loan EMI Online?

Bike EMI Calculator

The prices of bikes these days are pretty high but if you play your cards right, you can easily buy your dream bike in no time by seeking financial assistance from leading lenders in India.

In this context, before signing the dotted line, you would need to make sure that you will be able to bear the EMI of the bike loan you have applied for.

How can you do that?

Well, most lenders these days have a special tool programmed into their official website. The name of this tool is a bike loan emi calculator.

How does it work?

Well, an online emi calculator will be using the all-too-familiar balance reducing mathematical method which will allow the tool to calculate the emi of your loan amount in no time.

What are the parameters that you would need to provide the tool with?

Well, before the emi calculator can spit out the correct EMI figure which you would need to bear for the tenure of your loan, you would need to provide the tool with the following parameters – 

  • The principal or loan amount you have applied or are planning to apply for
  • The interest rate that the lender has agreed or has advertised to offer and
  • The tenure or the number of years allotted to you to pay off the debt.

Top Reasons Why You Should Use EMI Calculator Before Taking Bike Loan

Bike EMI Calculator, Bikes Gyan

Following are the reasons why you should utilise the EMI calculator before taking a bike loan –

ACCURACY — It is possible to make errors while calculating with a pen and paper, and you want to avoid anything happening to your hard-earned money and messing up your financial budget. An online EMI calculator provides you with an approximate amount which gives you an idea of your possible future instalments. 

INSTANT AND CONVENIENT — You only need to input the combination (loan amount, interest rate and tenure) you deem suitable, and the EMI amount is determined in just a few seconds. The Bike Loan EMI Calculator is available free of cost and can be accessed from anywhere anytime. 

PLAN YOUR FINANCES — If you use an EMI calculator before applying for a bike loan, you are in a position to plan your finances ahead. This way, when the time for debt repayment comes, you can comfortably pay off your debt without burdening your personal expenses. It helps you to ensure a good credit score.

It is better to gauge the risk of taking a loan as it saves you from the financial and mental stress. Using a bike loan EMI calculator will help you make an informed decision.

Must Read:

Tips To Choose The Best Two Wheeler Loan (2020)