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).
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