Bike EMI Calculator – Auto Loan and Financing

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

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 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?

Major Factor To Consider While Choosing a Best Two Wheeler Loan?

Two Wheeler Loan

Bikes in India are getting expensive hence the only option that remains for the average, as well as the motorcycle enthusiast, is to choose a bike loan. This post will try to shed light on some factors that one should consider while choosing a two wheeler loan.

Bikes, whether they are made in India or are imported as CKD or CBU units, are pretty expensive these days. Hence, if a commuter or a motorcycle enthusiast wants to own the bike of their dreams then they would need to apply for a **Two wheeler loan**.

**But how can one know for sure which loan scheme would suit them the best?**

**Well, they would need to choose a bike loan scheme based on the following parameters –**

You would need to make sure that the rate of interest asked by the lender is on par with your budget and does not increase the on-road price of the bike by many folds.

For the best results, make sure that the lender you are choosing has a **bike emi calculator** programmed into its official website so that you can figure out the exact amount you would need to bear as a recurring amount in the form of EMIs for the debt you owe to the lender.

The next consideration should be the time taken by the lender to complete all the paperwork and related formalities. You are finally buying a two-wheeler to make sure that your commute to work or a weekend leisure destination can be completed in style in comfort and that too in no time. Hence, if you choose a lender that takes a lot of time to complete all the formalities, it will also increase the time taken by the bike dealer to let you ride away in your dream bike to glory. Always choose a lender that offers electronic paperwork. In this way, you will be able to park your dream bike at your parking lot in no time!

Must Read:
How We Can Calculate Bike Loan EMI Online?

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)

Top 6 Advantages Of Availing A Bike Loan As Opposed To Buying A Bike In Cash

bike loan

Whether you’re getting your first bike or looking forward to upgrading to the latest version, buying a motorcycle is always exciting. While deciding which bike to buy is challenging, it is even more challenging to determine whether to get your bike through cash or bike loan. Here is a list of advantages of using a loan for a bike loan instead of buying a bike by paying money.

Affordable Interest Rates

Highly affordable and low bike loan interest rates make buying bikes easy.

Quick loan approval and processing

Quick loan approval and processing that makes sure you’re able to take your bike home at the soonest.

Budget-Friendly

You don’t have to empty your pockets and ruin your budget. Instead, you can transfer the burden on the banks and pay convenient EMIs.

Complete Coverage

You can avail of a loan on your two-wheeler’s on-road cost, which provides complete coverage of the loan amount.

Loans on all two-wheelers

Be it a scooter or a high-end bike, and loans are available on all types of two-wheelers. You can calculate loan EMI with Bike EMI calculator.

Additional benefits

You can avail of a bike loan with various additional bonuses like gifts, free insurance, accessories, cashback offers, etc.

While there was a time when cash was the preferred mode of transactions. However, various benefits availing a two-wheeler loan have over getting it for cash makes the former a better option in many ways.

Additionally, Read:

5 Factors To Keep in Mind When Taking a Bike Loan

5 Reasons to Apply for a Loan while Purchasing a Bike

bike loan, Two Wheeler Loan

Are you interested in purchasing a new bike? If yes, it is advisable to apply for a two-wheeler loan from credible banks or NBFCs. Although you can take any preferred application route, going online is probably the fastest way of getting approved.

All things aside, here are some of the primary reasons for getting hold of a bike loan to purchase a new vehicle instead of extinguishing your savings:

Periodic Payments

A Two-wheeler loan is easy to pay off, courtesy of the systematic payment structure. This ensures that your short-term goals aren’t compromised while purchasing a new bike.

Better Credit Profile

While you might be tempted to pay off the entire amount at once, a loan helps build your credit profile for the future, thereby increasing your eligibility for personal, car, or even home loans.

Better Usage of Cash Reserves

If you are worried that a loan might cost you more in the long run, compare and opt for the lowest bike loan interest rates and invest the cash reserves someplace else to get the same or better rates. This approach takes care of the additional payment and helps you plan better in the long run.

Financial Discipline

Recurring monthly payments ensure that you keep up with the financial cycle and learn about the importance of keeping adequate funds in the account.

Better Buying Options

If you are on-board with a loan, you can always opt for a better bike as periodic payments wouldn’t overburden you financially.

Paying the bike value upfront is not a bad option at all. However, these reasons ensure that your finances are managed better.

Additionally, Read:-

A Complete Guide to Understand Bike Loan Interest Calculation