Affordability check
An online EMI calculator for bike loan lets you check beforehand if the EMI amount is payable or not. Accordingly, you can adjust or extend your loan tenure.
Two Wheeler Loan EMI Calculator
Are you planning to take a two-wheeler loan? If yes, then know your EMIs beforehand and never miss out on your monthly instalments. To get the amortisation schedule, use our two-wheeler loan EMI calculator.
Two Wheeler Loan EMI Calculator
What is Two-Wheeler Loan EMI Calculator ?
A two-wheeler loan EMI Calculator lets you know in advance about the EMI that you will be paying for the principal amount and the interest on it, against your two-wheeler loan, over a fixed tenure. A bike loan EMI calculator does all the calculations for you and shows you the EMI with a click. You can adjust the tenure period, and accordingly, the bike EMI calculator will help you decide on an EMI amount that suits you. A two-wheeler vehicle loan EMI calculator helps you plan your monthly budget easily, so that you can pay your EMIs without defaulting.
What does a Bike Loan EMI stand for ?
EMI stands for Equal Monthly Instalments and it remains fixed for every month. The EMI amount that is decided, includes a part of the principal amount as well as the interest payment. The EMI is the amount that you will have to pay every month over a fixed period to repay the loan you have taken to buy your two-wheeler. Hero FinCorp offers flexible tenures that can go up to 60 months. Using the Hero bike loan EMI calculator, you can figure out the payable EMI and the tenure that will be right for you.
How does the Bike EMI Calculator work?
To calculate the EMI, a two-wheeler loan EMI calculator requires three pieces of information – the principal loan amount, rate of interest on the loan amount, and the loan tenure i.e., the time period over which the loan has to be repaid.
- In the two-wheeler EMI calculator, input the loan amount in the first box.
- In the second box, enter the interest amount.
- Submit the loan tenure in the third box and click ‘Calculate’.
The hero bike loan EMI calculator will give you your exact EMI value.
Benefit and features of bike EMI Calculator
There are several benefits of using a bike EMI calculator –
Plan the payment
Using a bike EMI calculator, you can plan your monthly budgetary allocation efficiently. It helps you sort your necessary financial expenses and at the same time keeps you financially disciplined, so that you do not default on your EMI payments.
No need to handle complex calculations
Manually calculating and arriving at a fixed amount that you will need to pay as EMI, with different combinations of tenure, can be tiresome work. A bike loan EMI calculator saves you the hassle and the inconvenience by calculating the EMI value in seconds.
Easy to use
Using an online EMI calculator for bike loan requires you to submit just three pieces of information – loan amount, rate of interest and loan tenure, and involves no other technicality.
Benefits of knowing two-wheeler loan EMI in advance
- 1
It allows you to know the EMI value before making the actual purchase. Thus, you can take a well-informed decision, regarding the financial impact your bike purchase will have.
- 2
Knowing well in advance the EMI amount will help you chart your monthly budget. It will give you ample time to eliminate or adjust any other expense.
- 3
EMI is a fixed cost. Once you know all your fixed costs, you can easily tackle the rest of your financial planning. That is because you will have a good idea of how much savings you will be left with after all the expenses.
- 4
Being aware of your two-wheeler loan EMI in advance will give you peace of mind, as you will not have to worry about making the payment for the same at the last minute.
Frequently Asked Questions (FAQs)
You can get your two-wheeler loan EMI value using the bike loan EMI calculator in three simple and short steps.
Step 1 – Set the Principal Loan Amount
Step 2 – Set the applicable Rate of Interest
Step 3 – Set the Loan Tenure
You will get your EMI value in seconds!
The EMI on bike loans can be calculated in two ways –
Manually – Manually, the EMI amount can be calculated using this formula –
P × R × [(1+R) N / (1+R) N-1]
where P is the Principal Loan Amount
R is the Rate of Interest
N is the Loan Tenure in months
Using online EMI calculator for bike loan - This is the faster and easier way of calculating the EMI value, where you will need to enter three inputs – loan amount, rate of interest and loan tenure, which will give you the EMI value in a jiffy.
Yes, the loan tenure does affect the EMI of the two-wheeler loan. The
longer the loan tenure is, the smaller will be the EMI value, as the
loan repayment gets stretched over a relatively long period of time;
and vice-versa.
Three factors impact the two-wheeler loan EMI –
- Principal Loan Amount – This is the amount you have borrowed to buy your two-wheeler, which you will have to repay in instalments over a fixed tenure.
- Rate of Interest – This is the interest rate that will be levied on your two-wheeler loan, which you will pay along with the repayment of the principal loan.
- Loan Tenure – It is the duration of the time (in months/years) over which you will fully repay the loan that you have taken along with the interest.
Two wheeler loan
We assist you in purchasing the ride of your dreams by providing customizable two-wheeler loans. You can choose from a variety of tenures and down-payment amounts to find the financing solution that is right for you.
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