Affordability check
A bike loan calculator 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
- Loan up to ₹3.5 Lakh
- Minimum Salary Required ₹10K
- Instant Approval
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 loan EMI calculator helps you plan your monthly budget easily, so that you can pay your EMIs without defaulting.
Use our Bike Loan EMI Calculator and get an instant estimate of your monthly payments to apply for a Hero FinCorp Two Wheeler Loan with confidence. With our user-friendly EMI calculator, you can determine the total cost of your loan as per your own budget. But that's not all. At Hero FinCorp, we offer some of the most competitive interest rates in the market, making it easier and more affordable than ever to finance your dream bike. And with our fast and hassle-free loan processing, you can get behind the handlebars in no time.
Formula to Calculate Your EMI Using a Two Wheeler Loan Calculator
The Two Wheeler Loan EMI amount can be calculated using this formula –
EMI = 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
The Two Wheeler Loan Calculator formula relies primarily on the following factors:
The principal amount of the two-wheeler loan or the amount borrowed through the loan.
The monthly interest rate is applicable to the loan.
The loan tenure is expressed in months, such as 6 months, 12 months, etc.
Features and Benefits of Bike Loan EMI Calculator
There are several benefits of using a bike EMI calculator –
Plan the payment
A bike EMI calculator helps plan your monthly budget, ensuring financial discipline and preventing defaults on your EMI payments.
No need to handle complex calculations
A bike loan EMI calculator saves time by quickly calculating your EMI, eliminating the hassle of manually testing different tenure combinations.
Easy to use
Use a bike loan EMI calculator by entering loan amount, interest rate, and tenure—no complex details required.
Steps to use a HerofinCorp Two Wheelers Loan EMI Calculator?
To calculate the EMI, a two -wheeler loan interest rate 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.
- 1
In the two-wheeler EMI calculator, input the loan amount in the first box.
- 2
In the second box, enter the interest amount.
- 3
Submit the loan tenure in the third box and click ‘Calculate’.
- 4
The hero bike loan EMI calculator will give you your exact EMI value.
How to Reduce Your Bike Loan EMI?
The following are ways to reduce your two wheeler loan instalments -
- Make more down payment: By increasing your down payment, you can lower the loan amount and thus reduce your monthly installments.
- A longer loan tenure: While a longer loan tenure may mean paying more in interest in the long run, it can help reduce your monthly installments and make them more affordable.
- Choose a lower interest rate: By comparing interest rates offered by us, you can choose a loan with a lower interest rate and thus lower your monthly instalments.
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.