Credit History
A strong credit score helps get lower interest rates.
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Hero FinCorp offers low-interest Two-Wheeler Loans to make buying a bike easy. Our simple process, competitive fees, and custom loan options fit your needs. No hidden costs—just a quick, hassle-free loan to help you get your dream bike!
Bike loans come in two types: income-based and non-income-based. Income-based loans have lower interest rates and higher loan amounts if you qualify. Non-income-based loans help you get a bike without proof of income.
Types of 2 Wheeler Loan Interest Rates | Income-Based Loans | No Income-Based Loans |
Eligibility Criteria | Requires proof of income | No proof of income required |
Loan Amount | Based on income and credit score | Based on credit score |
Interest Rate | Lower rates for high-income borrowers | Standard rates for all borrowers |
You can either apply a mathematical formula for Bike Loan Interest Rate Calculation or calculate your Two-Wheeler Loan interest rate using our Two-Wheeler Loan EMI calculator. The mathematical formula for bike loan interest calculation is:
Where,
E is the EMI
P is the Principal Loan Amount
R is the Rate of Interest
N is the Loan Tenure in months
However, if you want to use a Two-Wheeler Loan EMI calculator, all you have to do is input the three variables—your principal loan amount, interest rate, and loan tenure—and click the submit button. Next, your screen will display the amortisation schedule comprising the details of the principal balance as well as the monthly interest component.
Before you apply for a bike loan, learn about the factors that influence your bike loan interest rate.
Here are some tips to finance a two-wheeler with lowest interest rate:
While the interest rate plays a crucial role in choosing a bike finance, there are more things to keep in mind before signing the dotted line.
Some factors that play a deciding role in establishing your interest rate on a Two-Wheeler Loan are:
f you want to get a low-interest Two-Wheeler Loan, you must:
To check your current interest rate for a Two-Wheeler Loan, read the loan agreement. If you are still not sure about the interest component, use the interest rate calculator for a Two-Wheeler Loan and get complete details of your EMI.