Two Wheeler Loan - Ride Your Dream Bike
Calculating bike loan EMI was never this easy. This calculator helps you calculate the loan repayment amount on your bike loan in just a few seconds. All you have to do is enter the Bike Brand-Model, down payment amount, interest rate and the loan period and click on the calculate button. You will get the result instantly.
How is Bike Loan EMI Calculated Monthly?
EMIs also know as Equated Monthly Installments refer to the monthly payments you make to the lender to repay your bike loan. These payments include the principal amount and the interest, i.e., EMI = Principal Amount + Interest on Principal. EMI can be calculated using the following formula: {P x R x (1+R)^N / [(1+R)^N-1]} where P = Principal amount of the loan, R = Rate of interest, and N = Number of monthly installments.
What are the Documents Required to Apply for a Bike Loan?
KYC documents such as Pan Card, Aadhar Card, Address proof, Income Proof are required to process a bike loan.
What is the Minimum Down Payment for a Bike Loan?
Banks and financial institutions usually lend 90% of the ex-showroom price of the bike. A few customers might be eligible for 100% funding also. The minimum down payment that you have to pay includes the RTO and insurance charges for the bike.
What will be the Tenure for which I can Avail Bike Loans?
Banks and Financial Institutions usually offer bike loans for tenures from up to 36 months. You can choose the loan tenure as per your preference. A few lenders also offer bike loans with a tenure of up to 60 months.
What will be the Rate of Interest on a Bike Loan?
The interest rate for all types of loans offered by Banks and FIs primarily depends on the RBI's repo rate. Interest rates of Bike loan usually vary from 9.0% per annum to 16% per annum on a reducing balance basis.
What if I Pay More Amount than EMI for a Bike Loan?
Pre-payments of a bike loan is not accepted by most lenders; although a few lenders allow it after a fixed amount of EMIs are honoured along with a nominal prepayment charge, which is usually 2% to 4% of the amount prepaid.
Does Loan Tenure Affect Two Wheeler Loan EMI?
Yes, two-wheeler loan tenure will affect the EMI value – the EMI is inversely proportional to the tenure. The longer the loan tenure, the lower the two-wheeler loan EMI value and the EMI value will consistently rise as the loan tenure shortens.
What are the Factors that Impact the Two Wheeler Loan EMI?
Loan amount, Rate of interest and tenure of the loan are the primary factors affecting two wheeler loan EMI.
Which Finance is Best for Bike Loan?
Generally, loan with lowest interest is considered to be the best option. However, other important factors such as Loan amount, Tenure, Processing fees, Documentation charges, Prepayment charges are as important as the rate of Interest of the loan and should be carefully looked into.
How can I Check my Bike Loan?
A simple way to check your two-wheeler EMI is to use an online tool like the Bike Loan EMI calculator above.
Bike Loan Interest Rates of Leading Banks
| Bank | Two Wheeler Loan Interest Rates* | Lowest EMI Per Rs. Ten Thousand For Max Tenure |
|---|---|---|
| Axis Bank | 14.99% | ₹ 278 for 4 years |
| State Bank of India | 16.05% | ₹ 352 for 3 years |
| HDFC Bank | 14.03% | ₹ 273 for 4 years |
| Punjab National Bank | 10.70% | ₹ 216 for 5 years |
| Bajaj Auto Finance | 11.60% | ₹ 330 for 3 years |
| Indusind Bank | 12.00% | ₹ 332 for 3 years |
| Allahabad Bank | 11.80% | ₹ 262 for 4 years |
| Andhra Bank | 10.35% | ₹ 214 for 5 years |
| Bank of India | 7.75% | ₹ 202 for 5 years |
| Union Bank of India | 11.55% | ₹ 330 for 3 years |
| United Bank of India | 11.00% | ₹ 217 for 5 years |
| Corporation Bank | 12.35% | ₹ 334 for 3 years |
| Indian Bank | 9.65% | ₹ 211 for 5 years |
| Karnataka Bank | 13.85% | ₹ 232 for 5 years |
| Jammu and Kashmir Bank | 9.65% | ₹ 211 for 5 years |
| Canara Bank | 13.55% | ₹ 340 for 3 years |
Convenience
The ease at which calculations are done on this calculator is just incomparable. This can help you take a quick decision when comparing multiple loan interest rates.
Accuracy
Calculations done on paper can be tiresome and prone to mistakes. But, when you do the same calculation on this calculator, you can be certain of 100% accuracy.
Fast calculation
Calculating EMI with pen and paper can take long. On the other hand, this online calculator does the calculation in a matter of seconds.
Check Two Wheeler Loan Eligibility & Rates
- Salaried individual with a minimum gross income of Rs. 84,000 per year or self-employed individual with a minimum gross income of Rs. 72,000 per year.
- Minimum age of 21 years when applying for the loan.
- Not more than 65 years of age at the end of the loan period.
Contact respectives banks for further details on the eligibility criteria for a bike loan.
