Question 1

What is an EMI?

Accepted Answer

EMI stands for Equated Monthly Installment. It is a sum of money that needs to be paid to the lender on a specific date of every month during the repayment tenure. The amount is based on multiple factors like the loan amount, interest rate, tenure, etc.

Question 2

What happens if I pay more than the EMI on a motorcycle loan?

Accepted Answer

If you pay more than the EMI amount, your interest rates will come down. You can do this whenever funds are available to you, as this will reduce the burden of EMIs on you. However, this availability is subject to the terms and conditions imposed by the lender.

Question 3

What happens if the Bike Loan EMI is not paid?

Accepted Answer

The fines and penalties of a missed EMI vary from lender to lender. In most cases, you have to pay a fine, and your interest will pile up on the unpaid amount. The lapse in payment will also affect your credit score.

Question 4

How to estimate two-wheeler loan interest rates in Excel?

Accepted Answer

You can use the Arithmetic formula of calculating loan interest in Excel to estimate your two-wheeler interest rate. The formula is - Annual Rate of Interest/12/100So, if your rate of interest is10.5%, your monthly interest rate will be -10.5/12/100 = 0.00875

Question 5

How to change the amount paid towards a Bike Loan EMI?

Accepted Answer

There are two ways by which you can reduce the EMI amount -By making a prepayment on the loan amountBy asking the lender for an extension on the repayment tenure

Question 6

How does a Two Wheeler Loan EMI work?

Accepted Answer

A two wheeler loan EMI works just like other loans. Once your loan is sanctioned, you set up the auto-debit process or any other process to repay the loan. Then at the same date every month, you have to pay the EMI amount till the end of the tenure.

Question 7

What is the lowest interest rate on a bike loan?

Accepted Answer

The interest rate of a bike loan depends on a variety of factors. Some of them are-Your lenderThe amount of downpayment paidYour principal amountYour credit scoreYour repayment tenure

Question 8

Is it a good idea to purchase a bike on EMI?

Accepted Answer

Yes, purchasing a bike on EMI is a great idea as it doesn’t drain your savings. You can also opt for zero down payment options.

Question 9

Why choose moneyview Bike Loans?

Accepted Answer

There are many benefits of choosing moneyview as your bike loan vendor - Affordable interest ratesNo hidden chargesTenures from 12 months to 60 monthsPaperless loan application processQuick disbursalEligibility check in 2 mins

Question 10

How are monthly EMIs for bike loans calculated?

Accepted Answer

The monthly EMI for a bike loan is calculated exactly as any other loan is calculated. The formula is P x R x (1+R)N / [(1+R)^N-1]where, P: Principal Amount; R: Rate of Interest; and N: Number of Months or Repayment TenureFor example, if you borrow Rs. 5,00,000 (P) with 10.5% rate of interest (R), and the repayment tenure (n) is of 60 months, then your EMI will be - 5,00,000 x 0.00875 x (1+0.00875)^60 / [(1+0.00875)^60-1] = Rs. 10,747

Month	Opening Balance	Interest	Principal	Closing Balance
Sep '23	₹ 2,00,000	₹ 2,833	₹ 32,171	₹ 1,67,828
Oct '23	₹ 1,67,828	₹ 2,378	₹ 32,627	₹ 1,35,200
Nov '23	₹ 1,35,2008	₹ 1,915	₹ 33,089	₹ 1,02,111
Dec '23	₹ 1,02,111	₹ 1,447	₹ 33,558	₹ 68,552
Jan '24	₹ 68,552	₹ 971	₹ 34,033	₹ 34,518
Feb '24	₹ 34,518	₹ 489	₹ 34,515	₹0.00

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