# Bike Loan EMI Calculator

₹35,005

17.00% interest rate per annum

Total Interest

₹10,033

Total Amount

₹2,10,033

• Loan Amount

• Total interest

Min ₹10K

Max ₹10L

Min 8%

Max 36%

Min 3 Months

Max 72 Months

#### EMI Schedule

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

## Benefits of Moneyview Bike Loan EMI Calculator

Hassle free, easy to use

Our EMI calculator is easy-to-use and intuitive.

Most affordable offers

Enjoy flexible loan tenures from 3M to 60M; choose a plan you like!

Calculate your EMI beforehand to manage your finances in a better way

100% Transparent

Check interest rate, total repayment & terms beforehand - leave no room for doubt or surprises!

### How to Get a Bike Loan from moneyview

At moneyview, get personal loans up to Rs. 10 lakh to purchase two-wheelers, both new and used. Here’s how you can get one easily -

2. Enter necessary information and check your eligibility

4. Select the loan amount and tenure

5. Get the loan disbursed within a few hours!

## Formula to Calculate Bike Loan EMI

If you want to know the formula for calculating an EMI, then you can check it below-
E =  P x R x (1+R)^N
————————
[(1+R)^N-1]

P - the principal amount that is borrowed
R - the rate of interest imposed
N - tenure in the number of months

For example, let’s say Mr. Vijay has borrowed a sum of Rs. 2 Lakhs (P) with 10.5% rate of interest imposed (R), and the offered a repayment tenure (n) of 60 months is the tenure, then he can check his EMI by using the following formula:

2 Lakhs x 0.00875 x (1+0.00875)^60 / [(1+0.00875)^60-1] = Rs. 4,299

Please note that the interest rate is calculated monthly by using the formula given below:

Annual Rate of Interest/12/100

So, to calculate it for this case, it will be (10.5/12/100 = 0.00875)

This formula is not specific to a bike loan calculator and can be used to calculate EMIs for all types of loans.

## Factors that Affect Bike Loan EMI

There are various factors that may affect your bike loan EMI. Check them out:

### Credit Score and Rate of Interest

The three-digit numerical summary that is found in an individual’s credit report is known as the credit score. This report contains the individual’s previous loan details, as well as their repayment, and financial habits.

We, at moneyview, give loans to individuals whose CIBIL score is as low as 650. However, a higher CIBIL score depicts better credit behavior and makes it easier for them to get a loan at a lower interest rate.

### Place of Residence

Where you stay also sometimes affects the interest rate for your two-wheeler loan EMI. This determinant is applied to check the debt-to-income ratio.

For example, if you stay in a metro city like Bangalore, your cost of living will be more than an individual who lives in a Tier Two city. As a result, it will be assumed that your salary is higher.

Some lenders may offer prepayment concessions that are based on factors such as how soon you can repay your loan.

### Type of Loan

There are majorly two types of loans - a secured loan and an unsecured loan. A secured loan is given against collateral, while an unsecured loan doesn’t require you to pledge any collateral.

So, depending on the type of loan, your interest rate will differ. Unsecured loans usually have higher interest rates. A higher interest rate will lead to a higher EMI.

### Down Payment

Down payment refers to the sum that you give to the bike dealer or the bike showroom while purchasing your bike. Obviously, if you give a higher down payment, you can have to apply for a smaller loan.

For example, if you pay 60% of the amount as a down payment, your two-wheeler loan will only be for the remaining 40%. This might prompt the lender to offer you a lower interest rate.

If you wish to get a loan for 100% of the purchasing amount, then your interest rate might be on a higher scale. You can easily use moneyview’s two-wheeler interest rate calculator to get a better understanding of your interest amount.

### Loan Amount

One of the major factors that the EMI rate depends on is the loan amount. So, the higher the amount borrowed, the higher will be the interest rate and the EMI rate.

### Repayment Tenure

If your repayment tenure is long, then your monthly EMI will also be less, and vice versa. But do keep in mind that if your repayment tenure is long, the amount of money you pay as interest will be higher.

## Bike Loan EMI Related FAQs

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.

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.

There are two ways by which you can reduce the EMI amount -

• By making a prepayment on the loan amount
• By asking the lender for an extension on the repayment tenure

The interest rate of a bike loan depends on a variety of factors. Some of them are-

• The amount of downpayment paid

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.

There are many benefits of choosing moneyview as your bike loan vendor -

• Affordable interest rates
• No hidden charges
• Tenures from 12 months to 60 months
• Paperless loan application process
• Quick disbursal
• Eligibility check in 2 mins

Get an instant personal loan from moneyview