| 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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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 -
Sign up using your mobile number
Enter necessary information and check your eligibility
Upload the necessary documents
Select the loan amount and tenure
Get the loan disbursed within a few hours!
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. 10 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:
10 Lakhs x 0.00875 x (1+0.00875)^60 / [(1+0.00875)^60-1] = Rs. 10,747
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.
There are various factors that may affect your bike loan EMI. Check them out:
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.
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.
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 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.
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.
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.
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 -
The interest rate of a bike loan depends on a variety of factors. Some of them are-
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 -
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