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Two Wheeler Loan EMI Calculator

Two Wheeler or Bike loans are as convenient as bikes. They’re more affordable than other loans and ensure your savings remain affect. But before you apply for a bike loan, it is best to calculate your EMI and interest. It helps you plan better and prepare for all eventualities.Read More

Calculating the EMI for your bike loan is simple. As soon as you enter the down payment amount, loan term, and interest rate, you will be given the bike EMI amount. The bike EMI calculator calculates the instalment based on the balance being reduced. Processing fees or other charges may be imposed, which are not included in the bike EMI computed.

Calculate your bike loan EMI
The bike loan EMI calculator can be found below. Just input the values and you will find the bike EMI amount.Read Less

CALCULATOR

Two Wheeler Loan EMI Calculator

Amount

1L 50L

Period

1 Year 30 Year

Interest Rate

8 % 15 %

You will pay an EMI of only monthly

  • Gourav Kumar Testimonial
    Gourav Kumar

    "I have taken a two-wheeler loan through IDFC FIRST Bank. The rate of interest and the processing fee was low, and the process was very easy and smooth. I also want to thank the branch executives for getting the same done for me. My loan application and disbursement process was simple and good."

  • Vundavalli Testimonial
    Vellanki Mallikarjuna R

    "I am very happy to share that I got a two-wheeler loan from IDFC FIRST BANK within 20 minutes! This is much faster than many other banks."

What is a two-wheeler loan EMI calculator?

A bike loan EMI calculator is an application that helps you calculate the factors that come into play for your bike EMI. When you put in details such as your down payment amount, the duration of the loan and the bike loan interest rate, the EMI calculation formula for the two-wheeler loan will calculate the EMI amount you will have to pay every month.

How to calculate your EMI using a two-wheeler loan calculator?

The below three variables are necessary to utilise a two-wheeler loan EMI calculator:

Loan Principal

This is the amount you borrow and must repay over time, together with any applicable interest.

Interest Rate

The rate at which interest is charged on the principal loan amount.

Loan Tenure

It refers to the time frame in which the loan amount, and interest, must be returned in equal monthly instalments (EMIs).

You may use a bike EMI calculator by following these easy steps:

Step 1: Using the first slider, set the principal amount. The value can also be entered directly or adjusted using the ‘+' and ‘-' symbols.

Step 2: Utilising the second slider, adjust the two-wheeler loan interest rate to the correct value. The same can be tweaked with the ‘+' and ‘-' signs, or individually typed in the box.

Step 3: The last and third slider will assist you in determining the desired loan term. Use the '+' and '-' symbols to increase or reduce the value, or manually enter it in the box.

After that, the calculator will display the precise EMI value.

What is the formula for calculating EMI for a two-wheeler loan?

If you know the EMI amount you need to pay, but want to know your bike loan interest rate as well, you can use the same formula you used to calculate your bike EMI. If you want to know what the formula is, it is given below:

Stated below are the two methods for calculating bike loan EMI:

Manual calculation using a formula – The EMI value is calculated using the formula P x R x [(1 + R) N / ((1 + R) N – 1]. P denotes the loan's principal amount, R denotes the relevant rate of interest, and N denotes the loan's duration in months.

Automatic calculation with a bike EMI calculator – This is a faster, easier, and more accurate technique in which you just need to enter three primary inputs – the principal amount, the rate of interest, and the loan term – and the calculator will provide instant answers.

Benefits of a two-wheeler EMI calculator

There are many advantages of using a two-wheeler loan EMI calculator, including:

Checking for feasibility: You can use the calculator to see if the bike EMI is within your financial capacity. If not, you can alter the loan tenure value to find an EMI that works for you.

Planning: The calculator, by letting you know your EMI value ahead of time, assists you in planning your monthly spending. It ensures you do not fall behind on your bike loan EMI instalments and have enough funds to make your other monthly financial obligations.

Safety: The calculator is safe to use because your identity stays confidential.

Getting rid of the headaches of handwritten calculations: Manual computations take time and are sometimes error prone. A bike loan EMI calculator, meanwhile, will always provide precise figures, and it does so instantly.

Easily navigable: An EMI calculator for a two-wheeler loan is simple to use, needing only three basic inputs: the principal amount, the interest rate, and the length of the loan.

FREQUENTLY ASKED QUESTIONS

How to lower your two-wheeler loan interest rate?

  • • Change your interest rate program.
  • • Your loan might be transferred to a new provider.
  • • Switch from a set rate to a variable rate.
  • • Make a preliminary payment and try to get the EMI reduced.
  • • Consider extending your term of payment.
  • • Make use of the RBI's debt restructuring services.

What are the benefits of knowing your EMI in advance?

  • • It assists you in determining how much to borrow.
  • • It aids in payback planning.
  • • It aids in the planning of prepayments.

In how many steps can you get your two-wheeler loan EMI value?

You can calculate your EMI in four easy steps:

Step 1: Go to the IDFC FIRST Bank website.

Step 2: Select the EMI calculator from the menu options (on the third last line of the middle row).

Step 3: Fill in the principal amount, loan term, and interest rate.

Step 4: When you click submit, you will see your EMI amount and the amount of interest that needs to be paid.

How to calculate EMI on bike loans?

Stated below are the two methods for calculating bike loan EMI:

Manual calculation using a formula: The EMI value is calculated using the formula P x R x [(1 + R) N / ((1 + R) N – 1]. P denotes the loan's principal amount, R denotes the relevant rate of interest, and N denotes the loan's duration in months.

Automatic calculation with a bike EMI calculator: This is a faster, easier, and a more accurate technique in which you just need to enter three primary inputs – the principal amount, the rate of interest, and the loan term – and the calculator will provide instant answers.

What are the factors that impact two-wheeler loan EMI?

  • • Your credit rating
  • • Amount of the loan
  • • Tenure of a loan
  • • Location of the dealership.
  • • Unsecured Loan vs. Secured Loan

More FAQs