You can trust us to offer you a competitive interest rate as per your eligibility and requirement. Keep in mind that even the slightest increase of 0.25% can have a substantial effect on your repayment amount.If you feel the EMI is working out to be higher on a short-term loan, you can opt for a lower interest rate which will proportionately bring down the value of EMI. If you miss your EMI payments more than once, your CIBIL will decrease significantly, jeopardizing your chances of securing loans in the future. Besides the late payment penalty, your credit score will also be impacted. It could range between 3% to 5% of the unpaid instalment. The late payment penalty depends on the unpaid EMI amount. If you miss your bike loan EMI payment, you may have to incur a late payment penalty fee. What will be the charges if you miss a bike EMI? A lower loan amount results in a lower interest rate, which in turn reduces your two-wheeler loan EMI. Opt for a higher down payment -If you have the budget, pay a higher down payment amount to reduce the principal loan amount. You can reduce your two-wheeler loan EMI in the following ways:Ĭhoose a longer repayment tenure -Since your loan repayment is spread over a longer period, your EMIs will automatically go down.Ĭhoose a lower interest rate - When you opt for a lender that offers a lower interest rate, you will reduce your monthly repayments. You can use the EMI calculator on all computers, laptops, smartphones (both iOS and Android) and tablets. You can use it anytime of the day and from anywhere. There is no login required to use the calculator.
The EMI you see is accurate and gives you a good idea of the amount you will have to pay for the loan period. The calculator shows you the EMI as soon as you change a value. All you have to do is choose the correct values and your EMI for the chosen loan amount and tenor would be shown. On the top of the table the EMI for the loan amount will show, as each variable is changed.
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How to Calculate EMI on Bike Loan?Īs mentioned above, it is very easy to use our bike loan EMI calculator. When you click on calculate EMI, the amount you have to pay every month is shown. Tenor - The number of months or years in which the loan is to be repaid fully.A rate of interest - The interest charged by the lender on the principal amount.Loan amount - The amount taken by the borrower to buy a bike or scooter.
The two wheeler EMI loan calculator calculates the repayment amount after you input the following details: You can use the tool to judge your repayment capacity. You have to input the principal amount, interest rate and tenor to calculate the EMI. A bike loan EMI calculator is an online tool that calculates the monthly installment you will be required to pay off the loan.
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