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Disclaimer: The aforementioned values, calculations and results are for illustrative and informational purposes only and may vary basis various parameters laid down by Tata Capital.

What is a Two-Wheeler Loan EMI Calculator?

Are you planning to avail of a two-wheeler loan but don't know if the EMIs will fit in your monthly budget? If yes, then a 2 wheeler loan EMI calculator is just what you need. It helps you determine your potential monthly EMIs in advance. You can know exactly how much money you need to put aside each month to repay the principal and interest payments of the loan over the fixed tenure. 

Using a bike loan EMI calculator, you can adjust these values to arrive at an amount you're comfortable with. It makes it very easy and convenient to plan your monthly EMIs and repay your bike loan without any defaults.

Don't know how to use a bike loan interest calculator? We've got you. All you need to do is enter the principal amount, interest rate, and repayment tenure in the two-wheeler loan calculator to get instant results. Some calculators may ask you for personal details, income details, etc. to arrive at a comfortable repayment plan depending upon your repayment capacity.

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What does Two-Wheeler Loan EMI Stand For?

In general, EMI stands for Equal Monthly Instalments. This is the amount that you need to pay every month to repay your loan for a fixed loan tenure. You can choose a loan tenure anywhere between 6 and 60 months with Tata Capital. Your two-wheeler loan EMI will include the principal amount + the interest applicable on the loan. 

The amount of loan EMI remains the same every month; however, the principal and interest change over time– the interest is higher during the initial months whereas the principal becomes higher during the latter months. The exact percentage of principal and interest will depend upon the two-wheeler loan interest rate and the tenure for which the loan is taken. 

How to Calculate Your EMI Using Our Two-Wheeler Loan Calculator?

An EMI calculator for scooter is the most convenient tool to calculate your potential EMIs in advance. To use a two-wheeler loan EMI calculator, you need the following three inputs –

Loan Principal

This is the amount that you borrow and must repay along with the applicable interest over a fixed loan tenure.

Rate of Interest

refers to the rate at which interest will be levied on the principal loan amount for a specified period.

Loan Tenure

It is the period or duration within which the loan amount along with the interest is to be repaid in Equal Monthly Instalments (EMIs).

How to use Two-Wheeler Loan Calculator?

You can use a two-wheeler EMI calculator to calculate your EMIs using these simple steps

1

Set the principal amount

Set the principal amount using the first slider. You can also set the value using the ‘+’ and ‘-‘symbols or enter it manually.

2

Set interest rate

Using the second slider, set the correct two-wheeler loan interest rate. The same can be adjusted using ‘+’ and ‘-‘signs or even be entered manually in the box.

3

Enter desired amount

The third and final slider will help you set the desired loan tenure. Again, you can increase or decrease the value using ‘+’ and ‘-‘symbols or manually enter the same.

That's it. The bike EMI calculator will automatically show the accurate EMI value within seconds. 

What are the Benefits of Using a Two Wheeler Loan EMI Calculator?

A two wheeler loan EMI calculator has several benefits. These include

  • Checking affordability

    With the bike EMI calculator, you can determine if the EMI fits your repayment capacity. If not, you can adjust the different components in the calculator to arrive at a more comfortable EMI calculate for bike.

  • Planning finances

    By helping you determine your EMI value in advance, you can plan your monthly budget to avoid any defaults on bike loan EMI payments and have enough money to meet other monthly expenses.

  • Eliminating hassles related to manual calculation

    Manual calculations are time-consuming and prone to errors. But with a bike loan EMI calculator, you will get accurate results every single time, and that too within seconds.

  • User-friendly

    An EMI calculator is easy-to-use and requires only three basic inputs – Principal Amount, Interest Rate, and Loan Tenure.

  • Safe

    Since your identity remains anonymous, the bike EMI calculator is safe-to-use.

Things to Know Before Using a Bike EMI Calculator

Before using a bike loan EMI calculator, here are a few things you must consider –

  • You can only adjust the bike loan interest rate up to a certain point depending upon the website.
  • The EMI amount calculated by the bike EMI calculator is only an estimate of the instalments payable. The actual EMI might differ based on various other factors of your bike loan application. But there wouldn’t be a significant difference between the two.
  • Some calculators might ask for other details such as the processing fee for the bike EMI calculate. However, it might be optional and wouldn’t cause much difference.  

 

How does Bike Loan EMI Calculator Help in Planning and Purchase?

A bike loan EMI calculator is a useful online financial tool while planning your repayment tenure. This is because it helps you choose a suitable loan tenure. 

A bike EMI calculator will calculate how the EMI payment varies with longer repayment tenure and a shorter one. You can try different combinations of loan amount and tenure in the to arrive at an EMI amount you are comfortable paying monthly.

Using a loan calculator for bike before applying for a loan will also help you make a well-informed decision. You can use it to estimate your EMI amount. This will help you understand how much principal you should borrow and plan your budget more effectively.

What is the Bike Loan Amortisation Schedule?

A bike loan amortisation schedule is a table showing the complete breakdown of the principal and interest component of your monthly EMIs. Your two-wheeler loan EMI payments include a certain ratio of principal repayment and the interest amount. With time, this ratio keeps changing.

For example, initially, the interest component in EMI is larger than the principal amount. However, towards the end of the tenure, the principal amount becomes larger than the interest.

Hence, the bike loan amortisation table is a useful tool, especially when you decide to foreclose or prepay the bike loan.

What Factors Affect your Two Wheeler Loan EMI?

The following factors play a major role when it comes to your two-wheeler loan EMI –

Principal Amount

This is the amount you borrow from the lender and it has a direct effect on your loan EMI. The higher the principal amount, the higher will be your EMI payments. For a more accurate estimation, you can use a two-wheeler loan interest rate calculator online and decide on an affordable loan amount according to your requirements.

Rate of Interest

Higher rate of interest on your two-wheeler loan implies larger EMI payments and vice versa. Financial institutions generally use multiple factors like your credit score, repayment capacity, income, etc., to decide the interest rate. You can use a bike EMI calculator to arrive at an interest rate that you're comfortable with.

Loan Tenure

Your EMI amount is inversely proportional to the loan tenure. A longer loan tenure implies lower monthly payments and vice versa. Besides, if you're finding it difficult to pick a suitable loan tenure, don't bother doing manual calculations. Just rely on a two-wheeler loan calculator instead. It will give you results instantly.

Popular FAQs

What are the benefits of knowing your EMI in advance with the help of a bike EMI calculator?

Knowing your monthly bike EMI in advance has several advantages. When you use a bike EMI calculator to know your bike loan EMI beforehand, you get to –

  • Know your affordability – With the help of an EMI calculator, you can determine if the EMI you need to pay is within your repayment capacity.
  • Manage your finances – If yes, then you can plan out your monthly budget in a way that you do not default on any EMI payments and also manage other monthly financial obligations comfortably.
  • Adjust your loan tenure – If the result of the EMI calculator is beyond your repayment capacity, you can adjust the loan tenure and other components until you arrive at an EMI value that you’re comfortable with.
In how many steps can you get your two wheeler loan EMI value using a loan calculator for bike?

You can get your two wheeler loan EMI value in three simple steps using a two wheeler loan interest rate calculator-

 

Step 1 – Set the Principal loan amount.

Step 2 – Set the value of the applicable Rate of Interest.

Step 3 – Finally, set the desired loan tenure.

 

Once done, the bike loan EMI calculator will automatically calculate the EMI value within seconds. 

How to calculate EMI on bike loan?

There are mainly two ways to calculate bike loan EMI- manually and with the help of a bike loan EMI calculator.

  • Manual calculation using formula – In this method, the formula – P x R x [(1 + R)N/((1 + R)N – 1] is used to calculate the EMI value. Here, P stands for the Principal amount of the loan, R stands for the applicable Rate of Interest, and N stands for the Loan Tenure in months. But this method can be time-consuming and prone to errors. Therefore, a 2 wheeler EMI calculator is the best option.
  • Automatic calculation using bike EMI calculator – A bike loan EMI calculator is a faster, easier, and more accurate method wherein you need to enter only three basic inputs – Principal amount, Rate of Interest, and Loan Tenure – and the calculator will give instant results automatically. 
How to reduce your two wheeler loan EMI?

You can reduce your two wheeler loan EMI value in the following ways –

  • Choose a longer repayment tenure – Since the repayment amount will be spread over a longer period, the amount you will need to pay each month as EMI will naturally go down.
  • Opt for a lender offering lower interest rates – Since bike loan EMI is equal to the principal amount + the applicable interest, lower two wheeler loan interest rates will automatically reduce the EMI value.
  • Go for a higher down payment amount – If you can afford, pay a high down payment amount to reduce the loan principal. As a result, the EMI value will also decrease.

 

You can use a loan calculator for bike to adjust these parameters and arrive at a suitable value. All you need to do is add your desired values and keep adjusting them until you arrive at a suitable value.

Does loan tenure affect two wheeler loan EMI?

Yes, two wheeler loan tenure will affect the EMI value – the EMI is inversely proportional to the tenure. This means the longer the loan tenure, the lower will be the two wheeler loan EMI value, and the EMI value will consistently rise as the loan tenure shortens. To arrive at the best loan tenure as per your requirements, use an online bike EMI calculator. All you need to do is enter the loan amount, interest rate, and your desired loan tenure. The two wheeler loan interest calculator will give you the desired results in seconds.

What are the factors that impact two wheeler loan EMI?

The factors impacting two wheeler loan EMI are as follows –

  • Principal Amount – This is the sum of money you borrow as a two wheeler loan and which needs to be repaid along with the applicable interest within a fixed tenure.
  • Rate of Interest – Two wheeler loan interest rate is the rate at which interest will be applicable on your loan principal.
  • Loan Tenure – This is the period for which the loan is borrowed. Meaning, the principal + the interest needs to be paid off fully within the fixed loan tenure.

To calculate your potential EMIs instantly, use Tata Capital's online EMI calculator for bike loan. All you need to do is enter these 3 parameters in the bike interest calculator. That's it. The calculator will generate accurate results instantly.

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