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A two-wheeler loan EMI calculator helps you know in advance the EMI that you will pay towards the principal and interest payments on the loan over the fixed tenure. Using a bike loan EMI calculator, you choose an EMI value that you’re comfortable with by adjusting the tenure value. The EMI calculator for a two-wheeler loan makes it easy and convenient to plan your monthly EMIs and pay off your bike loan without defaults.
To obtain an accurate estimate, you need to enter the principal amount, interest rate, and repayment tenure in the two-wheeler loan calculator. You may also need to provide personal details, income details, etc. to arrive at a comfortable repayment plan depending upon your repayment capacity.
In general, EMI stands for Equal Monthly Instalments. The value shows the amount that needs to be paid every month towards the repayment of any loan taken for a fixed loan tenure. You can choose to close your two-wheeler loan 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 bike loan EMI remains unchanged every month; however, the principal and interest change over the months – 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.
To use a two wheeler loan EMI calculator, the following three inputs are required –
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).
Using the following simple steps, you can use a bike EMI calculator –
Step 1 – Set the principal amount using the first slider. The value can also be set using the ‘+’ and ‘-‘symbols or even be manually entered.
Step 2 – 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.
Step 3 – The third and final slider will help you set the desired loan tenure. Increase or decrease the value using ‘+’ and ‘-‘symbols or manually enter the same in the box.
Once done, the calculator will automatically show the accurate EMI value within seconds.
There are manifold benefits of using a two wheeler loan EMI calculator, as given below –
Checking affordability – Using the calculator, you can know whether or not the EMI is within your repayment capacity. If not, you can adjust the loan tenure value to arrive at a suitable EMI.
Planning finances – The calculator, by letting you know your EMI value in advance, helps you plan your monthly budget in a manner that you do not default on bike loan EMI payments and also have adequate to meet other monthly financial commitments.
Eliminating hassles related to manual calculation – Manual calculations are time-consuming and usually prone to errors. A bike loan EMI calculator, on the other hand, will give accurate results every single time, and that too automatically within seconds.
User-friendly – An EMI calculator for two-wheeler loans is easy-to-use, requiring only three basic inputs – Principal amount, Interest Rate, and Loan Tenure.
Safe – Since your identity remains anonymous, the calculator is safe-to-use.
Before using a bike loan EMI calculator to estimate your EMIs, here are a few things you need to consider –
You will only be able to 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. Having said that, there wouldn’t be a considerable difference between the two.
Some bike loan EMI calculators might ask for other details such as the processing fee. However, it might be optional and wouldn’t lead to much difference.
A bike loan EMI calculator is a useful financial tool while planning your repayment tenure. This is because it allows you to 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 to arrive at an EMI amount you can 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 the estimated EMI amount to understand how much principal you should borrow and plan your budget more effectively.
A bike loan amortisation schedule is essentially a table representing the complete breakdown of the principal and interest component of your monthly EMIs. Your two-wheeler loan EMI payments consist of a certain ratio of principal repayment and the interest amount. With time, this ratio keeps on changing.
For instance, initially, the interest component in EMI is larger than the principal amount. However, towards the end of the tenure, the EMI now will mainly consist of the principal portion with minimal interest payment.
Hence, the bike loan amortisation table can be a useful tool, especially when you decide to foreclose or prepay the bike loan.
The following key factors affect your two-wheeler loan EMI –
Principal Amount: It is the amount you borrow from the lender and it directly affects your loan EMI. Essentially, the higher is the principal amount, the higher will be your EMI payments. For a more accurate estimation, you can use a two-wheeler loan EMI calculator online and decide on an affordable loan amount according to your needs.
Rate of Interest: Higher rate of interest on your two-wheeler loan implies larger EMI payments and vice versa. Financial institutions generally use factors such as your credit score, repayment capacity, income, etc., to decide the interest rate.
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 struggling to pick a suitable loan tenure, don't bother doing manual calculations. Just rely on a two-wheeler loan calculator instead.
Knowing your monthly bike EMI has several advantages. When you know your bike loan EMI beforehand, you get to –
Know your affordability – You can get an idea of whether or not 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 manner that you do not default on any EMI payments and also cover up for other monthly financial obligations.
Adjust your loan tenure – If the bike loan EMI value is beyond your repayment capacity, you can adjust the loan tenure until you arrive at an EMI value that you’re comfortable with.
You can get your two wheeler loan EMI value in three short and simple steps using two wheeler loan EMI calculator for two wheeler loan –
Step 1 – Set the Principal loan amount.
Step 2 – Set the value of the applicable Rate of Interest.
Step 3 – Set the desired loan tenure.
Once done, the bike loan EMI calculator will automatically show the EMI value within seconds.
There are mainly two ways to calculate bike loan EMI, as discussed below –
Manual calculation using formula – Under 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.
Automatic calculation using bike EMI calculator – This 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.
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.
Yes, two wheeler loan tenure will affect the EMI value – the EMI is inversely proportional to the tenure. Meaning, 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.
The factors impacting two wheeler loan EMI are as follows –
Principal Amount – This is the sum of money borrowed 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.