The online tool is designed to calculate the EMI (Every month Installment), which is payable towards repaying the loan amount. The calculations are done by filling the details for knowing the particular information you are searching for. The EMI amount will be visible to you once you give all the details asking in the two-wheeler loan interest rate calculator.
Bike Loan EMI Interest Rate Calculator
Along the EMI amount you can also get the other details as you can plan your EMI depending on your monthly budget and pay the EMI every month.
Here some steps are provided to follow which tells us how to use the EMI Calculator.
Calculation of EMI can be done in two ways as
- Using bike EMI Calculator Automatic Calculation
- Manual calculation by using the formula
Using bike EMI Calculator Automatic Calculation-
This is considered to be the easiest, accurate, and speedy way to know the EMI amount details. You have to provide the basic details asking for calculating. The details you have to provide are Rate of Interest, loan tenure, and Principal amount. Once you provide these details your calculator will automatically provide you the EMI amount which you have to pay every month.
Manual calculation by using the formula
Under this manual calculation, you have to use a formula which is P*R*((1+R)N/(1+R) N-1). This is a formula you have to use to know the EMI of the bike loan. Here P is for the Principal amount of the loan, R is for the applicable interest rate, and N stands for Tenure of the loan in months.
List of the top banks providing Two-wheeler loans, with the EMI for the amount of Rs.25,000/-.
|Bank Name||EMI in rupees||Lowest interest rate per anum||Tenure|
|Central Bank of India||515/-||8.70%||5 years|
|Punjab and Sind Bank||536/-||10.40%||5 years|
|Syndicate Bank||538/-||10.55%||5 years|
|Saurashtra Gramin Bank||595/-||15%||5 years|
|Corporation Bank||559/-||12.25%||5 years|
|City Union Bank||558/-||14.50%||5 years|
|Nainital Bank||1,143/-||9.05%||2 years|
|Lakshmi Vilas Bank||559/-||12.25%||5 years|
|Bank of India||518/-||8.90%||5 years|
|Oriental Bank of Commerce||809/-||10.20%||3 years|
|Allahabad Bank||552/-||11.70%||5 years|
|UCO Bank||554/-||11.85%||5 years|
|Andhra Bank||535/-||10.35%||5 years|
|PNB Punjab National Bank||829/-||11.90%||3 years|
|HDFC bank||514/-||8.61%||5 years|
|PNB Punjab||551/-||11.60%||5 years|
Factors for utilizing EMI calculator for Two-Wheeler Loan–
- The applicants who are going to take a loan can decide their loan amount along with the tenure period. This can be done by knowing the EMI amount using these EMI calculators.
- Even fundamental elements of the two-wheelers can be learned by the individuals. By calculations, you can also know how much you are going to spend to buy your bikes.
- With the help of this calculator, you can also know the key differences between the interest rates provided by the different lenders. You can also choose the lender depending on your loan expenses.
Two-Wheeler Loan Interest Rate Calculator Advantages-
There are many advantages to using this EMI calculator. Some of them are as follows.
- It helps in knowing the EMI value.
- Aids in term choosing.
- Comparisons can be made.
- Break up of costs can be provided.
It helps in knowing the EMI value
The first and foremost advantage of using this EMI calculator tool is, you can know the amount you are going to as EMI every month for the loan repayment. This will give you accurate results and there is no need for any manual calculations.
Aids in term choosing
As you will be able to know the EMI amount with the help of this calculator, now you can able to choose the tenure of the loan easily. Once calculating the EMI if you feel that, it will be a burden for you to pay that much amount every month. Then you can able to increase the tenure of the loan to reduce the EMI amount.
Comparisons can be made
If you get the option of getting the two-wheeler loan form two different institutes, then you can compare the costs. Once comparing you can choose the institute to take a loan which is suitable for you.
The components involved in negotiation are processing fees, Interest rates, and others.
Break up of costs can be provided
With the help of these EMI calculators, you can not only get the details of the EMI value of the loan amount but also you can know some important information such as break up charges which are involved in the loan which are the processing fee and interest.