Are you planning to buy a bike but postponing it because you aren’t sure about the monthly installment costs?Do you wish that you had a bike loan interest rate calculator to help you out? If yes, then bid goodbye to such worries....
By using our bike loan EMI calculator, you can quickly check your monthly EMI cost and chart your way towards managing your finances accordingly.
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| Month | Opening Balance | Interest | Principal | Closing Balance |
|---|---|---|---|---|
| Dec '21 | ₹ 2,00,000 | ₹ 2,833 | ₹ 32,171 | ₹ 1,67,828 |
| Jan '22 | ₹ 1,67,828 | ₹ 2,378 | ₹ 32,627 | ₹ 1,35,200 |
| Feb '22 | ₹ 1,35,200 | ₹ 1,915 | ₹ 33,089 | ₹ 1,02,111 |
| Mar '22 | ₹ 1,02,111 | ₹ 1,447 | ₹ 33,558 | ₹ 68,552 |
| Apr '22 | ₹ 68,552 | ₹ 971 | ₹ 34,033 | ₹ 34,518 |
| May '22 | ₹ 34,518 | ₹ 489 | ₹ 34,515 | ₹0.00 |
We, from moneyview, bring to you an effective and user-friendly bike loan EMI calculator. With our two-wheeler loan EMI calculator, you can check the breakdown as well as the EMI installment that you have to pay. The displayed breakdown, also known as the amortization schedule, is based on the interest rate slabs, repayment term, and the borrowed amount.
You can use the moneyview bike loan EMI calculator to easily check your EMI. All you need to do is enter the amount that you wish to borrow, followed by the interest rate, and the repayment duration or tenure. Once you include these details in the two-wheeler loan calculator, you can check your EMI rate and also the breakdown of your installments.
Like a personal loan or a home loan, even bike loans need to be repaid via monthly EMIs till the repayment tenure is complete. For most loans, you may either choose a fixed EMI or a floating EMI.
In case of a bike loan, the EMI rates are fixed as per the borrowed amount and the interest rate. Thus, you don’t have to worry about the fluctuation of the economy. Do consider that your credit score plays a major role in deciding the interest rate and repayment tenure.
You can check out our bike loan EMI calculator to find out all the details about your loan. Follow the steps given below to find out what your monthly EMI rate is
Enter the loan amount or adjust it by using the slider.
Add the charged interest rate. You can either enter it or again adjust it via the slider.
Enter the repayment tenure. You can enter the tenure in months or years.
After completing the above steps, our bike EMI calculator will display your EMI amount. It will even display your EMI repayment schedule.
Now that you have decided to finally buy a bike, check your EMI rates, plan your finances as per your convenience, and get the bike of your dreams without any challenges.
If you want to know the formula for calculating an EMI, then you can check it below:
P x R x (1+R)N / [(1+R)^N-1]
P: Principal Amount
R: Rate of Interest
N: Number of Months or Repayment Tenure
For example, let’s say Mr. Vijay has borrowed a sum of Rs. 5,00,000 (P) with 10.5% rate of interest imposed (R), and the offered a repayment tenure (n) of 60 months is the tenure, then he can check his EMI by using the following formula:
5,00,000 x 0.00875 x (1+0.00875)^60 / [(1+0.00875)^60-1] = Rs. 10,747
Please note that the interest rate is calculated monthly by using the formula given below:
Annual Rate of Interest/12/100
So, to calculate it for this case, it will be (10.5/12/100 = 0.00875)
This formula is not specific to a bike loan calculator and can be used to calculate EMIs for all types of loans.
The loan principal or the borrowed amount is one of the crucial determinants taken into consideration while setting the EMI. This calculation is based on two methods that are mentioned below:
Flat Balance Method: In this method, the interest rate is charged on the total loan amount and the entire repayment tenure.
Reducing Balance Interest Rate Method: In this case, the interest rate charged is based on the outstanding principal amount. The interest is not charged on the borrowed amount and keeps decreasing with each payment throughout the loan repayment tenure.
Most banks usually use the Reducing Balance Interest Rate Method to calculate EMIs. Even the moneyview bike loan calculator uses this method.
There are various factors that affect bike loan EMI. Check them below:
A two-wheeler can make your life a lot easier and a bike loan can arrange for the funds that you might need to purchase the vehicle. But knowing how much interest rate or EMI you will have to pay helps you to manage your finances much better.
You can do that easily by checking out moneyview’s bike EMI calculator. Just enter your loan amount, rate of interest, and tenure to know your EMI in an instant.
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