Loan Amount

|
1L
|
2L
|
3L
|
4L
|
5L
|
6L

Interest Rate

%
|
10
|
12
|
14
|
16
|
18
|
20
%

Loan Years

Yr
|
1
|
2
|
3
|
4
|
5
Years

Loan EMI

Total Interest

Total Amount Payable

Amortization Chart

Amortization Schedule

Year
Principal (A)
Interest Paid (B)
Total Payment (A + B)
Balance

Bike Value

Down Payment

Loan Amount

Interest Rate

%
|
10
|
12
|
14
|
16
|
18
|
20
%

Loan Tenure

Yr
|
1
|
2
|
3
|
4
|
5
Years

Loan EMI

Total Interest

Total Amount Payable

Amortization Chart

Amortization Schedule

Year
Principal (A)
Interest Paid (B)
Total Payment (A + B)
Balance

Top 10 Banks with best interest rates :

Sr no.Bank NameROIAmount Range Processing Fee
1Bajaj Auto Finance30%1lk- 21L12.95%
2ICICI Bank10%1lk -30lL4.% of Loan amount +
applicable GST.
3HDFC Bank20.90%%1lk - 10L2.50%
4SBI13.35%1lk- 30lL2%
5Tata Capital12.50%1lk - 5L5%
6IDFC First Bank9.00%1lk - 20LUp to 5% of the total
amount
7TVS credit16.35%1lk - 20Lmax upto 10%
8Hero Fincorp14.00%10k - 3.5L3.50%
9AU Bank15%1lk - 5Lupto 10%
10IDFC First Bank9%70k-10LUpto 5%

(*Rate of Interest depends on your Credit Score*)

Bike Loan EMI Calculator:

A Bike Loan EMI Calculator is an indispensable tool for anyone planning to finance their vehicle purchase through a loan. It simplifies the decision-making process by providing accurate and instant EMI calculations, enabling borrowers to choose a loan that fits their budget and repayment capacity. By using this tool, borrowers can make informed decisions and enjoy a stress-free bike buying experience.

Advantages of a Bike Loan EMI Calculator:

Using a Bike Loan EMI Calculator offers several key advantages for businesses:

  • Accurate EMI Prediction: It provides a precise calculation of your monthly repayment, allowing the individual to understand the financial commitment involved.
  • Easy to Use: With a user-friendly interface, the calculator requires only basic information, such as the loan amount, interest rate, and tenure, making it accessible to everyone.
  • Financial Planning: By knowing the exact EMI, borrower can better manage their cash flow, budget effectively, and avoid overburdening their financial resources.
  • Flexible Adjustment: You can modify key parameters like loan amount, tenure, and interest rate to compare different repayment scenarios, helping you choose the most affordable loan terms.
  • Saves Time: It eliminates the need for manual calculations and provides an instant result, making the loan planning process faster and more efficient.

Benefits of a Bike Loan:

The main advantages of a bike loan include:

  • Lower Interest Rates: Compared to personal loans, bike loans generally come with lower interest rates.
  • Minimal Documentation: The documentation process is usually simpler and quicker.
  • Flexible Repayment Plans: Bike loans offer flexible options for repayment.
  • Easy Application Process: The process to apply for a bike loan is hassle-free and straightforward.

Documents Required for a Bike Loan:

The typical documents required for a car or bike loan application include:

  • Bank statements of the last 6 months.
  • Two passport-sized photographs.
  • Proof of identity (e.g., passport, PAN card, voter ID, driving license).
  • Proof of address.
  • Income proof (latest salary slip, Form 16).
  • Income Tax Returns (ITR) or Form 16 for the last 2 years.

FAQs

What is a Bike Loan?

A car loan is a type of credit offered by banks or financial institutions specifically for the purpose of purchasing a bike. The lender pays the dealer upfront for the vehicle, and the borrower repays the lender over time, including the loan amount along with interest and applicable fees

There is no fixed upper limit for a bike loan. The maximum loan amount is often up to 100% of the bike’s on-road price. The loan amount depends on factors such as the vehicle’s road price and the borrower’s financial profile.

Eligibility requirements can vary by lender but typically include factors like age, income stability, employment status, and credit history.

Yes, your loan application may be rejected if you do not meet the eligibility criteria or if there are errors in your documentation. Also, having a Credit score of 750 or higher is often a requirement.

Yes, many banks and financial institutions offer loans for second-hand vehicles, but the vehicle should have proper documentation.

Using a Home loan EMI calculator before applying is essential because it helps you understand the monthly financial commitment involved. It allows you to assess multiple factors whether the loan is affordable based on your salary, expenses and lets you explore various loan scenarios (loan amount, tenure, interest rates) to find the best fit. By using our calculator, you can make well-informed decisions, avoid surprises, and effectively plan your finances.