Enter details to get EMI amount, total payable amount and interest amount.
10,000
5,00,000
1
34
1
72
Owning a bike could be fun, thrilling, convenient, basically anything you want. Using a two-wheeler loan to buy your dream bike will not only save you from dipping into savings but also give you the flexibility to repay as per your convenience. You can get a personal loan for your bike or scooter online within minutes and without pledging any collateral. Click here to get a bike on loan instantly.
Here is the formula used to calculate EMI amount, total payable amount and interest amount:
E = P x R x (1+R)^N / [(1+R)^N-1], where
E is your bike loan EMI amount
P is the amount you are borrowing from the bike loan provider
R is the monthly interest rate
N is the no. of months of EMI payment
For example – Let’s say you want to avail a bike loan of Rs. 1,00,000 for a period of 12 months at a monthly interest rate of 1%.
Then, P (loan amount) = Rs. 1,00,000
R (interest rate) = 1%
N (loan tenure) = 12 months
Thus, EMI = 100000 x 0.01 x (1+0.01)^12 / [(1+0.01)^12-1] = 8,792.46
So, your two wheeler loan EMI amount would be approx. Rs. 8,792 for 12 months.
With a two-wheeler loan EMI calculator, you can
adjust the tenure to figure out the EMI amount that works for you.
You can use the EMI calculator to compare loan offers from different bike loan providers and choose the one that suits your needs.
Knowing EMI amount, total money payable and interest amount will help you see how the loan will affect your budget and make a smart choice.
Vehicle loan EMI is calculated using the formula P x R x [(1 + R) N / ((1 + R) N – 1].
P – loan’s principal amount
R – rate of interest
N – loan’s duration in months.
The repayment period for a bike loan could be anywhere between a few months to a few years.
With Zype, you can choose a convenient EMI option of 6, 9, or 12 months.
The eligibility criteria varies from lender to lender. The minimum age to avail this is 18 years. You should also have a sufficient credit score as per the requirements of the loan provider.
This is what you need to get a two-wheeler loan from Zype:
Be a salaried professional
Have a minimum monthly salary of ₹15,000
Have a valid PAN Card & Aadhaar card
Take your first step towards financial freedom
Copyright © 2024 Easy Platform Services Pvt Ltd. All rights reserved.
