In India, bike loan is a financial product that is creating a buzzing demand day by day. Since most people opting for bike loan presently, it is paramount that you understand the financial product and its finance procedure before choosing a specific lender. It is to make sure that you flow with the most appropriate terms.
However, with the arrival of online banking, people can easily make decisions concerning finance. Moreover, as a borrower, people can understand banking as a process, which has become extremely simple and transparent. Leading banking organisations plus third party financial websites provide a dynamic medium on their website for the heightened comfort of buyers. That is called EMI calculator for bike loan.
The EMI calculator available online, and the lender’s website offers the most comprehensive assistance to the buyers regarding monetary aspects involved in bike loan.
So, before we head into the process of calculating EMIs for your bike loan, let us first understand the concept of the EMI calculator.
What is EMI Loan Calculator?
An EMI loan calculator for bike finance is an online medium designed and placed to calculate the actual EMI amount payable for your principal loan product. You solely require to fill out the monetary details on the EMI calculator for bike loan tool in order to get the expected information as an accurate result. Once you enter the valid data and details correctly, you will get the auto-computed results regarding the EMI amount.
In addition to the EMI result, you will notice a host of further information assists your crusade in courses to determine the most appropriate intervals. When you know the payable value of your EMI that you require to pay off to the bank every month, you can accordingly plan your monthly budget as well.
Bike loan EMIs from India’s top leading banks:
For your added convenience, we have framed a table below. Here you can find the lowest bike loan interest rates and EMIs provided by India’s top banks. However, we assume that a 2% of processing fee can be imposed upon these loans. This processing fee may vary from banks to banks.
Furthermore, we can also expect that the maximum tenure period of the bike loans can range between 2 to 5 years, may deviate from bank to bank again.
|BANK||Lowest rate of interest (per annum)||Lowest EMI value||Maximum tenure|
|HDFC Bank||8.61%||514||5 years|
|Bank of India||8.90%||518||5 years|
|Central Bank of India||8.70%||515||5 years|
|Nainital Bank||9.05%||1,143||2 years|
|Oriental Bank of Commerce||10.20%||809||3 years|
|Andhra Bank||10.35%||535||5 years|
|Punjab & Sind Bank||10.40%||536||5 years|
|Syndicate Bank||10.55%||538||5 years|
|State Bank of India (SBI)||11.60%||551||5 years|
|Allahabad Bank||11.70%||552||5 years|
|Punjab National Bank (PNB)||11.90%||829||3 years|
|UCO Bank||11.85%||554||5 years|
|Corporation Bank||12.25%||559||5 years|
|Lakshmi Vilas Bank||12.25%||559||5 years|
|City Union Bank||14.50%||588||5 years|
How does an EMI calculator work for a bike loan?
Most of the lending institutions have published a user-friendly loan EMI calculator tool for customers. It will help the customer to understand the process of EMI and its finance for purchasing a bike with credit. However, we always recommend the buyers determine the exactly EMI amount before even applying for the loan.
This process will make sure that the buyer experience a smooth money borrowing process without facing any financial struggles. This way, an applicant or borrower can easily choose the right type of loan amount concerning the payoff capacity and the interest rate.
- Firstly, open the EMI calculator from a lender’s portal. You will get to see an EMI calculator by clicking the ‘Finance Tools’ in the drop-down menu.
- Afterwards, select the loan amount just by dragging the cursor or clicking the amount indicator posted on the calculator.
- Now, you have to correct the interest rate section in the interest rate field.
- In the next segment, you will need to decide the tenure period within the time you want to repay the loan.
- Then, you have to provide the processing fee details by dragging the cursor or clicking the field.
- Lastly, you have to specify your prepayment details. If you are about to pay off the credit somewhat before tenure finishes off, you ought to pick “Yes.” And if you are confirming that you will not repay the amount pre-tenure period, then select “No.”
- Finally, click on “Calculate.”
Within a few moments, you will receive your EMI amount result. If you put different details multiple time, you will experience mixed EMI figures naturally. Yet the outcome always shows accurate and authorised.
Getting a bike loan for a new dream model can be an exciting experience for anyone. It also associates with a bulk of money investment that you need to repay within a duration. Hence, before you jump into applying for the bike loan, getting an exact idea from the EMI calculator for bike loan prior to applying is always an ideal and recommended idea.
Understanding the product and monetary components always aid you choose the right loan and enjoy the best facilities for your new bike.