loader2
Partner With Us NRI

Open Free Demat Account Online with ICICIDIRECT

How to Use Two-Wheeler Loan EMI Calculator to Calculate Monthly Instalment

Introduction

When purchasing a bike loan, several factors need to be considered. You not only need to decide which bike you want to buy; analyse the features it has to offer, but you also need to make sure that you can afford it. If you can’t afford to pay the entire amount to buy a bike, you can always consider taking a bike loan for it.

What is a bike loan/two-wheeler loan?

A bike loan/two-wheeler loan provides you with money that would cover the entire on-road price of the bike. That is the price you pay to bring the bike from the showroom where you bought the bike to the road. It includes prices like registration, road tax, insurance, showroom price and other optional charges.

Most banks also offer the option to buy a bike loan. They even provide pre-approved bike loans to existing customers based on their relationship with the bank. When purchasing a bike loan, you have to pay the lender equated monthly instalments (EMIs) on the amount borrowed. At first, the EMIs consists mainly of the interest amount and then later it is focussed on paying the principal.

Bike Loan EMI Calculator

A bike loan EMI calculator is a web-based tool that instantly calculates the EMI value for the two-wheeler loan you wish to borrow. Most banks and lenders offer this tool on their websites. It helps calculate the amount payable towards settling the loan that you borrowed.

You should enter the necessary information, and the online calculator gives you the result instantly. You will need to enter the loan amount; this is the amount that you borrowed from the lender. You also need to enter your interest rate. The rate that the lender charges you for the loan is a percentage of the amount you borrowed. You finally have to enter the loan term. That is the number of years for which you have borrowed the loan. Once you enter all the details, the calculator will display the results immediately. Thus, a two-wheeler loan EMI calculator does the work of calculating the EMI and lets you know how much you need to pay as equated monthly instalments and the total amount of interest payable.

Additional Read: 8 Things to Keep in Mind While Opting for a Pre-Used Car Loan

How to Calculate Two Wheeler Loan EMI:

Let us see a step-by-step guide of using the Bike Loan EMI Calculator

1)  Open the tool on the website by clicking the calculator option

2)  Manually enter the loan amount in the box, or you can drag your cursor along the blue line that reads “loan amount”. You can enter any value between ₹0 to ₹50 lakhs.

3)  Manually enter the interest rate in the box or drag the cursor along the blue line that read “interest rate.”

4)  Manually enter the loan term (in number of years) or drag the cursor along the blue line that reads “loan term (years).”

5)  Click on calculate, the answer will be displayed in a few seconds.

You can enter different amounts and get the answer for other EMIs you have to pay. That will help you decide on the part of the loan you want, the interest rate you are willing to pay, and the number of years you can take the loan.

Additional Read: How Can a Personal Loan be Used to Fund Your Education

Conclusion:

The free-to-use online bike loan EMI calculator saves you the hassle of calculating the EMI value by hand. It also helps you know the exact value so that you can plan out your monthly expenses. Using this tool, you can also decide to change your loan amount, interest rate, and loan term. The longer the tenure, the lesser EMIs you have to pay. Apart from saving time and giving you accurate results, it also helps you be completely prepared to manage your expenditure so that you are in an excellent financial position to re-pay your loan at the end of the loan tenure.

Disclaimer

ICICI Securities Ltd.( I-Sec). Registered office of I-Sec is at ICICI Securities Ltd. - ICICI Venture House, Appasaheb Marathe Marg, Mumbai - 400025, India, Tel No : 022 - 2288 2460, 022 - 2288 2470. I-Sec is a Member of National Stock Exchange of India Ltd (Member Code :07730) and BSE Ltd (Member Code :103) and having SEBI registration no. INZ000183631. Investment in securities market are subject to market risks, read all the related documents carefully before investing. We are distributors of loan products, Insurance and Mutual funds, Corporate Fixed Deposits, NCDs, PMS and AIF products. ICICI Securities Ltd. acts as a referral agent to various banks for various loan facilities and is subject to fulfilment of eligibility criteria, terms and conditions etc. All disputes with respect to the distribution / referral activity would not have access to Exchange investor redressal or Arbitration mechanism. The contents herein above shall not be considered as an invitation or persuasion to trade or invest.  I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of any actions taken in reliance thereon.

Most Popular

  • 13 May 2022
  • ICICI Securities

The Five-Point Financial Planning Checklist For Your Family

Whether you just got married or planning to have a baby or have dependents, you should have financial plans for every stage in your life to ensure a secured future for your family members. Here are five things you can do financially for your family.   

  • 12 May 2022
  • ICICI Securities

What is a Zero Coupon Bond?

You get fixed returns in the form of interest until maturity when you invest in a bond. Zero-coupon bonds work a little differently. In this article, find out what zero-coupon bonds are, their advantages and whether you should invest in them. 

  • 12 May 2022
  • ICICI Securities

What are Cross Currency Pairs?

The forex market is the largest financial market globally. Currency trading is a lucrative and booming business. While most currencies trading happens in relation to the US Dollar, some don’t. That forms the basis of cross currency pairs. Here’s what you need to know about it. 

  • 12 May 2022
  • ICICI Securities

Investing principles from Benjamin Graham: The Father of Value Investing

Benjamin Graham was a British born economist, professor, and investor who taught at Columbia University. He was also a mentor to some of the most famous investors of the 20th century, including Irving Khan, John Templeton, & Warren Buffett. Buffett called him "the second most influential figure in his life, only after my father". 

  • 12 May 2022
  • ICICI Securities

How to Invest in Nifty 50?

The Nifty 50 is the benchmark index of the National Stock Exchange. It represents the 50 largest companies listed in India. Investing in the Nifty 50 can be a good idea for those looking to make index-linked returns. Here’s how you can invest in the index. 

  • 12 May 2022
  • ICICI Securities

Investment philosophy of Cathie Wood: The most powerful woman on Wall Street

Catherine Duddy Wood, also called Cathie Wood, is an investor who primarily invests in disruptive technologies and is the founder, chief executive officer, and chief investment officer of ARK Investment Management, LLC, an investment management firm mostly active in the United States.

  • 11 May 2022
  • ICICI Securities

How to Use Technology to Improve Your Finances

Technology has made life simpler for everyone. In the realm of personal finance, technology has streamlined many processes—from budgeting to automating your payments. On National Technology Day, let’s look at how technology has transformed our finances. 

  • 11 May 2022
  • ICICI Securities

How to Invest in your Every Goal with Mutual Funds?

Each of us is unique. We have different needs and goals in life. Some of us can ride along swinging markets, while some may need a relatively conservative investment tool. 

  • 11 May 2022
  • ICICI Securities

Four Reasons Why Entrepreneurs should Invest in Equity Mutual Funds

Equity mutual funds provide growth opportunities not just for individual investors but also for entrepreneurs and corporates. They make excellent investments for anyone looking for wealth creation. This article will give you four reasons why businesspeople should consider investing in equity mutual funds.