How Is EMI Calculated For Bike?

Which motorcycle is best in India?

Top 10 Bikes in India with Price and MileageBajaj Pulsar.

Honda CB Shine.

Bajaj CT Series.

Royal Enfield Classic 350.

Hero Glamour.

Bajaj Platina.

Hero Passion.

The Passion range is another popular bike series from Hero.

TVS Apache.

The TVS Apache range has consistently performed phenomenally in India.More items….

Can I buy Royal Enfield on EMI?

Royal Enfield Classic 350 EMI starts at Rs 5,943 per month for a tenure of 36 months @ 9.7% for a loan amount of Rs 2.13 Lakh & down payment will be Rs 18000.

How is EMI amount calculated?

The mathematical formula to calculate EMI is: EMI = P × r × (1 + r)n/((1 + r)n – 1) where P= Loan amount, r= interest rate, n=tenure in number of months.

Can I buy bike on no cost EMI?

The Bajaj Finance No Cost EMI can be availed using the Bajaj Finserv EMI Network card. The option of no cost EMI on Bajaj Finserv EMI Network cards makes use of a pre-approved loan to purchase high-value products and prevents you paying excess on your purchase.

What is the interest rate on bike loan?

Compare Bike Loan Interest RateBankTwo Wheeler Loan Interest Rates*Lowest EMI per Rs. Ten Thousand for Max TenureSBI16.05%₹ 352 for 3 yearsHDFC Bank14.03%₹ 273 for 4 yearsPNB10.70%₹ 216 for 5 yearsBajaj Auto Finance11.60%₹ 330 for 3 years12 more rows

What is down payment for bike?

In most cases, when you take a loan for making a high-value purchase like a car or a two wheeler, you are required to pay anywhere between 5% and 15% of the value up front, called the down payment. The bank provides the balance 85%-90% of the value as loan.

Is it good to buy bike on EMI?

Advantages of Taking a Bike Loan on EMI Repayment tenure can extend up to five years which results in lower EMIs every month. … You can use the bike loan calculator to calculate the rate of interest and conveniently choose EMIs you can afford every month.

What are the hidden charges in no cost EMI?

Suppose the phone you want to buy costs Rs 15,000. Under the three-month EMI plan, the interest rate charged is 15 per cent and you would have to pay an interest amount of Rs 2,250….’No-cost EMI’ offers on the online retailers.Cost of Mobile PhoneRs 15,000Cost of Mobile phone post discountRs 12,7503 more rows•Aug 6, 2020

What is the maximum tenure for bike loan?

5 yearsWe finance up to 95% of the cost We will finance up to 95% of the cost of your new motorcycle or scooter. Just pay 5% of the cost upfront and you can get a loan with tenure of up to 5 years.

Can I buy bike on Bajaj EMI?

Can I buy a bike with my Bajaj Finserv EMI Network card? No, you cannot buy a bike with a Bajaj Finserv EMI Network Card.

Is no cost EMI beneficial?

Benefits of No Cost EMI Offer This finance scheme is offered by top eCommerce sites such as Amazon and Flipkart. It doesn’t matter which bank account you hold, whether it’s a credit card or debit card, you can take advantage of this facility. No interest charges, additional costs, or down payments are required.

Does bank charge for no cost EMI?

While availing the no-cost EMI facility, you will not have to pay any down payment, processing fee, or an interest. Will my bank charge an interest? Yes, the bank will charge you an interest. However, the interest that they charge will be given to you upfront as a discount at the time of buying the product.

What is the process of bike loan?

Visit the dealership showroom where the friendly staff will assist you in completing loan formalities. Submit the required documents for processing of your loan. Once the loan is approved, make an initial down payment and take the delivery of the Bajaj/KTM Bike of your choice.

Can a student buy a bike on EMI?

Yes, students can get a two-wheeler loan to buy a bike if they meet certain eligibility criteria that is set by the bank/lender. Age: The minimum age to get a bike loan in most banks is 21 years, but some banks and Non-Banking Financial Companies (NBFCs) have a minimum eligibility age of 18 years.

Can we buy bike in credit card?

Yes, you can buy a bike using a credit card. So, you can either opt to make full payment on the due date or make payment by EMI. It is vital to know the credit limit on your card. You see, this limit is the maximum amount that you are allowed to spend on your credit card.

Which is better personal loan or bike loan?

Lower Interest rate: Another major benefit of availing a personal loan is that personal loans can have a lower interest rate than the two-wheeler loan. While the average rate of two-wheeler loans is 11-12%, the rate of interest for personal loans is usually around 10.5%.

Why is no EMI bad?

Buying a product on EMIs reduces the burden of paying a huge amount upfront. However, when you get a product on zero-cost EMI, you may forfeit the discount that the store would have offered to you if you have paid the purchase price upfront. While other retailers may add the interest cost to the price of products.