alexa
Indianmoney.com Missed Call Number
Home Articles How To Calculate Two Wheeler Loan EMI?

How To Calculate Two Wheeler Loan EMI?

Mr. C.S. Sudheer | Updated On Saturday, November 19,2016, 12:39 PM

5.0 / 5 based on 2 User Reviews

How To Calculate Two Wheeler Loan EMI?

 

 

This is a saying by one of the greatest President’s the United States has ever seen:

Nothing compares to the simple pleasure of a bike ride.”

                                                                                                            -    John. F. Kennedy

One of the greatest discoveries in India, in the last few decades…Well, the rediscovery of the humble bike. There are no words to describe, how scooters have revolutionized the life of women in the country. Yes, the gearless scooter has changed the life of women in India. Women like these light, easy to handle scooters. They are easy to ride for women, just learning to ride….Here’s the good part….a scooter has a lot of storage space, making it very easy to carry things like handbags. Today, many families in India, use scooters as their main transport.

At an average price of INR 65,000 to INR 75,000, scooters don’t come cheap. But don’t worry….You can easily avail loans from Banks/NBFC’s and buy your dream bike, at attractive rates of interest. Women are offered loans on scooters, by several banks, at special interest rates. Want to know more on two wheeler loans? Just contact IndianMoney.com. Our commitment is to help you “Save, Invest, Spend and Borrow Consciously." IndianMoney.com offers Free, Unbiased and on-call financial advice on Insurance, Mutual Funds, Real Estate, Loans, Bank Accounts and Capital Markets.

What is an EMI Calculator?

An EMI Calculator helps calculate your home loan, car loan, personal loan and even two wheeler loan EMI’s, for the repayment of your loan.

Here’s the formula for calculating your EMI:

 

P   = Loan amount availed from the bank

I = Interest rate charged by the bank per month

N = Number of installments

An EMI Calculator is very easy to use. All you need to do is ENTER:

  • Amount of loan: The amount of loan you borrow from the bank.
  • Rate of interest: This is the interest, the bank charges on the loan.
  • Tenure: The time you have to repay the loan with interest.

 

IndianMoney.com has user friendly calculators which will help you calculate your loan EMI’s, real fast. Check out our Car Loan EMI Calculator, Home Loan EMI Calculator and Personal Loan EMI Calculator. Learn how EMI Calculator works by clicking on How EMI Calculator Works?

How To Calculate Two Wheeler Loan EMI?

Most banks offer two wheeler loans, at an interest rate of 10-16% a year. Let’s take a look at how your two wheeler loan EMI is calculated: You avail a two wheeler loan from a reputed bank and buy your dream scooter.

Loan amount in Rupees: 65,000

Interest Rate in % per annum: 10

Period (in months): 24 Months 

Chart showing EMI Calculations

 

https://lh3.googleusercontent.com/-EJZvpEaCIn4/WCGove0HebI/AAAAAAAAFG8/RV9HdRtSdjwZ2IWDGETzBcO_NlwRfsuXQCL0B/h479/EMI.jpg

 

What is the use of the two wheeler loan EMI Calculator?

Get an idea of the EMI you pay on two wheeler loans

You get an idea of the exact amount of EMI; you are paying on your two wheeler loan.

 

Decide on the tenure of the two wheeler loan

You can easily decide the tenure of your loan. What EMI are you comfortable, paying on your two wheeler loan. If you choose a longer tenure, your EMI comes down. However, over the tenure of your two wheeler loan, you would be paying a lot of money in interest.

 

Get the best deal on two wheeler loans from banks

You have a two wheeler EMI Calculator before you. You can check out different loan amounts, interest rates and tenure. Armed with this information, you can select the bank, offering best interest rates on two wheeler loans.

Today, is the age of bikes and scooters. There are some real great scooters, out there in the market. Just get on one of these scooters and take a ride. Go out for a spin. With two wheeler loans available at most banks and two wheeler financing, really taking off….It’s time to get your hands on that dream bike. Many banks are offering attractive interest rates on two wheelers, for college students. With college students and young working women getting on bikes and scooters, the future of two wheelers and scooters in India, is really bright. Be Wise. Get Rich.

 

Did you find this article useful? You can Rate us
5.0 / 5 based on 2 User Reviews
Article Author

Mr. C.S. Sudheer

Mr C.S.Sudheer is a management graduate. He started his career with ICICI Prudential Life Insurance and later on worked with Howden India. After his brief stint in Howden India, he moved on and incorporated Suvision Holdings Pvt Ltd which is the sole promoter of IndianMoney.com. He aims to build a nation that is financially literate with investment savvy citizens.

Get It now!