Two Wheeler Loan EMI Calculator

Before choosing a particular lender, it's eminent to understand the product to make sure we select the most suitable terms. With the advent of online banking making fiscal decisions have not only become easier, but also it has become extraordinarily lucid and straightforward. For the heightened convenience of customers, leading insurance providers, banks and third-party financial websites extend a dynamic tool on their portal known as the loan EMI calculator. The tool available on this website offers extensive assistance concerning the financial aspects involved in two-wheeler loan.

Two-Wheeler Loan EMIs

In the table described below, we can see the most economical two-wheeler interest rates and the lowest EMIs of leading banks in the country which provide two-wheeler loans. We will be assuming that a processing fee of 2% will be charged on these loans. The processing fee can vary from lender to lender. We have also assumed that the maximum tenure for these loans ranges from 2 to 5 years. This can vary from lender to lender. Let us also assume that the applicant is not interested in pre-paying the loan.

Name of bank	Lowest EMI (in Rs.)	Lowest rate of interest (p.a.)	Maximum tenure
State Bank of India (SBI)	551	11.60%	5 years
HDFC Bank	514	8.61%	5 years
Punjab National Bank (PNB)	829	11.90%	3 years
Andhra Bank	535	10.35%	5 years
UCO Bank	554	11.85%	5 years
Allahabad Bank	552	11.70%	5 years
Oriental Bank of Commerce	809	10.20%	3 years
Bank of India	518	8.90%	5 years
Lakshmi Vilas Bank	559	12.25%	5 years
Nainital Bank	1,143	9.05%	2 years
City Union Bank	588	14.50%	5 years
Corporation Bank	559	12.25%	5 years
Saurashtra Gramin Bank	595	15%	5 years

Two Wheeler Loan EMI Amortization Table:

The most apparent use of this tool is the amortization table which provides a monthly breakup of principal and interest costs which go into determining the EMI amount.

How does Two-Wheeler Loan EMI Calculator work?

A user-friendly loan EMI calculator can assist you in understanding the EMIs for purchasing a bike with a loan. It is always advised to know your exact EMI amount before you apply for a loan. This can ensure that you have a stable borrowing process without any financial struggle. You will also be able to determine the right loan amount according to your repayment ability and the interest rate.

Example:

Let us consider an example to discern how the two-wheeler loan EMI calculator works. We will consider that the rate of interest for a particular two-wheeler loan is 11.10% with a processing fee of 2%. Let us also suppose that the borrower doesn't want to make any pre-payments. The table shows the various amounts of EMI for different tenure and loan amounts.

Loan amount (Rs.)	Interest rate (Mean)	Processing Fee (Rs.)	EMI for 2 years (Rs.)	EMI for 3 years (Rs.)	EMI for 4 years (Rs.)	EMI for 5 years (Rs.)	EMI for 6 years (Rs.)	EMI for 7 years (Rs.)
50,000	11.10%	2%	2,333	1,639	1,295	1,090	954	859
1 Lakh	11.10%	2%	4,665	3,279	2,589	2,179	1,909	1,718
2 Lakh	11.10%	2%	9,331	6,557	5,179	4,358	3,817	3,430
3 Lakh	11.10%	2%	3,817	9,836	7,768	6,538	5,726	5,152
4 Lakh	11.10%	2%	18,662	13,114	10,358	8,717	7,634	6,870

Why Should One Use a Two-Wheeler Loan EMI Calculator?

Two-wheeler loan EMI calculators are beneficial as they help an individual in designing their loan expenses. A two-wheeler loan EMI calculator is an online tool which is very easy to use, and it can be appropriated by anyone who doesn't even have any prior knowledge of how it is calculated.

Below listed are the reasons why everyone should use the two-wheeler loan EMI calculator:

• You can determine your loan amount and tenure by identifying your exact loan EMI amounts with the help of this calculator.
• You can check out the amortization details with the help of the loan EMI calculator. You can also check how much you will be paying as the principal amount and how much you will be paying in the form of interest. You will be able to view the exact division of the loan amount.
• The interest rate changes can also be calculated through the EMI Calculator.
• You will also be able to find out the fundamental components of your two-wheeler loan. You will understand how much you are spending on purchasing your dream bike. With specific knowledge, you will also be able to negotiate well and get a great loan deal.
• Getting a two-wheeler can be an exhilarating experience. The financial components assist you in signing up for the best two-wheeler loan.