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Bike EMI Calculator - Two Wheeler Loan EMI Calculator Online

For many Indian households, obtaining a loan is a major financial challenge. Loans provide funds to address immediate requirements and can also be used to solve a variety of difficulties. In India, there are many different forms of loans, and two-wheeler loans are one of them.

Bikes are used by a significant number of people in our country on a regular basis. Because car prices in India are so high, most of us cannot afford auto insurance for our transportation needs. Bicycles, on the other hand, are more affordable. We can either pay the whole price for a bike or take out a separate bike loan in the form of an EMI.

Bike Loan EMI Calculation Formula

You can calculate your bike loan EMI from the below formula.

EMI = [P x R x (1 + R)] N] / [(1 + R) ^ N-1],

P represents the loan amount or principal, R is the monthly interest rate and N is the number of months.

You can also use an online EMI calculator, which is available on many popular websites. The online calculator is simple to use and displays your results in a matter of seconds.

Now, let’s look at some of the benefits of buying a bike by loan in the form of EMI:

1. Financial burden: purchasing a bike by loan removes a hassle-free financial burden from you. It allows you to repay the loan in the form of a monthly loan from the EMI mode using the interest rate.

2. Helps with keeping your CIBIL score: when you take out a loan and pay it off within the required time, it improves your brand. For this reason, if you want to borrow more money in the future such as personal, car or house, etc, then there is a great chance of getting a loan because of your good credit score.

Bike loans are small loans that can be repaid quickly and have great results in strengthening your CIBIL score.

3. Interest rates: bike loans have an attractive interest rate of 10-25% which is different from one lender to another. Due to the increase in the number of bike loan lenders in this decade, a slope of interest is observed every day. This is more beneficial for buying a bike in the form of EMI than giving full cash.

4. Eligibility: acquiring a little bike requires relatively little effort. You can collect the money straight away if you produce evidence of identity, proof of address, and a few other documents. You also don't reveal your pay stubs or mortgage statements.

5. Flexibility: Getting a bike loan from a lender does not have to take months. The process of getting a bike loan is quite quick and efficient. The borrowing period can be anywhere between 2 and 5 days.

6. Repayment period: You have 12 to 48 months to return your loan in a small sum.

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