Bike Loan Calculator: How to use it?
This guide will help you use our tool to estimate your monthly EMI, total interest payable, and create a monthly repayment schedule for your bike loan.
1. Bike Price (Rs.)
- Enter the component of price of the bike you intend to purchase on loan. This is the amount you’ll need to borrow as a loan.
- Example: If the bike’s price is Rs. 80,000, enter 80000 in this field, if you will pay Rs 10,000 as cash then enter 70,000
2. Interest Rate (%)
- Input the annual interest rate as a percentage. This is the interest rate offered by the lender.
- Example: If the interest rate is 12%, enter 12.
3. Select Tenure Type
- Choose between “Years” and “Months” to specify the loan tenure.
- If you select “Years,” your input in the “Loan Tenure” field will be considered in years. If you choose “Months,” it will be considered in months.
4. Loan Tenure
- Enter the loan tenure, either in years or months, based on your previous selection.
- Example (Years): If you selected “Years” and you want a 3-year loan, enter 3.
- Example (Months): If you selected “Months” and you want a 36-month loan, enter 36.
5. Calculate
- After entering all the required information, click the “Calculate” button. The calculator will compute the results based on your inputs.
Results:
- Once you click the “Calculate” button, the Bike Loan Calculator will provide the following information:
- Monthly EMI: This is your estimated Equated Monthly Installment (EMI), including both principal and interest components.
- Total Interest Payable: The total amount of interest you’ll pay over the loan tenure.
- Total Payable Amount: The total amount you’ll repay over the entire loan tenure, including the principal and interest.
- Monthly Repayment Schedule: A detailed month-by-month breakdown of your repayment schedule, showing the principal repayment, interest payment, EMI, and remaining balance for each month.
6. Analyze Your Results
- Carefully review the results to understand your financial commitment, including the EMI and total interest payable. Ensure that these figures align with your budget and financial plans.
Important Notes:
- The calculator provides an estimate, and actual loan terms may vary based on the lending institution’s policies and the terms of your specific bike loan.
- Always consult with a financial advisor or lender for the most accurate and up-to-date information about your loan options.
7. Ready to Get Your Bike Loan?
- If you’re satisfied with the results and want to proceed with a bike loan application, contact your chosen lender or financial institution to discuss the application process and loan terms in detail.
Thank you for using the Bike Loan Calculator by MoneyInvest.in. We hope this tool helps you make informed decisions about your bike loan. If you have any questions or need further assistance, please don’t hesitate to reach out to us.