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Two Wheeler Loan EMI Calculator

Before choosing a specific lender, it's paramount to understand the product and its financials to make sure we select the most appropriate terms. With the advent of online banking, making financial decisions has not only become easier, but also banking as a process has become extremely transparent and simple. For the enhanced convenience of customers, leading insurance providers, banks and third-party financial websites offer a dynamic tool on their portal called the loan EMI calculator. The tool available on this website offers the most comprehensive assistance with regard to the monetary aspects involved in two-wheeler loan.

What is Two Wheeler Loan EMI Calculator?

A two-wheeler loan EMI calculator is an online tool designed to calculate the EMI amount payable towards clearing the loan. You need to simply fill the financial details to get the required information. Once you enter all these details correctly, you can see the auto-computed EMI amount.

In addition to the EMI amount, you get a bunch of additional information to aid your quest to choose the most suitable terms. Once you know the amount of EMI you have to pay every month, you can plan your monthly budget accordingly.

Two-Wheeler Loan EMIs Per Rs.25,000 for Top Banks in India

In the table given below, we can see the lowest two-wheeler interest rates and the lowest EMIs of top banks in the country that provide two-wheeler loans. We will be assuming that a processing fee of 2% will be charged on these loans. The processing fee can change from lender to lender. We have also assumed that the maximum tenure for these loans ranges from 2 to 5 years. This can differ from lender to lender. Let us also presume that the applicant is not interested in prepaying 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
Syndicate Bank 538 10.55% 5 years
Punjab & Sind Bank 536 10.40% 5 years
Central Bank of India 515 8.70% 5 years
In the table given above, we have not included processing fee and prepayment fee for the computation. Results can vary when different amounts are used in the tool.

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Two Wheeler Loan EMI Amortization Table:

The most visible use of this tool is the amortization table which provides month wise breakup of principal and interest charges that go into calculating the EMI amount.

How does Two-Wheeler Loan EMI Calculator work?

The BankBazaar web portal has a user-friendly loan EMI calculator that will assist you in understanding the EMIs for buying a bike with a loan. It is always recommended to know your exact EMI amount before you actually apply for a loan. This will ensure that you have a smooth borrowing process without any financial struggles. You will be able to choose the right loan amount as per your repayment ability and the interest rate.

  • First, you will have to open the tool on the website by clicking on the drop-down menu and selecting 'Finance Tools’. Here, you will have to select EMI calculator.
  • Now, you will need to select the loan quantum or amount by simply dragging your cursor on the calculator.
  • Next, you will have to key in the interest rate in the correct field.
  • In the next field, you will have to select the tenure for repaying the loan.
  • Then, you will need to key in the rate of interest charged by your lender.
  • Next, you will have to give your processing fee information by dragging the cursor.
  • Then, you will have to specify regarding prepayments. If you plan to prepay the loan anytime, you will have to choose 'Yes’. You will also need to give exact prepayment information such as prepayment fee, prepayment frequency, and prepayment amount.
  • If you are sure you wouldn't want to repay, you can select 'No'. Finally, you can now click 'Calculate’.

Within a few seconds, you will be able to see the EMI amount. You can enter different details and get different results. You can then compare multiple results and then make a final decision regarding your loan. Under this EMI calculator, you will also get proper information about your amortization.

Example: Let us now take a look at a simple example to comprehend how the BankBazaar two-wheeler loan EMI calculator works. We will assume that the rate of interest for a particular two-wheeler loan is 11.10% with a processing fee of 2%, which cannot be refunded and which will be taken for the entire two-wheeler loan amount. Let us also assume that the borrower does not want to make any prepayments. The table given below shows the various EMI amounts for multiple loan amounts and tenures:

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

In the table given above, we have not included processing fee and prepayment fee for the computation. Results can vary when different amounts are used in the tool.

Table to show EMI computation and amortization details with an illustration

Let us assume that you apply for a two-wheeler loan from a certain bank worth Rs.1 lakh for a period of 5 years at an interest rate of 11.20%. Let us also presume that the processing fee for the loan is 0% for the entire tenure. We will assume that you do not want to prepay your loan at any point in time. Then, your EMI will be Rs.2,137. We will now view the EMI breakup with the help of amortization details if you take a loan in March 2018:

Year Principal paid Interest paid Total of interest and principal paid Unsettled loan balance
March Rs.1,283 Rs.854 Rs.2,137 Rs.98,717
April Rs.1,294 Rs.843 Rs.2,137 Rs.97,423
May Rs.1,305 Rs.832 Rs.2,137 Rs.96,118
June Rs.1,316 Rs.821 Rs.2,137 Rs.94,802
July Rs.1,327 Rs.810 Rs.2,137 Rs.93,475
August Rs.1,339 Rs.798 Rs.2,137 Rs.92,137
September Rs.1,350 Rs.787 Rs.2,137 Rs.90,787
October Rs.1,362 Rs.775 Rs.2,137 Rs.89,425
November Rs.1,373 Rs.764 Rs.2,137 Rs.88,052
December Rs.1,385 Rs.752 Rs.2,137 Rs.86,667

In the table given above, we have not included processing fee and prepayment fee for the computation. Results can vary when different amounts are used in the tool.

Advantages of Using Bike Loan EMI Calculator:

The benefits of using an EMI calculator are plenty. Let's explore some of the most prominent ones.

Helps in knowing the EMI value:

The primary use of this tool is to know the precise amount you will be paying every month. Getting the numbers beforehand helps in sorting your monthly budget. It eliminates the need for manual calculations and ensures accurate results.

Aids in choosing the term:

Once you have a definite EMI amount, it becomes a lot easier to choose the tenure of the loan. If you feel the value is a burden on your wallet, a higher tenure will do the trick by proportionately bringing down the value.

Helps in comparison:

If you’ve been offered loan from two or more banks for the motorcycle purchase, using this tool to compare the costs involved will do the trick by helping you choose the most suitable loan offer. Get the quote, use the calculator and jot down the outcome to compare on specific parameters.

Helps in negotiating:

Once you’re armed with the basics of the financials involved, it helps in negotiating key terms of the two-wheeler loan with the bank. Components such as rate of interest, processing fee and others can be easily negotiated after establishing the ground.

Provides a break up of costs:

This free-to-use tool not only provides the EMI value but also offers useful information such as the breakup of the charges involved in the loan such as interest and processing fee.

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

Two-wheeler loan EMI calculators are very beneficial as they help one in planning their loan expenses extensively. A two-wheeler loan EMI calculator is a user-friendly online tool that can be utilized by anybody without any specialized knowledge.

Let us take a look some of the important reasons for using a bike loan EMI calculator:

  • You can decide your loan amount and tenure by knowing your exact loan EMI amounts with the help of the calculator.
  • With the help of a loan EMI calculator, you can check out the amortization details. You can see how much you will spend on your principal amount and how you much will spend on your interest. You will be able to see the exact distribution of your loan payment.
  • You can key in different interest rates charged by various lenders. This way, you will be able to understand your loan expenses when you choose a particular lender. You can compare different EMI results for several loan amounts, tenures, and interest rates. After making the comparison, you can select your lender.
  • You will also be able to learn the fundamental elements of your two-wheeler loan. You will know how much you are spending on buying your dream bike. With detailed knowledge, you may also be able to negotiate well and get a good loan deal.

Getting a two-wheeler can be an exciting experience. Understanding the product and the monetary components helps you in signing up for the right two-wheeler loan and enjoy the best of your new motorcycle.

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