India is home to the highest number of two-wheelers in the world. Owing to the economical and logistical conditions, Indians prefer owning a two-wheeler as means of conveyance. For most of us, a bike or a scooter is also the primary vehicle to travel. Over the last decade or so, biking has become a serious business in the country. With the entry of so many international brands in India, the average Indian is spoilt with choices when we talk about owning a motorcycle or a scooter. On the flipside, owning one has become an expensive affair and it makes sense to take a loan to own one. Nearly all major banks in the country offer loans for two-wheelers as a part of their retail lending portfolio.
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.
Also Read: Two Wheeler Insurance.
What is an 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.
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Advantages of Using EMI Calculator while Applying foe for Bike Loan:
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 breakup of the charges involved in the loan such as interest and processing fee.
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 to use Bike Loan EMI Calculator?
An easy-to-use calculator, this tool lets you get the desired results in just under a minute. Before using this tool, gather information such as the proposed loan amount, loan tenure, interest and processing fee (both in percentage). Once you have these details handy, follow the steps below to get the required results.
- On scale 1 titled Loan Amount, use the slider to freeze the principal loan amount. Move the scale slowly to ensure you select the correct amount. The result is displayed at the end of the scale.
- In a similar manner, use scale 2 titled Tenure and freeze the tenure of the loan in months.
- In the following tabs, input the interest rate and processing fee using the numeric keypad and click “Calculate”.
Elaborate details relating to the loan breakup which include the EMI value is instantly displayed for review. The tool can be reused to compare two-wheelers loan offers from various banks.
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 goodness of your new motorcycle.
News about Two Wheeler Loan EMI Calculator
Suzuki launches the Gixxer SF ABS in India
According to a source, Japanese bike manufacturers, Suzuki are all set to launch the Gixxer SF ABS in India at an ex-showroom price of Rs.95,499. As per a statement released by Suzuki, the Gixxer SF ABS comes with a single-channel ABS and the sensor is only present on the front wheel. The bike is available in a three shades - metallic triton blue, glass sparkle black and metallic matte black. In addition, the fairing of the motorcycle now features new decals and SP logos. The engine on the motorcycle is a 155cc unit that produces 14.8bhp and 14Nm of torque. A five-speed transmission send the power to the rear wheel.
16th August 2017
Bajaj launched the new Bajaj V12
Bajaj has recently launched its latest version in the commuter series of bikes called the Bajaj V12. The Bajaj V12 is a 125CC version of the immensely popular Bajaj V15, which carries a 150CC engine. The Bajaj V12 is priced at Rs,56,200 (ex-showroom Delhi) and is available in two colours, Wine Red and Ebony Black. The booking price for the bike is Rs.1,000 and has no waiting period for delivery, currently. Most showrooms in Mumbai and Pune have received the bike and it will be available in showrooms across the country shortly. The new Bajaj V12 has a lot in common with the larger variant the Bajaj V15, but there have been a few changes made. The new Bajaj V12 comes with drum brakes in the front instead of the 240mm disc on the V15. The biggest change the Bajaj V12 has seen from its predecessor is its new engine, the motorcycle comes with a 125CC, single-cylinder, long-stroke, oil-cooled engine, which delivers 10.7BHP and a maximum torque of 11Nm through a five-speed gearbox to the rear wheel.
5th January 2017
Hero Motocorp Launches First Locally Developed Motorcycle
Pawan Munjal, chairman, MD and CEO, of Hero MotoCorp launched its new motorcycle Achiever 150 motorcycle replacing the outgoing Achiever, which was first developed under Hero Honda partnership in 2006. This particular global launch has been aimed for being a head-turner based on Munjal’s stating that it is supposed to be a crucial event planned for a brand new product for global distributors as well as a few domestic retailers. The new bike will come fully loaded with a new engine, newly designed chassis and a brand new body. Two wheeler loans will be made available for purchasing these motorcycles.
10th October 2016
Paytm to Collaborate With Suzuki Motorcycles
Suzuki Motorcycles India has announced that is has struck a strategic alliance deal with India’s biggest mobile payment and e-commerce portal, Paytm. With this collaboration, Paytm users will now be able to access Suzuki’s complete range of motorcycles and scooters, with the added convenience of making online bookings and financing without leaving their homes. At present, Suzuki has brought more than 400 dealerships onboard for the alliance, which will help the company target some of the most remote and inaccessible sectors of India. Users can log on to the Paytm website and browse through the virtual Suzuki showroom, which will display prices as well as specifications. Once the customer chooses the vehicle he or she wishes to book, the user will be directed to the nearest Suzuki dealership in the area where the delivery and registration of the two-wheeler can be finalised. Buyers can also avail of various financing options through the online portal. Paytm has set a target of 10,000 units to be reached through their online portal by the end of the year.
20th July 2016
Honda launches its new gearless scooter Navi, in Goa
The new gearless funky scooter by Honda was launched recently in Goa. Navi, which looks like a mini bike but is actually like a gearless scooter is Honda’s funky take on scooters that are a hot favorite especially among women in the country. The target customer for this automobile is the young generation especially the college-going crowd.
The ex-showroom price of the vehicle is around Rs.41000 in Goa and is available through all Honda dealers across the country. Navi has been developed totally from concept to reality by the Hinda India team and is the first vehicle by Honda India that has been manufactured this way. The scooter comes in a plastic body in 5 different color variants to be chosen from.
27th June 2016
Two-Wheeler Prices to Rise Following Motor Vehicle Tax Structure Revision
With the revision in basic motor vehicle tax structure, two-wheeler prices are set to increase with the revision coming into effect on June 7th. The premium two-wheeler segment is likely to be hit hardest by the revision, as customers looking to purchase a new vehicle under this segment will be required to pay much more than before. The basic motor vehicle tax has been increased from 3 per cent to 20 per cent, with tax slabs for imported bikes doubling. The tax structure for imported two-wheelers will now fall in the range of 16 per cent to 20 per cent, which is a sharp increase from the previous rate of 7 per cent. While this rate of 7 per cent applied to both domestic and imported bikes prior to the tax structure revision, the applicable tax for domestic bikes will now stand at 10 per cent, while the tax for imported bikes could rise up to 20 per cent. Deputy Regional Transport Officer, Subhash Pedamkar stated that since most bikes today are of high value, buyers will certainly feel the pinch from now on.
16th June 2016