Bikes are one of the most preferred mode of transports and also a prized possession for many. While some invest in entry-level high mileage bikes that help in daily transit for your family, many also prefer buying super-bikes for sport and passion. Whether you are the former or the latter, you need not worry about complicated processes, standing in lines at the bank, or filling tons of forms before you get your hands on the bike. On the contrary, you can easily get bike loans in India with attractive interest rates and repayment terms. Alternatively, you can check out the cheapest bike loan available in India.
Is There Any Eligibility Criteria for Bike Loans?
There are certain criteria for eligibility that you need to fulfill in order to get a bike loan:
- You need to be of an age between 21-60 years.
- The minimum salary you should have to get the loan amount is above INR 15000/month
- You will require one copy of your photo ID and one proof of location which can include your pan card, passport, Aadhar card, election card, etc.
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How to Avail Your Bike Loan?
It is very easy to get a bike loan in India. You can either visit the automobile store to know about the valid offers to get an EMI, or you can apply for you bike loan online and submit scanned copies of your required documents. EMIs on a bike loan allow buyers to pay across an easy time period with attractive terms.
How to Calculate EMI for your Bike Loan?
While you can manually get your EMI amount using the EMI calculator formula = [P x R x (1+R) ^N]/[(1+R) ^N-1]. In the above formula, Principle = P, Rate of Interest = R, and number of months = N. By using the given formula, you can calculate the EMI that you have to pay within minutes. For instance, if you have to pay INR 50,000 through EMIs and the rate of interest is 10%, your principle will be 50,000, your R will be 10%, and the tenure (N) is around 1 or 2 years. If you select keep a tenure of 2 years, you will arrive at an EMI of 2292.
However, for those who find it difficult to use formulas, banks and NBFCs also provide EMI calculators which allow the user to easily calculate EMI. Also, if you are trying to calculate your EMI in a software such as Microsoft Excel by using the formula PMT (rate, nper, pv)
Note: When you are getting a loan for your two-wheeler, you can also do so by availing a personal loan and paying it back through EMIs. You can use EMI calculator for personal loans to derive the EMI amount.
Apply for Loans of upto ₹5 Lakhs easily using your phone or laptop, and pay back on low EMIs