What is an EMI?
An EMI is a part of the equally divided installments to repay a loan. Your EMI is dependent on factors such as the principal amount, rate of interest and tenure. You have to pay the EMI at the end of each month.
When you start the repayment, the interest component will be higher. It will gradually reduce with regular payments. When you avail a two wheeler loan, you will have to calculate two wheeler loan emi.
What is a Two Wheeler Loan EMI Calculator?
A Two Wheeler Loan Emi Calculator is a handy tool to calculate the EMIs. There is no need for you to save for years to buy that dream bike. Once you know which bike to buy you can avail a two wheeler loan and you can use the bike loan emi calculator to get an estimate of the monthly EMIs.
To calculate your two wheeler loan EMI you need to use the slider and enter the following details:
• Loan amount
• Tenure (in months)
• Rate of Interest
How to Calculate EMI for Two Wheeler Loan?
The formula to calculate emi for two wheeler loan is as follows:
E= [P x R x (1+R)^N]/[(1+R)^N-1] where
E stands for EMI
P- Principal Amount
R- Rate of Interest (Monthly)
N- Tenure (In Months)
When you use the bike loan emi calculator, the tool uses the above formula to give you an approximate amount for your EMIs. This removes the hassle of manually calculating the EMI as the formula is tricky. A bike loan emi calculator is a time saver when it comes to purchasing the bike during the discount period. You would not want to lose on the offer. So if you know how much EMI you need to pay, you can avail a two wheeler loan instantly.