Most lenders offer a maximum tenure of 3-4 years
Bike Loan calculators
Estimate EMI and total interest payable for bike loans.
Rs.200000
1 Lac
1 Crore
Rs.100000
1 Lac
1 Crore
10%
1%
30%
23 Years
12
120
Rs.16,334
Rs.50,0000
Rs.50,0000
Rs.88,019
Rs.5,88,019
How to Use?
- Input loan amount, interest rate, and loan tenure.
- Calculate to view monthly EMI and total payable interest.
Formula
EMI = [P × r × (1 + r)^n] / [(1 + r)^n – 1]
| EMI (Equated Monthly Installment) | The fixed monthly repayment amount. |
| P | Principal amount of the home loan. |
| r | Monthly interest rate (annual interest rate divided by 12). |
| n | Total number of monthly installments (loan tenure in months) |
Advantages
- Simplified budget management
- Transparent interest calculation
- Transparent cost understanding
- Facilitates loan comparison
- Enhances financial planning
FAQ's
What is the maximum tenure for a bike loan?
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Can I get a bike loan for a used bike?
Yes, but the interest rate may be higher compared to a new bike loan.
Is bike loan interest eligible for tax benefits?
Yes, comprehensive insurance is usually required by lenders.