Bike Loan EMI Calculator
Loan Amount
Rate of Interest (P.a)
%
Loan Tenure (Months)
months
Monthly EMI
0
Total Interest
Total Amount
Bike Loan Amortization
| Months | Opening Balance | Monthly EMI | Interest | Principal | Closing Balance |
|---|
What is a Bike Loan EMI Calculator?
Calculating your bike loan EMI beforehand can help you plan your finances better. A bike loan EMI calculator helps you calculate the loan instalment or EMI (Equated Monthly Instalment) you have to pay towards your bike loan.
Use Navi Bike Loan EMI Calculator to calculate your EMI in a quick and accurate way. The online calculator comes with an intuitive design and is extremely easy to use. All you have to do is enter the loan amount you wish to borrow, tenure, and interest rate. You will be able to check your EMI obligations in a matter of seconds.
How to Calculate Bike Loan EMI?
The bike loan EMI calculator takes three aspects into consideration: the loan amount, interest rate, and tenure. Though you can manually calculate the bike loan EMI, the calculation can be time-consuming and overwhelming. Moreover, calculating bike loan EMI manually might not always guarantee its accuracy.
Alternatively, you can use the online calculator for bike loan EMI from Navi in the following three simple steps:
Select the loan amount
Choose the amount you need with the help of slide bar
Select the loan tenure
Next, you should enter the tenure for which you want to borrow the amount. You can use the slide bar to do the same.
Select the interest rate
Lastly, select the interest rate with the slide bar.
What is the Bike Loan EMI Formula?
You can use the following formula to calculate the bike loan EMI:
EMI = P × r × (1 + r)n/((1 + r)n – 1) where,
P = loan amount
r = interest rate
n = tenure in number of monthsThe rate of interest on your bike loan is calculated monthly.
For example, consider you have availed of a bike loan of ₹1,00,000 at an annual interest rate of 9% for a period of 4 years (48 months).
Rate of interest (R) = 9/12100 = 0.0075
Your bike loan EMI will be calculated as follows:
EMI = 1,00,000 * 0.0075 * [(1 + 0.0075) 48 / ((1 + 0.0075) 48 – 1]
The amount payable in EMI will amount to ₹2,489 monthly. The principal bike loan amount you borrowed is ₹1,00,000 and the interest payable will be ₹19,472.
Advantages of Using Navi Bike Loan EMI Calculator
Convenient
Calculate your EMI in a matter of few seconds
Accuracy
Our calculator is designed to provide accurate results
User-friendly design
Simple and user-friendly design for easy EMI calculation
Frequently asked questions
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