EMI Calculator for Bike Loan
Muthoot FinCorp’s two-wheeler loan EMI calculator aims to make taking a loan convenient for our esteemed customers. From application to disbursal, we simplify the process with tools, such as the two-wheeler EMI calculator, to help you make an easier decision
Calculate EMIs and plan the loan at your convenience with Muthoot FinCorp’s two-wheeler EMI calculator. View the EMI amount and compare multiple variations of the loan structure in one go. Plan the loan to the last rupee with the bike EMI calculator to avoid any burden during your tenure.
Bike Loan Calculator - How It Works?
Muthoot FinCorp’s bike loan EMI calculator populates the amount needed to pay as EMI based on the chosen tenure, interest rate and principal amount. It follows the mathematical formula:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
P is the principal amount
R is the Rate of Interest
N is the tenure of the loan (in months) or number of EMIs to be paid
The EMI calculator shows an indicative figure, changing in real-time according to the inputs. View multiple variants of the loan structure to figure out the one which suits your repayment capacity.
How to use Muthoot FinCorp Two Wheeler Loan EMI Calculator?
Muthoot FinCorp Two-Wheeler loan Calculator is based on three factors – Principal, Tenure and Rate of Interest. Here are the steps to use the bike loan calculator:
Step 1: Click on the bike loan EMI calculator.
Step 2: Enter the principal amount.
Step 3: Choose the tenure as per your comfort.
Step 4: Choose the bike loan interest rate. (The final interest rate will be decided by Muthoot FinCorp)
The EMI calculator will instantly populate figures for EMI, Total Loan Amount and Total Amount Payable, and an amortization schedule, based on the chosen figures.
Once the numbers in the amortization schedule and the structure of the loan are suitable to you, it is time to apply for the loan. Muthoot FinCorp offers your reliability along with quick processing and extensive support for all your two wheeler loan requirements.
Factors Affecting Two Wheeler Loan EMI
- Rate of Interest: The interest rate is the percentage of the principal amount that is levied for availing a bike loan. It depends on your eligibility, chosen tenure and principal amount.
- Tenure: You can choose a tenure between 12-48 years, as per your comfort. With an increase in tenure, the EMIs and interest amount decreases
- Principal Amount: The principal amount is the amount you borrow. An increase in principal amount increases the EMIs in number or amount.
- Eligibility: Your eligibility is a significant factor in deciding the interest rate. Low eligibility will gather high interest which will increase the total cost of the loan, increasing the EMIs.
Two-wheeler loan EMIs depend on the following factors:
Benefits of Two Wheeler Loan EMI Calculator
Muthoot FinCorp’s Two-wheeler loan EMI Calculator is designed to offer you maximum ease. Here are the benefits of two wheeler loan:
- Hassle-free Planning: Plan your bike loan without any hassles of manual calculations. Simply move the sliders left or right as per convenience and decide the structure of the loan.
- Check Affordability: The bike loan EMI calculator helps in deciding a suitable loan structure and choose a bike within your affordability.
- Transparency: The two-wheeler loan EMI calculator is completely transparent. Move any of the three sliders to see the loan structure changing in real-time. The figures shown include the processing fee and miscellaneous charges too.
- Unlimited Access: The bike loan EMI calculator is always available on Muthoot FinCorp’s website. Access it from anywhere and from any device. Use it to decide your course of action or revisit it multiple times to find the right fit.
Frequently Asked Questions
Here are the required documents for bike loan you need to avail:
Valid Identification (Any one): Aadhar Card / Voters ID Card / Passport / Driving License / PAN Card
Valid Address Proof (Any one): Identification documents can also be used / Ration Card / LIC Policy
Income Proof (Any one): Bank Statement / ITR / Salary Slips / Form 16
Asset Proof: Documents of self-owned property as Asset Proof for processing your two-wheeler finance
Photograph: A recent passport size photograph
There are two ways through which you can pay your Muthoot FinCorp two-wheeler loan EMIs:
- Muthoot FinCorp’s payment page: Log on to https://www.muthootepay.com/ and fill in your details. The website will guide you to the EMI payment page. You can pay through this portal with a debit card/credit card/netbanking or UPI.
- Muthoot Capital App: Download the Muthoot Capital App on your smartphone and pay the EMIs on-the-go. Get queries answered and stay updated on the loan through the app too.
Here are a few ways to reduce your two-wheeler loan EMI.
- Choose a longer tenure: A longer tenure will stretch the total cost over a greater number of EMIs, reducing the monthly amount.
- Choose a smaller principal amount: Your principal is the main deciding factor for the EMI. A smaller principal amount means smaller EMI payments.
Yes, the loan tenure affects the EMI. A longer tenure will reduce the EMI amount as the total cost will be divided by a greater number. A shorter tenure increased the EMI amount significantly.
Please note that a longer tenure may increase the rate of interest and add to the cost of the loan.
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