Understand how a two-wheeler loan EMI calculator helps to plan your loan EMIs and explore two-wheeler loans from Bajaj Finance.
Are you planning to purchase a new bike or a scooter with a two-wheeler loan? It is a big decision, and you should plan the purchase by becoming aware of how two-wheeler loans work. Bajaj Finance offers two-wheeler loans that allow you to buy a scooter, bike, or an electric scooter in monthly instalments. One of the important online tools to help you plan your purchase with a two-wheeler loan is the two-wheeler loan EMI calculator.
Understanding the two-wheeler loan EMI calculator
An EMI calculator is like a financial compass, guiding economic decisions regarding loan repayments. The way it works is simple. You just need to input or select the loan amount, interest rate, and tenure, and the tool will give you an estimate as per the entered values. You can even download the repayment schedule to get an idea of how the monthly instalments are spread out as per the loan amount, interest rate, and tenure.
Components of a two-wheeler loan EMI calculator
The key components of a two-wheeler loan EMI calculator include:
· Loan amount: The total amount borrowed for purchasing the two-wheeler.
· Annualised interest rate: The annual interest rate charged by the lender on the loan amount.
· Loan tenure: The duration over which the loan is to be repaid, usually in months.
· Down payment: The initial amount paid upfront by the borrower towards the purchase.
· EMI: The Equated Monthly Installment, calculated based on the loan amount, interest rate, and tenure.
· Total interest payable: The cumulative interest amount paid over the loan tenure.
· Total payment: This is the total amount payable including the loan amount and total interest payable.
Why should you use a two-wheeler loan EMI calculator
Here are some of the key benefits of a two-wheeler loan EMI calculator :
1. Get EMI estimates: A two-wheeler loan EMI calculator is a readily available online tool that gives you a picture of how much EMI you will have to pay each month to repay a two-wheeler loan. The tool also helps you gauge the difference in EMIs if you go for a longer or shorter repayment term.
2. Plan your finances: You may have a specific income based on which you run your monthly expenses. To manage the cost of buying a new two-wheeler effectively, you may opt for a two-wheeler loan. With a two-wheeler loan EMI calculator, you will be able to plan for the upcoming monthly EMIs when you purchase a new scooter or bike.
3. Check interest rates: You may get two-wheeler loan offers that cover up to 100% of the on-road value of the vehicle. A two-wheeler loan calculator will help you understand the impact of interest rates on the total cost of the loan.
Charges you need to know when you go for a two-wheeler loan
When considering a two-wheeler loan, it's essential to factor in various charges to make an informed decision. These charges may include processing fees, documentation charges, stamp duty, prepayment fees, bounce charges, and legal or repossession charges. Being aware of these costs helps you to plan your finances effectively and avoid unexpected expenses. Despite these charges, a two-wheeler loan remains a favourable option for financing a bike or scooter as it offers the flexibility to accommodate the cost of a new two-wheeler purchase.
Two-wheeler market in India
Bikes, scooters, and electric scooters have evolved into essential commodities in the buzzing lanes of Indian cities and rural scenery alike. Top brands like Hero MotoCorp, Honda, TVS, and Bajaj Auto have permeated deeply into the vast Indian market with their scooters and bikes. You can find numerous budget-friendly models to high-end vehicles with premium features in the Indian two-wheeler market.
One of the most top picks among enthusiasts are Honda bikes , including the Honda Shine 125, Honda Hornet 2.0, and Unicorn. Among the best mileage bikes in India, you will see the Hero Splendor+ series offering mileage of 60 kmpl to around 83 kmpl. If you enjoy adventures and prefer classic bikes, explore Royal Enfield bikes, Jawa bikes, and Yezdi bikes.
In India, you can choose from top scooters like the Suzuki Access 125, Yamaha RayZR 125, Vespa VXL 125, Honda Activa, and advanced electric variants like the Ola S1 Pro and the Ather 450X. The EMIs for bikes and scooters can be as low as
Estimating the two-wheeler cost
When considering the cost of a two-wheeler in India, it is essential to look beyond the ex-showroom price and factor in additional expenses that contribute to the overall outlay. These include:
· Insurance: Compulsory third-party insurance and comprehensive coverage are integral components of bike ownership, safeguarding against unforeseen accidents and liabilities.
· RTO charges: Registration and road tax charges imposed by the Regional Transport Office (RTO) add to the initial cost of vehicle acquisition.
· Other charges: Miscellaneous expenses such as handling charges, documentation fees, optional vehicle customisations, and accessories may further increase the total expenditure.
Depending on the two-wheeler you choose, the total cost can vary from around Rs. 70,000 to a few lakhs.
Steps for two-wheeler online booking with a Bajaj Finserv Two-wheeler Loan
To get a two-wheeler loan from Bajaj Finance, you need to book your vehicle online on Bajaj Mall. Just follow these simple steps:
· Click here to head to Bajaj Mall.
· Use your phone number to log in and complete OTP verification.
· Pick the two-wheeler you want and click 'Buy now' to start booking.
· Check the displayed price breakdown for your chosen two-wheeler.
· Complete the authentication process to confirm your booking.
Wait for contact from a Bajaj Finance representative to take the two-wheeler loan process further.
With a thorough understanding of two-wheeler loans and tools like two-wheeler loan EMI calculators, your journey of getting finance for your new bike or scooter will be smoother. Whether opting for the timeless appeal of Honda bikes or embracing the electric revolution with an Ola S1 Pro, informed decision-making paves the way for a fulfilling and financially prudent journey on two wheels.
