bike Loan emi Calculator

Note: flat interest rate will be 2x of reducing interest rate (SBI gives flat).
Ex: 1 lakh loan 2 years term. Monthy 2% rate 24% 24000+24000+100000 then 148000 divide by 24 months monthy EMI 6167*24=14800 (3-10%% processing approx 10k for 2 lakhs. below calculator reducing rate by banks like icici, hdfc, sbi, NBFC gives flat rate. better to go peronsal loan or gold loan.
2 lakhs loan 24%pa 2 years loan
Monthly EMI:Rs. 10,575
Total Interest Payable: Rs. 53,782

bike loan interest rates

The interest rate for a bike loan can vary depending on the bank, the loan amount, the tenure, and the borrower’s creditworthiness. Here are some interest rates for bike loans from different banks:
Bandhan Bank: 16.50% to 22.5%
HDFC Bank: 14.5% onwards
ICICI Bank: 9% to 28.00%
Tata Capital: 10.99% onwards
IDFC First Bank: 11% onwards
Bajaj Finance: 11% onwards
Hero Fincorp: 12% onwards
HDB Financial Services: 12% onwards
State Bank of India: 12.80% p.a. onwards
UCO Bank: 10.00% p.a. onwards
Indian Overseas Bank: 11.00% p.a. onwards

How to caluclate Bike EMI using Loan amount

• Prinicipal:
• Term (years/months):
• Rate Of interest:
• Monthly EMI: calcuated automatically as on output

The equated monthly installment (EMI) for a bike loan can be calculated using the formula

EMI calucate formula: EMI = P x R x (1+R)^N / [(1+R)^N-1], where P is the principal, R is the rate of interest, and N is the tenure.

flat interest rate formula

The formula to calculate flat interest rate is:

• Interest = Principal x Rate x Time 

Here’s what the terms in the formula mean:

• Principal: The initial amount of the loan or deposit
• Rate: The percentage of interest expressed as a decimal
• Time: The length of the loan or deposit in years

Total amount to repay = P + (P x I x T) /100 = ₹1,50,000. So, with a flat rate, you’d pay ₹50,000 in interest over five years, regardless of how much of the principal you’ve repaid during this time.

P×R×(1+R)N/[(1+R)N−1]cap P cross cap R cross open paren 1 plus cap R close paren to the cap N-th power / open bracket open paren 1 plus cap R close paren to the cap N-th power minus 1 close bracket

𝑃×𝑅×(1+𝑅)𝑁/[(1+𝑅)𝑁−1]

, where

is the loan amount,

is the interest rate, and

is the number of months