Are you planning to get a two-wheeler loan? Selecting a loan with a low-interest rate and EMI is important. Let’s look at how you can calculate the bike loan EMI, along with some tips to reduce the loan interest rate. 

Using a Bike Loan EMI Calculator 

A bike loan EMI calculator lets you calculate the EMI you’ll have to pay for a two-wheeler loan. Almost all loan providers have a dedicated loan EMI calculator. 

Fullerton India has a two-wheeler EMI loan calculator. You need to fill the following fields:

• Loan Amount
• Rate of Interest
• Loan Tenure

Based on these inputs, the calculator calculates the estimated EMI you’ll need to pay. Here’s the formula used to calculate the expected EMI. 

How to Lower the Two-Wheeler Loan Interest Rate?

The EMI you pay depends a lot on your interest rate. The higher the interest rate, the higher the EMI. Therefore, lowering the interest can help you lower the EMI. Here’s how you can do that. 

• Improve your credit score to get a lower two-wheeler loan interest rate.
• Repay all your existing loans and clear your debts to improve your debt-to-income ratio.
• Negotiate with your lender for a better interest rate. 
• Get a loan from a lender that you have a standing relationship with, as lenders could offer special discounts to regular customers. 

Conclusion

The interest rate and EMI are the two most important things to consider before getting a two-wheeler home loan. You can use a bike loan EMI calculator to check the EMI you’ll need to pay. 

Additional Read: Purchase Bike of your Dreams in this festive season