Your Loan Journey is Made Easy with this All-New EMI Calculator

bike loan calculator
bike loan calculator

Equated monthly instalments, or EMI, is a specific sum a borrower must pay the lender each month to repay the loan. However, with many loan options available today, it’s best to compare the EMI options to ensure your eligibility to repay the loan. Using an EMI calculator is a suitable option because:

  1. It helps you comprehend what other expenses you will incur monthly after your EMIs start.
  2. It helps organise your loan journey to ensure you make all your repayment on time.
  3. It helps segregate the monthly EMI from your in-hand salary so that a lower amount gets spent toward EMI payments.

In this post, you will understand how to calculate EMI using a bike loan calculator and verify your calculation with your bank’s calculation for extra clarification.

Initial Steps Before Calculating The Monthly Emi

Repayment is the first thing that comes to your mind before you sign your loan application. This helps you stay organised to complete the repayment tenure on time. While borrowing, plan the budget accordingly to account for all monthly and yearly expenses. Here is a checklist to assist you in planning your monthly instalments before you apply for a bike loan.

 Document Your Monthly Expenses

This is an essential step when you avail any loan. You must consider your total income and expenditure to determine the amount you can repay monthly via EMIs without hindering your routine household finances It’s best to sit with a pen and paper to chart out your expenses, eliminate unnecessary expenses, and plan for emergency expenditures. 

Create A Separate Loan Account 

To efficiently track your repayment and EMI and avoid managing all your expenses in a single account, better maintain a separate loan account. This way, you can determine the expense type that drains your savings. Also, ensure that you keep the required balance for your loan payments to go through. 

Take A Different Financial Approach

Spending only what is left upon saving should be a rule of thumb when you take a loan because the higher you save, the easier your EMI repayments will be. This also ensures stable finances and cultivates healthier money-managing habits while repaying to avoid defaulting on your loan and drawing hefty penalties.

Choose Zero Or Minimal Prepayment Charges

Loans often have the probability of incurring hidden charges that can lead you to pay unaffordable EMIs. In such a situation, it’s best to prepay a part of the outstanding principal, for which the lender will charge you a fee. However, it’s always best to choose institutions offering lower prepayment charges, which are transparent without any hidden charges.

Prioritise Multiple Loans

Convenience and hassle-free experience are the agendas behind today’s loans, where you can take more than one loan upon completing the previous loan. However, in that case, you must be extra careful and prioritise because you will be heavily penalised if you miss paying the interest. Hence choose the right loan option you can afford with the perfect features.

How To Use An Emi Calculator For A Bike Loan?

This free online calculating tool immediately computes the EMI value for the bike loan you desire to borrow. It is found on most websites of banks and lending institutions that help calculate the repayment amount towards the borrowed loan. Here’s how you use the EMI calculator;

  1. Go to any official banking website to open the tool.
  2. Enter the loan amount between ₹0 to ₹50 lakhs.
  3. Enter the interest rates.
  4. Enter the loan tenure (in a number of years).
  5. Finally, hit the calculate button to get immediate results.

You can enter various amounts and find results for different EMIs you must pay by clearing off all the bike loan EMI calculator tabs and reentering new variables.

This will help you decide on the type of loan you can afford, the interest rate you can pay, and the years you can take to repay the loan before you apply for a bike loan.


You can purchase your dream bike without wasting too much money using an online bike loan calculator. Now it’s time to check your eligibility. Submit all the documents for verification to disburse the loan into your account in no time.

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