Two-wheeler Loan EMI Calculator

A two-wheeler loan EMI calculator is an online tool that estimates the EMI (Equated Monthly Instalments) you may have to pay.
 

It uses details such as:

• Bike or scooter price
• Down payment
• Loan amount
• Interest rate
• Repayment tenure

The EMI calculator will also show the estimated total interest and overall repayment amount. This helps you understand the possible cost of the loan before applying.
 

Each EMI includes:

• Principal: A part of the amount borrowed
• Interest: The cost charged for borrowing the money

The amount borrowed and the total amount repaid are different. The total repayment includes both principal and interest.

You can change the calculator inputs to compare different repayment options. This helps you find a balance between a manageable EMI and a reasonable total borrowing cost.

For example:

• A longer tenure may reduce the monthly EMI.
• However, it may increase the total interest paid.
• A larger down payment may reduce the loan amount and EMI.
• A lower interest rate may reduce the total repayment.

Use the calculator to compare a few combinations before choosing your loan terms.

Bajaj Finance offers two-wheeler loans with financing of up to 100% of the bike’s on-road price, subject to eligibility. Repayment tenures range from 6 months to 84 months.

You can estimate your two-wheeler loan EMI in a few simple steps.

1. Select the bike or scooter brand and model.
2. Enter the down payment you plan to make.
3. Add the applicable annual interest rate.
4. Choose your preferred loan tenure.
5. View the estimated monthly EMI.

The calculator may also display:

• Principal loan amount
• Total interest payable
• Total repayment amount

You can adjust the values to compare different loan scenarios.

For example, you can check how the EMI changes when you:

• Increase the down payment
• Select a shorter tenure
• Choose a longer tenure
• Change the interest rate

Compare the monthly EMI and total repayment before selecting a loan option.
 

What is the formula to calculate two-wheeler loan EMI?
 

The EMI is calculated using the following formula:

EMI = P × R × (1 + R)ᴺ ÷ [(1 + R)ᴺ − 1]

Here:

• P is the principal loan amount.
• R is the monthly interest rate.
• N is the total number of monthly instalments.

The monthly interest rate is calculated by dividing the annual rate by 12 and converting it into a decimal.

The calculator uses this formula to provide an estimate based on the details entered.

Your final EMI may vary depending on the approved interest rate, loan amount, tenure, and other applicable terms.

Example calculation

Suppose you borrow Rs. 50,000 at an annual interest rate of 12% for three years.

In this example, the estimated EMI is Rs. 1,660.72 per month for 36 months.

The EMI includes both principal repayment and interest.

The exact amount may differ slightly due to rounding or the final loan terms approved by the lender.

After checking the estimate, review whether the EMI fits comfortably within your monthly budget.

Here is a breakdown of the most important elements that affect your EMI:

1. Loan amount

The loan amount is the sum you borrow to purchase the bike or scooter.

• A higher loan amount usually results in a higher EMI.
• A lower loan amount may reduce the monthly repayment.
• A larger down payment can help reduce the amount borrowed.

What this means for you: Borrow only the amount you need and can repay comfortably.

2. Loan tenure

The loan tenure is the period over which you repay the loan.

• A longer tenure usually reduces the monthly EMI. However, it may increase the total interest paid.
• A shorter tenure may increase the EMI. However, it may reduce the total borrowing cost.

What this means for you: Do not choose a tenure only because it offers the lowest EMI. Also compare the total repayment using our online calculator.

3. Interest rate

The interest rate affects both the EMI and overall cost of the loan.

• A lower rate may reduce your EMI.
• A higher rate may increase your EMI and total repayment.
• The applicable rate may depend on your eligibility and credit profile.

What this means for you: Compare different interest rates and total loan cost using the tool before applying.

4. Down payment

The down payment is the amount you pay upfront towards the two-wheeler’s price.

• A larger down payment reduces the loan amount.
• A lower loan amount may reduce the EMI.
• It may also reduce the total interest payable.

What this means for you: Make a larger down payment only if it does not affect your emergency savings or essential expenses.

Factors at a glance

Pro tip: Review the EMI, total interest, and overall repayment together before choosing your loan terms.

The interest rate is one of the main factors that determines your EMI and total repayment.

A lower two-wheeler loan interest rate may make the loan more affordable. A higher rate may increase both the monthly EMI and overall borrowing cost.

The rate offered may depend on:

• Credit score
• Repayment history
• Income profile
• Employment details
• Loan amount
• Selected tenure
• Lender’s internal policies

Bajaj Finance offers two-wheeler loans with interest rates of up to 24% per annum.

The exact rate offered will depend on your eligibility, credit profile, and approved loan terms.

Before accepting a loan offer, check:

• Applicable interest rate
• Monthly EMI
• Total interest payable
• Processing fees and other charges
• Total repayment amount

Looking at the full cost can help you make a better decision than comparing EMIs alone.

Here are the main benefits of using a two-wheeler loan EMI calculator:

1. Get an instant EMI estimate
 

The calculator quickly estimates your monthly instalment based on the details such as bike price, downpayment, interest rate and repayment tenure.

You do not need to calculate the EMI manually.
 

How it helps: Saves time and reduces the chance of calculation errors.
 

2. Plan your monthly budget

Knowing the estimated EMI helps you assess whether the repayment is manageable.
 

Compare the EMI with your:

• Monthly income
• Essential household expenses
• Existing loan repayments
• Savings goals
• Emergency fund requirements

How it helps: Reduces the risk of choosing an EMI that is difficult to manage.
 

3. Compare different loan options
 

You can adjust the loan amount, tenure, interest rate, and down payment.

This helps you compare different repayment combinations.

For example:

• A longer tenure may lower the EMI.
• A shorter tenure may reduce total interest.
• A higher down payment may reduce the amount borrowed.

How it helps: Lets you select terms based on your budget and repayment comfort.

4. Understand the total loan cost

The calculator may show the total interest and overall repayment amount.

This helps you see how much the loan may cost over the selected tenure.

How it helps: Gives you a clearer picture beyond the monthly EMI.

5. Use it easily

The calculator requires only a few basic details. You do not need specialist financial knowledge to use it.

How it helps: Makes loan planning easier and more accessible.
 

Benefits at a glance

The results shown by the calculator are estimates.

Your final EMI will depend on the approved loan amount, interest rate, tenure, and applicable charges.

Review the features carefully and compare them with your repayment needs.

Up to 100% financing: Eligible customers can get financing of up to 100% of the bike or scooter’s on-road price.

The approved financing amount depends on eligibility and applicable loan terms.

Flexible repayment tenure: Repayment tenures range from 6 months and 84 months. A shorter tenure may reduce total interest, while a longer tenure may lower the monthly EMI.

Choose a tenure after comparing both figures.

Loan amounts from Rs. 35,000 to Rs. 21 lakh: The loan amount ranges from from Rs. 35,000 to Rs. 21 lakh, subject to eligibility.

Consider your monthly repayment capacity before selecting the amount to borrow.

Simple eligibility criteria:

The loan comes with straightforward eligibility requirements. The documents required may vary depending on your profile and the lender’s policies.

Minimal documentation:

Eligible applicants can complete the process with limited paperwork. Keep the required documents ready to avoid delays during verification.