Two Wheeler Loan EMI Calculator

Simply key in the amount, rate and tenure. The two wheeler EMI calculator will automatically reflect the approximate EMI’s applicable for the loan tenure.

You can also check the amortization schedule which shows a break-up of the interest and principal repaid each year during the loan tenure.

You can apply for the loan on www.axisbank.com or via the Axis Mobile app.

Use Axis Bank’s two-wheeler EMI calculator to know the indicative Two Wheeler Loan EMI for the chosen interest rate and tenure.

The Equated Monthly Instalment (or EMI) consists of the principal portion of the loan amount and the interest. Therefore, EMI = principal amount + interest paid on the Car Loan. The EMI, usually, remains fixed for the entire tenure of your loan, and it is to be repaid over the tenure of the loan on a monthly basis.

Mathematically, EMI is calculated as under:

P x R x (1+R)^N / [(1+R)^N-1]

P = Principal amount of the loan

R = Rate of interest

N = Number of monthly instalments.

Say you take a Two Wheeler Loan of Rs 1 lakh from Axis Bank at an interest rate of 17% p.a. and your loan tenure is 30 months your EMI will be calculated as under:

EMI = 100000* 0.014167 * (1+ 0.014167)^30 / ((1+ 0. 014167)^30)-1 = Rs 4,115

The rate of interest rate (R) on your loan is calculated monthly i.e. (R= % Annual rate of interest/12). For instance, if R = 17% per annum, then R= 17%/12 = 0.014167

Does it look complicated? Don’t worry! Use Axis Bank’s Two Wheeler Loan EMI calculator.

Axis Bank’s Two Wheeler Loan EMI calculator is a great online tool that provides you with the answer in a split second and enables you to understand how much will be your EMI outgo. All you got to do is use the slider to enter the loan amount, interest rate, and the tenure of your loan (in months).

Here are the five benefits of using the EMI calculator:

• Easy to access
• Provides quick results
• Saves time and energy spent on doing manual calculations
• Helps you ascertain how much will be your Two Wheeler Loan EMI outgo
• Make loan planning easier for you

Remember, the interest rate and your loan tenure are the vital deciding factors for your loan EMI. Higher the interest rate on the loan, higher will be your EMI and vice-versa. Similarly, opting for a longer tenure reduces your EMI and vice versa. So, consider opting for longer loan tenure when you avail a Two Wheeler Loan so that repayments can become comfortable.

Do note that during the initial months of the Two Wheeler Loan tenure, you pay more towards interest, and gradually, as you repay the loan, a higher portion is adjusted towards the principal component. This is because; EMIs are computed on a reducing balance method, which works in your favour as a borrower.

You can opt for either of these:

• Standing Instructions (SI) can be used if you have a savings account, salary account, or current account with Axis Bank. Your EMI will be automatically debited from the account you specify.
• National Automated Clearing House (NACH)/ECS mandate can be used if you do not have an account with Axis Bank and would like your EMIs to be debited automatically at the end of the monthly cycle.

The benefits of availing of a Two Wheeler Loan from Axis Bank are:

• Attractive interest rates
• Minimal documentation
• Flexibility of amount and tenure: You can get an Axis bank Two Wheeler loan for amounts starting from Rs. 25,001 and a Superbike Loan starting at Rs 1 lakh.