What will be the EMI for a new motorcycle?
If you are looking to buy a new Bajaj bike, then the first question in your mind will be what will be the EMI of the new motorcycle? In this information, we will be able to inform you about a short period EMI scheme for Bajaj bikes at Kay Dee Bajaj, the leading Bajaj bike dealer of Bajaj Bikes.
What is an EMI?
In general, EMI stands for Equated Monthly Installments. Value refers to the amount that needs to be paid every month for the repayment of any loan taken for fixed loan tenure. You can choose to close your Two Wheeler Loan with any bank for anywhere between 6 to 36 months. Your two-wheeler loan EMI will consist of the principal + interest applicable on the loan. The bike loan EMI amount remains unchanged every month; however, the principal and interest charges over the months – the interest is higher during the initial months while the principal becomes higher in the later months. The exact percentage of principal and interest depends on the interest rate of the two-wheeler loan and the tenure for which the loan is taken. Motorbike loans help you buy a motorbike without denting your finances.
Bike Loan Lowest Interest Rate
If you feel that the EMI on a short-term loan is getting high, you can opt for a lower interest rate which will reduce the value of the EMI proportionately.
Keep in mind that even a small increase of 0.25% can have a significant impact on your repayment amount. You can count on the bank to offer you competitive interest rates as per your eligibility and requirement. The tenor of a two-wheeler loan is 1-3 years, but in some case, banks can extend it up to 5 years.
Once you have corrected your calculations, you will also need to look at the bike loan interest rates and the processing fee involved in the approval of the bike loan.
Lowest possible down payment on Bike Loan
Down-payment is the upfront amount that needs to be paid to take the bike on finance. Mostly all financiers finance 80% of the bike. So 20% is what is required upfront from you to take the bike on EMI. Sometimes the down payment can go to as low as 5-10%. Low down payment looks attractive but beware, that the lower the down payment, the higher will be the interest cost on the bike.
You can check the EMI facility on following Bajaj bikes here:
For more information, you can us these numbers Call on 73148 55600, 87500 44099 or contact our website.