All About Two-Wheeler Loans

Feeling overwhelmed by interest rates, tenures, and downpayment options for two-wheeler loans? Don’t worry, we’ll help you explore suitable loan options in this video! First, we’ll discuss the two types of loans you can choose: secured and unsecured. Secured loans require using your two-wheeler as collateral, while unsecured loans don’t. Also, remember to consider the type of two-wheeler. Some lenders might offer affordable schemes for electric scooters, promoting eco-friendly choices. Next, you’ll understand the importance of interest rates, tenure, and loan amount. Interest rates, whether fixed or floating, tend to be lower for secured loans. We'll also discuss how 4-5 years can be a typical loan tenure. But remember, a longer term could result in lower EMIs but also higher interest. Then, the video explores how the loan amount could cover up to 90% of your two-wheeler’s on-road price, with the rest as a downpayment. On-road prices include costs like registration, road tax, and insurance. You’ll also learn about the importance of factoring in fees like stamp duty and processing fees when budgeting. For a smooth loan journey, choose a comfortable tenure, affordable interest rates, and carefully calculate your EMIs. Ready for that dream bike? Follow these tips and bring it home with confidence!

Dreaming of getting your dream bike with a loan? This video can help you better understand two-wheeler loan EMIs. First, we’ll explain what an EMI is and discuss the main factors that affect EMIs. These include the loan amount (principal), interest rate, and loan tenure (duration). You’ll also discover that most banks use the reducing balance method to calculate EMIs. This means that each payment reduces your outstanding balance, which in turn lowers the interest for the next month. Then, you’ll look at how EMI is calculated using a formula. It considers your principal, interest rate, and tenure to determine a fixed monthly payment. This allows you to repay the loan fully by the end of the tenure. You’ll also understand the role of interest rates. Higher interest rates could lead to higher EMIs and a larger total repayment. Next, the video will walk you through the process of using an online EMI calculator for your bike loan. Here, you can enter your loan details, i.e., the principal, rate, and tenure, to get an estimate of your EMI, total interest, and total amount payable. So, plan your finances wisely and bring home your dream bike! Stay tuned to Academy for more insights into two-wheeler loans!