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A two-wheeler is not just a vehicle; it is the freedom of mobility. At Hero FinCorp, our affordable two-wheeler loans enable you to purchase your perfect bike without having to dig into your savings. Our two-wheeler loan interest rates start at 15% per annum. Surprised? Don’t be. Read on to know more.
You can either apply a mathematical formula to calculate your two-wheeler loan interest rate manually or use our two-wheeler loan EMI calculator.
The mathematical formula for bike loan interest calculation is:
Where,
E is the EMI
P is the Principal Loan Amount
R is the Rate of Interest
N is the Loan Tenure in months
However, if you want to use a two-wheeler loan EMI calculator, all you have to do is input the three variables—your principal loan amount, interest rate, and loan tenure—and click the submit button. Next, your screen will display the amortisation schedule comprising the details of the principal balance as well as the monthly interest component.
Select Loan Amount
₹
Min ₹ 10,000
Max ₹ 1,50,000
Interest Rate
15 %
Min 15%
Max 32%
Select Loan Repay Duration
6 Months
Min 6 Months
48 Months
Before you apply for a bike loan, learn about the factors that influence your bike loan interest rate.
Your credit history plays a crucial role in determining your two-wheeler bike loan interest rate. We assess the risk associated with your profile by reviewing your credit report, which represents your previous and current EMI payment pattern. To acquire the lowest interest rate for a two-wheeler loan, you must possess a strong credit history.
Although a high income is not mandatory to obtain a two-wheeler loan, it does play a role in establishing the interest rate of a two-wheeler loan. As a high income indicates a minimal risk of default, it might help you bag the lowest rate of interest on a two-wheeler loan.
Age defines your earning potential. Young working individuals may be able to get a low interest rate for a two-wheeler loan as compared to older or retired from work individuals.
When determining the rate of interest on a two-wheeler loan, we consider the resale value of your bike model. In the event of a default, resale value helps the lender in recouping their losses. If the bike you plan to purchase has a high resale value, you may qualify for the lowest interest rate on a two-wheeler loan.
As the eligibility conditions and documentation process differ slightly for salaried and self-employed individuals, the two-wheeler finance interest rate may vary depending upon your employment status. Moreover, the interest rates are also dependent upon your employer's reputation and the nature of your business.
If you are our existing customer who has taken a loan from us in the past and has made all of your EMI payments on time, we may offer you a low-interest rate two-wheeler loan.
Here are some tips to make sure you get a two-wheeler loan at a low interest rate:
If you have a poor credit report due to skipped EMI payments or previous loan defaults, pay them off as quickly as possible. To get the best two-wheeler loan interest rate, make sure you have a strong credit history.
Your debt-to-income ratio plays a vital role in determining your two-wheeler loan interest rate. If you have too many debts, pay them off first to lower your debt-to-income ratio.
If the lender considers your profile risky, they will charge you with a higher two-wheeler vehicle loan rate of interest. However, by increasing the down-payment amount, you may obtain a low-interest rate two-wheeler loan.
If you have a good relationship with your lender, applying for a bike loan with them may help you to get the cheapest two-wheeler loan rate of interest.
If you meet the required loan eligibility criteria and have a strong profile, you can bargain for a two-wheeler loan with the lowest interest rate with the lender.
While the interest rate plays a crucial role in choosing a bike loan, there are more things to keeping mind before signing the dotted line.
It is a one-time, non-refundable cost you pay for your bike loan processing. Although this fee is minimal, you must still consider it before applying for a two-wheeler loan.
To get a two-wheeler loan with lowest interest rate, make sure you check the lender's two-wheeler loan qualifying criteria.
You may wish to foreclose on your bike loan at some point. In such a situation, it is important to know the lender's foreclosure terms as well as the prepayment penalty.
Before applying for a two-wheeler loan, check the loan disbursement time with the lender. Choose the lender who takes minimal time to process your loan.
Check for special discounts and festive offers with the lender while availing of a bike loan. This way, you will not only get the lowest interest rate on a two-wheeler loan but may also get some additional benefits.
Some factors that play a deciding role in establishing your interest rate on a two-wheeler loan are:
If you want to get a low-interest two-wheeler loan, you must:
To check your current interest rate for a two-wheeler loan, read the loan agreement. If you are still not sure about the interest component, use the interest rate calculator for a two-wheeler loan and get complete details of your EMI.
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