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Using our online calculator, you can figure out the bike loan EMI. You need to put the loan amount, duration and rate of interest to calculate your monthly EMI. Do note that this does not calculate any bank fees.
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The bank loan EMI depends on the loan amount, duration and interest rate. You can use our calculator to figure out the EMI, or you can use the formula below: [P x R x (1+R) ^N / [(1+R)^N-1] Where: P = Principal R = Rate Of Interest N = Number of monthly instalments
Most banks require the person to be at least 21 years of age and either be salaried, self-employed. A good CIBIL score is also important, but not mandatory. You can contact your bank for choice for more details.
To apply for a bike loan, you need identity and address proof such as an Aadhar card, a permanent driving license or a voter's card. For salaried people, an income proof in the form of the latest salary slip, along with 6 months of bank statements. For self-employed people, you require ITR returns instead of salary slips.
Yes, you can do something called a part repayment, which is a lump sum payment towards the principal amount. This reduces the EMI payment; however, most companies will charge a small fee.
Depending on the company, you can generally get a loan of 80-90 percent of the on-road price. Some banks may also offer a 100% loan, which, however, will not cover the insurance and any fees.
A CIBIL score is a three-digit number that tells banks and financial institutions how good you are at repaying your debts. The score generally ranges from 300 to 900, with anything above 700 considered a good score. Having a high score means an easier time getting your loan processed and sometimes even a better rate of interest.
While there is no limit, the higher your score, the easier it will be to get a bike loan approved. A low score will have some banks outright reject you, and others will charge a higher interest rate.
The bike loan interest rate usually starts from 10% goes all the way to 20%. The rates are dependent on the loan tenure and many other factors. It is best to contact a bank to get the exact rate of interest.
The loan duration depends on the bank. Generally, a bike loan can last from 1 to 5 years. Some banks may offer longer loan tenures as well. Remember that a longer loan duration will result in an affordable EMI, but you'll end up paying more money as interest. A short-duration loan, meanwhile, results in less interest but a bigger EMI.
A fixed interest rate, as the name suggests, stays the same across the entire tenure of the bike loan. A floating interest rate fluctuates with the market and banks' policy and can change during the tenure. Floating interest rates are normally lower than fixed interest rates for a bike loan.
After your bike loan is closed, the bank will hand you documents, which, along with identity proof, PUC, PAN card, address proof and registration certificate (RC), must be taken to a RTO. You also need to inform your bike insurance company about this and hand them a no-dues form.
Missing out on an EMI will result in fines on the outstanding amount and also negatively affect your credit score. These charges depend on the bank, and you should ask about them before getting a bike loan.
Disclaimer : The EMI calculator does not take into account any fees charged by the creditor, such as file charges and processing fees. Depending upon your credit score, type of vehicle, regional requirement, and down payment, the EMIs may vary. To get the accurate EMI amount for your car loan, please contact a bank or financial institution.
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Sep 23, 2025
