How Can I Buy A New Bike On EMI?

How can I get EMI without any cost?

There are three stakeholders in a no cost EMI: the retailer, bank and consumer.

Usually, select banks offer no cost EMI on credit cards.

If you don’t have a credit card of the bank that offers the scheme, you can’t get the deal.

You have to option of opting for an EMI card from a non-banking finance company..

How is EMI calculated for bike?

EMI = Principal Amount + Interest on Principal amount. Mathematically, EMI can be calculated using the following formula:{P x R x (1+R)^N / [(1+R)^N-1]} where, P = Principal amount of the loan, R = Rate of interest and N = Number of monthly installments.

What is the down payment for bullet?

Royal Enfield Bullet 350 Down Payment and EMIBullet 350 VariantsLoan @9.45%Down PaymentABS BS6Rs. 1,14,384Rs. 38,203STDRs. 1,19,934Rs. 39,556ES ABS BS6Rs. 1,28,434Rs. 41,629

Which bank is best for bike loan?

Compare Bike Loan Interest RateBankTwo Wheeler Loan Interest Rates*Lowest EMI per Rs. Ten Thousand for Max TenureHDFC Bank14.03%₹ 273 for 4 yearsPNB10.70%₹ 216 for 5 yearsBajaj Auto Finance11.60%₹ 330 for 3 yearsIndusInd Bank12.00%₹ 332 for 3 years11 more rows

What are the hidden charges in no cost EMI?

Suppose the phone you want to buy costs Rs 15,000. Under the three-month EMI plan, the interest rate charged is 15 per cent and you would have to pay an interest amount of Rs 2,250….’No-cost EMI’ offers on the online retailers.Cost of Mobile PhoneRs 15,000Cost of Mobile phone post discountRs 12,7503 more rows•Aug 6, 2020

What is the EMI for bike loan?

How does Two-Wheeler Loan EMI Calculator work?Loan amount (Rs.)Interest rate (Mean)EMI for 4 years (Rs.)50,00011.10%1,2951 Lakh11.10%2,5892 Lakh11.10%5,1793 Lakh11.10%7,7681 more row•Aug 28, 2020

How can I avail my bike loan?

How to get Bike Loan?1 – Pick a Two Wheeler Loan. Decide the brand and type of Two Wheeler Loan that is likely to serve your needs best. … 2 – Check your loan eligibility. You can check your loan eligibility in less than two minutes. … 3 – Calculate your Two Wheeler Loan EMI. … 4 – Apply online. … 5 – Submit documents.

What happens if mobile EMI is not paid?

– An increased interest rate: If you haven’t paid your EMIs, the lender will increase the interest rate and/or levy additional fees and charges on your loan. – A lower CIBIL score: An EMI default would lead to the borrower’s credit score being lowered, which affects his future ability to take debt.

Which is better personal loan or bike loan?

Lower Interest rate: Another major benefit of availing a personal loan is that personal loans can have a lower interest rate than the two-wheeler loan. While the average rate of two-wheeler loans is 11-12%, the rate of interest for personal loans is usually around 10.5%.

Can we buy bike in credit card?

Yes, you can buy a bike using a credit card. So, you can either opt to make full payment on the due date or make payment by EMI. It is vital to know the credit limit on your card. You see, this limit is the maximum amount that you are allowed to spend on your credit card.

How do I know what kind of bike to buy?

If you’ll stay on pavement and ride primarily for exercise, a road bike or fitness bike is a good choice. A comfort or cruiser bike is better for short, casual rides with family. If you’ll bike mostly for commuting, a city bike might be best; think about electric pedal-assist models as well.

Can I buy bike on no cost EMI?

The Bajaj Finance No Cost EMI can be availed using the Bajaj Finserv EMI Network card. The option of no cost EMI on Bajaj Finserv EMI Network cards makes use of a pre-approved loan to purchase high-value products and prevents you paying excess on your purchase.

Should I buy bike EMI?

Interest plays a significant role in your overall loan expenses. If your interest rate is low, then your loan expense will be low as your equated monthly installments (EMIs) will be low. … If you are looking to borrow an affordable loan to purchase your dream bike, a personal loan does make sense.

How much is a downpayment on a bike?

In most cases, when you take a loan for making a high-value purchase like a car or a two wheeler, you are required to pay anywhere between 5% and 15% of the value up front, called the down payment. The bank provides the balance 85%-90% of the value as loan.

Why is no EMI bad?

Buying a product on EMIs reduces the burden of paying a huge amount upfront. However, when you get a product on zero-cost EMI, you may forfeit the discount that the store would have offered to you if you have paid the purchase price upfront. While other retailers may add the interest cost to the price of products.