What is the interest rate of SBI for bike loan?
What is the interest rate of SBI for bike loan?
The State Bank of India (SBI) is Indias largest public sector bank. It provides loans for two-wheelers and superbikes to its consumers….SBI Two-Wheeler Loan Interest Rate.
| SBI Two Wheeler Loan | Bikes | Super Bikes |
|---|---|---|
| Interest Rate | 16.25% p.a. – 18.00% p.a. | 10.25% p.a. onwards |
Which finance company is best for bike?
Two wheeler loans are usually taken to buy a new bike or used bike for personal use or business use . Some of the top two-wheeler loan lenders are Axis Bank, HDFC Bank, SBI and Bajaj Auto Finance, among others.
How can I check my bike loan status?
Through SMS: The number 97177 52222 is their self-service call number. After giving a call to this number, it instantly gets disconnected. You then immediately receive the details regarding your loan application status on the mobile number listed with the company.
How is EMI calculated for bike?
Stated below are the two methods for calculating bike loan EMI: Manual calculation using a formula: The EMI value is calculated using the formula P x R x [(1 + R) N / ((1 + R) N – 1]. P denotes the loan’s principal amount, R denotes the relevant rate of interest, and N denotes the loan’s duration in months.
What is the rate of interest for EMI in bike?
How does the Two-Wheeler Loan EMI Calculator Work?
| Loan amount (Rs.) | Interest rate (Mean) | EMI for 3 year (Rs.) |
|---|---|---|
| 1 Lakh | 11.10% | 3,279 |
| 2 Lakh | 11.10% | 6,557 |
| 3 Lakh | 11.10% | 9,836 |
| 4 Lakh | 11.10% | 13,114 |
How is EMI calculated for two wheeler?
Bike Loan EMI Calculation Formula EMI = [P x R x (1+R)^N]/[(1+R)^N-1], P stands for the loan amount or principal, R is the interest rate per month and N is the number of monthly installments. Input necessary information such as the capital amount, rate of interest, and the tenor in months.
What is super bike loan?
But what is a Super Bike Loan? It is a loan that you can use to fund the purchase of your dream bike. It works like any other loan, which means that you repay the loan amount to the bank in easy monthly instalments.
Can I buy bike on Bajaj EMI?
Yes, you can. Leading lenders offer their clients the option to pay bike EMI online using internet banking as well as UPI.
How is EMI calculated for bikes?
Bike Loan EMI Calculation Formula EMI = [P x R x (1+R)^N]/[(1+R)^N-1], P stands for the loan amount or principal, R is the interest rate per month and N is the number of monthly installments.
What is the minimum down payment for a bike?
Minimum Down Payment Required for a Bike Loan It ranges from 15-30%* of the two-wheeler value. Down payment solely depends on the cost of the bike and your repayment capacity. It is advisable to pay some amount as down payment for availing lower EMIs on bike loan.