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Two-Wheeler Loan EMI Calculator by Flat Rate
EMI
Flat Rate
Reducing Balance
Balloon Payment
Loan Amount
Loan Tenure
Year
Month
Rate of Interest
%
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Share
EMI
2458
Interest
47500
Principal
100000
Total
147500
47 K
5
Year
100,000
38 K
Year
Original
Reduced
𝒊
2458
will be
EMI
for
100000
(100 K)
Loan Amount
for
5
Year
Loan Tenure
at
9.50%
Rate of Interest
.
How to Reduce Interest/ Tenure?
Pay
0
1
2
3
4
5
Extra EMI every year.
𝒊
Increase EMI by
0
2
3
5
7
10
15
20
% every year.
𝒊
Pay Lump-Sum
0
(1 K)
(2 K)
(3 K)
(4 K)
(5 K)
(6 K)
(7 K)
(8 K)
(9 K)
(10 K)
in
0
1
2
3
4
year.
𝒊
Recalculate
Share
Loan
Tenure
Interest
Original
5 year
47500
Reduced
4 year
38000
Saved
1 year
9500
Loan Payment Schedule
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Original
Reduced
Balloon Payment
41 K
30 K
20 K
10 K
0
-
-
-
-
-
2024
2026
2028
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Two-Wheeler Loan EMI by Flat Rate
A Two-Wheeler Loan EMI by Flat Rate calculates interest on the original principal amount throughout the entire loan term, leading to fixed, equal monthly payments. This means the EMI amount remains constant, which simplifies budgeting. However, this method typically results in higher overall interest costs compared to loans where interest is calculated on the reducing balance. This type of EMI is ideal for those who prefer consistent monthly payments without worrying about varying interest charges. Calculate your two-wheeler loan EMI with our Two-Wheeler Loan EMI Calculator by Flat Rate. Get detailed breakdowns of monthly payments, interest, and principal to help you plan your loan repayments and ride home your new bike or scooter.
Calculate Two-Wheeler Loan EMI by Flat Rate
Enter loan details like loan amount, interest rate, tenure, and choose months or years to calculate two-wheeler loan EMI by flat rate.
Click Calculate to view your initial breakdown and calculate two-wheeler loan EMI by flat rate based on your inputs.
Customize payment options with three inputs to optimize your two-wheeler loan EMI by flat rate.
Select extra EMIs per year to reduce your two-wheeler loan EMI tenure.
Increase EMIs by a percentage to manage your two-wheeler loan EMI effectively.
Select a lump sum payment in a specific year to lower your two-wheeler loan EMI interest.
Adjust inputs as needed and click Recalculate to dynamically update your tenure and interest for your two-wheeler loan EMI.
Flat Rate EMI formula
To calculate Two-Wheeler Loan EMI, use the Flat Rate EMI formula for precise results. This calculation helps you understand your repayment obligations clearly.
E
M
I
=
P
+
(
P
×
r
×
n
)
n
EMI
= Equated Monthly Installments
P
= Principal loan amount
r
= Monthly interest rate
n
= Number of monthly installments
Eligibility Criteria for Two-Wheeler Loan EMI by Flat Rate
Age Requirement:
Applicants must be at least 21 years old and not older than 60 at the end of the two wheeler loan EMI tenure.
Income Criteria:
A stable source of income, with minimum salary requirements typically around INR 10,000 per month for salaried individuals and INR 50,000 annually for self-employed individuals seeking a two wheeler loan EMI by flat rate.
Employment Status:
Salaried individuals should have at least one year of work experience with six months in the current job; self-employed individuals should have a stable business for a minimum of one year to qualify for two wheeler loan EMI.
Credit Score:
A good credit score, usually above 650, is preferred to ensure loan approval and better interest rates for a two wheeler loan EMI.
Two-Wheeler Loan EMI Calculator by Flat Rate FAQ
How does Flat Rate EMI differ from a Reducing Balance EMI?
Flat rate EMI calculates interest on the original principal amount throughout the loan term, resulting in fixed, equal monthly payments. In contrast, reducing balance EMI calculates interest on the outstanding principal, which decreases with each repayment, leading to gradually lower EMIs and typically lower overall interest costs.
What are the advantages of a Two-Wheeler Loan EMI by Flat Rate?
Two-wheeler loan EMI by flat rate provides predictable monthly payments, aiding in budgeting and financial planning. This method offers simplicity in understanding the repayment schedule, making it a straightforward financing option for borrowers who prefer an easy-to-manage loan structure.
What are the disadvantages of a Two-Wheeler Loan EMI by Flat Rate?
Two-wheeler loan EMI by flat rate EMI can lead to higher interest costs, as interest is calculated on the full principal amount throughout the loan term. This method may be less cost-efficient compared to reducing balance methods, particularly for longer tenures, since interest is not recalculated on the decreasing principal balance.
×
How extra EMI(s) help?
At the end of the year, you can pay extra EMIs out of your savings. This extra EMI payment will go towards your Loan Amount and save you on the interest as well as tenure of the loan.
Payment
Tenure
Interest
Current
5 year
47500
1 Extra EMI/ year
5 year
▶ 0 year
43542
▶ 3958
2 Extra EMI/ year
5 year
▶ 0 year
38792
▶ 8708
3 Extra EMI/ year
4 year
▶ 1 year
37208
▶ 10292
How increasing EMI helps?
As your income increases each year, you can get your EMI increased from the bank. This allows you to allocate more funds towards paying off the loan amount and save you on the interest as well as tenure of the loan.
Payment
Tenure
Interest
Current
5 year
47500
Increase EMI by 1%
5 year
▶ 0 year
46708
▶ 792
Increase EMI by 3%
5 year
▶ 0 year
44333
▶ 3167
Increase EMI by 5%
5 year
▶ 0 year
41958
▶ 5542
How Paying Lumpsum Amount helps?
If you receive unexpected income, such as a bonus or tax refund, consider making a lump-sum payment on your loan. This can help reduce the outstanding loan amount and save you on the interest as well as tenure of the loan.
Payment
Tenure
Interest
Current
5 year
47500
Pay 10% in 2nd year
5 year
▶ 0 year
42750
▶ 4750
Pay 20% in 3rd year
4 year
▶ 1 year
38000
▶ 9500
Pay 30% in 4th year
4 year
▶ 1 year
38000
▶ 9500
How to Reduce Interest/ Tenure?
Making early payments towards Principal amount can reduce your Interest and/ or Tenure.
1. How extra EMI(s) help?
At the end of the year, you can pay extra EMIs out of your savings. This extra EMI payment will go towards your Loan Amount and save you on the interest as well as tenure of the loan.
2. How increasing EMI helps?
As your income increases each year, you can get your EMI increased from the bank. This allows you to allocate more funds towards paying off the loan amount and save you on the interest as well as tenure of the loan.
3. How Paying Lumpsum Amount helps?
If you receive unexpected income, such as a bonus or tax refund, consider making a lump-sum payment on your loan. This can help reduce the outstanding loan amount and save you on the interest as well as tenure of the loan.
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