With HDFC Bank, you can lower the interest rate on your Two Wheeler Loan. You can open a Women’s Savings Account and get a 2% lower interest rate or a Savings Max Account to save ₹ 2,375 on your Two Wheeler Loan.
To calculate EMI for a 2-Wheeler Loan, use the following formula:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1].
where
P is the principal loan amount or the amount borrowed,
R is the monthly interest rate, and
N is the number of monthly instalments.
The current EMI for a ₹1 lakh Bike Loan depends on the interest rate applicable to the loan. For instance, if you were approved for ₹1 lakh loan at an 8% interest rate at a 24-month repayment tenure , your EMI will be ₹4,523.
The interest rate on an HDFC Bank bike loan depends on the amount borrowed and your chosen repayment tenure. It also depends on other factors like the down payment you can provide, and your creditworthiness, which the bank assesses based on your credit score.
HDFC Bank provides the opportunity to lower the processing fees on your Two Wheeler Loan. Open a Women’s Savings Account or a Savings Max Account with HDFC Bank to get a 50% discount on the processing fees of the loan.
Get your dream bike today—apply now for easy financing!