1.How to calculate bike loan EMI?

To calculate your bike loan EMI, you will need to know the principal loan amount, the duration of the loan, and the tentative interest rate on the vehicle loan. The formula to calculate the bike loan EMI is:

EMI= Px Rx [(1+R)^N]/ [(1+R)^N-1]

Where, 

P=Principal amount

R=Rate of interest

N= Tenure of the loan 

The best way to calculate the EMI is to use the bike loan EMI calculator. 

2. What is the rate of interest on a bike loan?

The rate of interest on a bike loan is similar to the personal loan interest rate. At Finnable, the bike loan interest rate starts at 16% up to 26%.

3. Do I need to provide any security to get a bike loan?

A bike loan availed through Finnable is a personal loan and does not require any collateral or security against the loan amount.

4. What are the documents required to apply for a bike loan?

The documents required to apply for a bike loan are:

• PAN card
• Aadhar card
• Salary slip for 3 months
• Bank statement for 3 months 

5. What is the minimum loan amount of a bike loan?

Rs. 50,000 is the minimum amount you can apply for as a loan for a two-wheeler.

6. What is the procedure for loan EMI payments?

You will now have to sign an e-mandate at the time of availing the two-wheeler loan. An e-mandate is an electronic standing instruction that will be issued to your bank stating that a certain amount (in this case, the EMI amount) is to be debited from your bank account every month. This will be valid until the end of the loan term. 

7. Can I get a bike loan with a low CIBIL score?

Yes, you can avail of a two- wheeler loan with a low CIBIL score through Finnable. 

8. What are the eligibility criteria to get a personal loan for the bike?

The eligibility for a bike loan includes: 

• Citizenship: You can only apply for an instant loan for a bike if you are an Indian citizen.
• Age: You have to be between the age group of 21-45 years of age.
• Employment: You need to be employed full-time either in a private company or a government organisation.
• Tenure: This tenure of current employment has to be more than 3 months
• Work experience: You should have a minimum of 6 months of work experience.
• Income: The income received should be more than Rs. 20,000/- if you live and work in a Tier-I city. For a Tier-II borrower, it has to be Rs. 15,000/- every month.
• Receipt: This income should not be received in cash and should be credited into your bank account

9. How to apply for a two-wheeler loan?

You can apply for a two-wheeler loan through Finnable’s online loan app:

• Download the personal loan app from the Play Store.
• Create a profile that includes your personal and professional details.
• Select vehicle loan, enter the amount and the duration of the loan.
• Upload all the mentioned documents. 

The loan amount will be credited within 24 hours of all the paperwork being in order. 

10. What is the maximum tenure for a bike loan?

The maximum tenure for a bike loan is 5 years or 60 months.