Axis Bank Two Wheeler Loan EMI Calculator
Planning to purchase a new bike or scooter? Use the Axis Bank Two Wheeler Loan EMI Calculator to find out your monthly EMI before applying. It helps you make an informed financial decision by showing how much you’ll repay every month.
What is a Two Wheeler Loan EMI?
An EMI (Equated Monthly Installment) is the fixed monthly payment you make to repay your Axis Bank bike loan. It consists of both the principal and interest and depends on the loan amount, interest rate, and tenure.
How Does the EMI Calculator Work?
The calculator uses the following formula:
EMI = [P × R × (1 + R)^N] / [(1 + R)^N – 1]
- P: Loan amount
- R: Monthly interest rate (annual rate ÷ 12 ÷ 100)
- N: Loan tenure in months
How to Use Axis Bank’s EMI Calculator
- Visit the official Axis Bank Two Wheeler Loan EMI Calculator page.
- Enter the loan amount you need (e.g., ₹70,000).
- Set the interest rate (e.g., 10.5%).
- Select the tenure (e.g., 24 months).
- Click on “Calculate” to see your monthly EMI, total interest, and total payment.
Benefits of Using Axis Bank’s Calculator
- Quick and accurate EMI estimation
- No paperwork or login required
- Compare different tenures to find the best repayment option
- Helps with better financial planning
Example Calculation
Let’s say you take a loan of ₹70,000 at an interest rate of 10.5% per annum for 2 years (24 months). Your monthly EMI would be approximately ₹3,243 and the total repayment amount will be ₹77,832.
Frequently Asked Questions
Q: Can I prepay my Axis Bank two wheeler loan?
Yes, Axis Bank allows loan prepayment or foreclosure. Charges may apply based on the repayment schedule.
Q: Is the EMI fixed or can it change?
The EMI remains fixed if the loan is under a fixed interest rate. It can vary if the loan is on a floating rate.
Q: Are processing fees included in the EMI?
No, processing fees are separate and usually charged upfront.