Sonal R Patel
May 28, 2013 11:19 am
I want to take a bike loan of 50 thousands. Can anyone guide me about a good financial institution to apply for loan?
Dear Sonal, please calculate on your own, the final price of bike for you. I.e. Interest paid + 3300 Rs. processing fee. it’s nothing but in a sense earning interest from you upfront. Alternatively you may even consider that your loan was sanctioned lower by this much fee amount & yet you are paying EMI for a higher amount.
* That is minimum down payment amount.
Also additional processing fee is 3300.
Following are my information regarding payment, loan after taking to dealer.
On road price (P): 63828
Maximum Down payment (40%) (D = P*40%): 25531
Loan Amount (L = P-D): 38297
Interest Rate (R): 12.5%
Months (T): 18
EMI [ E = L*(1 + R*T/12)/T ]: 2527
Dear Sonal, it’s advisable to wait & purchase bike from cash. Bike loans are costlier than Car loans. 🙂
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