5 replies on this article “Bike Loan”

1. Ashal Jauhari says:

   May 29, 2013 at 11:28 am

   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.

   Thanks

   Ashal

   Reply
2. Sonal R Patel says:

   May 29, 2013 at 9:43 am

   * That is minimum down payment amount.

   Reply
3. Sonal R Patel says:

   May 29, 2013 at 9:42 am

   Also additional processing fee is 3300.

   Reply
4. Sonal R Patel says:

   May 29, 2013 at 9:41 am

   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

   Reply
5. Ashal Jauhari says:

   May 28, 2013 at 12:26 pm

   Dear Sonal, it’s advisable to wait & purchase bike from cash. Bike loans are costlier than Car loans. 🙂

   Thanks

   Ashal

   Reply

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