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. 🙂
Your email address will not be published. Required fields are marked *
Subscribe to FREE Video Course + FREE Ebook + Future Email Updates
This site uses Akismet to reduce spam. Learn how your comment data is processed.
Join 1,60,000 email subscribers
FREE Video Lessons directly in your email daily
144 page PDF ebook with best articles from Jagoinvestor
Get future articles directly on your mailbox + updates
6 PART VIDEO COURSE
You are subscribed for FREE Course now, Check your Email
New here? Create an account