Two Wheeler Loan EMI vs Lump Sum Payment: Which is Better?

You can use an online Two-Wheeler Loan EMI calculator provided by banks like Ujjivan SFB. Simply enter the loan amount, interest rate, and tenure to get an estimate of your monthly EMIs.

Missing an EMI payment can negatively impact your credit score and may result in penalties or additional charges. It's crucial to make timely repayments to avoid any such consequences.

Generally, the EMI amount is fixed at the time of loan disbursal. However, some banks may allow you to change your EMI amount by opting for a loan restructuring or refinancing option.

Some banks offer zero down payment options for two-wheeler loans. However, it's important to note that a higher down payment usually results in lower EMIs and vice versa.

Yes, some banks offer loans to individuals with low credit scores, but the interest rates may be higher. That said, always strive to keep your credit score healthy - above 750 that is.

Typically, you'll need identity proof, address proof, income proof, and bank statements to apply for a loan. Ujjivan SFB asks for normal KYC documents and photograph for Two-Wheeler Loan application.

The approval process varies across banks but usually takes anywhere from a few hours to a few days.

Interest rates can be influenced by your credit score, loan amount, tenure, and the bank's policies.

No, two-wheeler loans do not typically offer any tax benefits. However, as a salaried employee, you can claim reimbursement on fuel expenses. Kindly check with your organisation for better clarity.

The loan tenure usually ranges from 12 to 48 months, depending on the bank.

Most banks offer balance transfer options. However, go for balance transfer only if you feel that the terms and conditions are more favourable compared to your previous bank's policy.

The EMI is calculated based on the loan amount, interest rate, and tenure. The formula is - P x R x [(1 + R) N / ((1 + R) N – 1]; where P denotes the loan's principal amount, R denotes the prevailing rate of interest, and N denotes the loan's duration in months. However, manually calculating such could be taxing and may leave for errors. Instead, you can use our two-wheeler loan EMI calculator.

Review the reasons for rejection, improve your credit profile, and reapply after some time. Immediate application can negatively impact your credit score.