Bike Loan Affordability Calculator

Fintra’s easy to use Bike Affordability Calculator helps you figure out the right budget for your Bike!

Why is the Bike Affordability Calculator important?

The first step in the Bike buying journey is to know how much amount you can afford. Fintra has created a Bike loan affordability calculator to help you understand your budget for your dream Bike.

Simply enter your monthly EMI, Down payment amount, Bike loan interest rate, and time period of the loan, and you will get your amount

How much should you spend on your Bike?

There is a general 28/36 Rule for Affordability. According to this rule, your Bike Loan EMI should be less than 28% of your pre-tax income. Also, Total loans (Home, Car, personal, etc) should be less than 36% of your pre-tax income. Lenders definitely look at these parameters along with other factors such as Credit Score before issuing you a loan.

What factors affect Bike loan affordability?

The below-given factors affect Bike Loan affordability:

1. Income: Income is amongst the most crucial factor for your loan affordability. Having a stable income increases the chances and you will get a much better picture of what amount of loan you'll comfortably repay.

2. Age: Younger people have a higher probability of getting a large loan amount due to long repayment ability as compared to an older individual

3. Income Sources: Having multiple income sources increases the chances of getting a loan

4. Current EMIs: Having a large number of Existing loans and their EMIs will have a negative impact on Bike affordability

5. Credit score: A better credit rating makes the authorization process faster and easier and vice versa.

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