Question 1

What Is An EMI?

Accepted Answer

EMI is referred to as Equated Monthly Installments. When someone takes a loan, he gets off the loan amount through finance companies, and for others, he pays down payments. For repaying, the Bank allows you to pay the considerable loan amount in monthly installments, including interest.

Question 2

What Is The Down Payment Amount?

Accepted Answer

Down Payment is the difference between the on-road price and the amount you take on the loan. If the on-road price is Rs. 1,25,000 and you are taking Rs. 1,00,000 on finance, then Rs. 25,000 will be the down payment.

Question 3

What Will Be The Interest Rates For The Two-Wheeler Loan?

Accepted Answer

The interest rate of your two-wheeler loan depends on the amount remaining after the down payment. And also, it depends on the EMI tenure you have chosen.

Question 4

What Are The Steps To Calculate EMI From BikeJunction?

Accepted Answer

You can calculate EMI with BikeJunction in 3 easy steps:Visit BikeJunction official website.Click on the EMI Calculator tab on the main menu bar.Select the Brand, Model and Variant of your 2-wheeler and finally click on to calculate EMI.You will then get a comprehensive and accurate EMI calculation based on the down payment and bank interest rate you choose.

Question 5

What Are The Charges If The Bike Loan EMI Is Missed?

Accepted Answer

The charges of missed EMI are decided by the finance company you choose. You need to pay the mandatory amount of late fee.

Question 6

What Will Be The Tenure Of My Bike Loan?

Accepted Answer

Bike Loan tenure depends upon the EMI duration you are taking. For example, you can avail of a 12-monthly EMI option in which you need to pay significant amounts of EMIs, but the interest rate will be lower. On the other hand, you can go for an EMI option for 84 months, in which you have to pay a low amount of EMIs at a high-interest rate.

Question 7

What Needs To Be Done After Paying The Last EMI Of The Two-Wheeler Loan?

Accepted Answer

Many people who take loans think that the job is done after the last EMI, but you need to complete some tasks after the repayment of your two-wheeler loans which are written below:Get your close loan receipt and last EMI receipt.Get the NOC (No Objection Certificate) or the NDC (No Due Certificate) from the Bank.Get the repayment certificate from the Bank.

Question 8

What Are The Documents Required For The Two Wheeler Loan?

Accepted Answer

To start the loan application process, you need to submit a copy of all the KYC documents to the finance company. The KYC includes your current address, income proof, Aadhar Card, PAN Card, and Bank statement.

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