SWM bikes Finance
Are you interested in buying a new SWM bikes and not able to find right deal? Not sure if you are being charged the right interest rate for your SWM two wheeler loan? Check out the BikeDekho EMI calculator to find the best SWM finance scheme by choosing the model that you wish to buy or calculate loan interest rate and equated monthly instalments (EMI) by entering the amount of bike loan that you wish to take.
FAQs for SWM Finance
How is SWM bike loan EMI calculated monthly?
SWM bike loan EMIs include the principal amount as well as the interest i.e. EMI = Principal Amount + Interest on Principal amount. Mathematically, EMI can be calculated using the following formula: {P x R x (1+R)^N / [(1+R)^N-1]} where, P = Principal amount of the loan, R = Rate of interest and N = Number of monthly installments.
Which documents I need to have to apply for a SWM two wheeler loan?
To get your SWM bike loan application with the selected lender, you would be required to submit your KYC documents, which include your identity proof and current address proof, a copy of your PAN Card, your bank statement and your income proofs (Form 16/Salary Slips/ITR). You can get the exact requirement from your loan consultant after applying with us.
What will be the minimum down payment for a SWM Bike/Scooter loan?
The lenders generally finance 90% of the ex-showroom price of the SWM two wheeler. Some customers might be eligible for 100% funding too. This means the minimum possible down payment that you have to pay includes the RTO and insurance charges for the SWM bike. Down payment is the difference between the on-road price of the SWM bike and the amount funded by the lender.
What will be the rate of interest on a SWM bike finance?
The interest rate primarily depends on the principal amount and tenure of the loan amount of the SWM two wheeler. Interest rate of lenders generally varies from 9.7% per annum to 15% per annum.
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