What are the EMI options for student two-wheeler loans?

The EMI or Equal Monthly Instalment for a student two-wheeler loan comprises principal and interest components. 

The key EMI options include:

• Fixed EMI: The EMI amount remains the same through the loan tenure based on fixed interest rate. It includes principal and interest.
• Standing Instructions: EMI is auto-debited from a savings/salary account with the lender bank.
• National Automated Clearing House (NACH)/Electronic Clearing Service (ECS) Mandate: EMI is auto-debited every month from an external bank account.

Factors impacting EMI:

• Interest Rate: A higher rate increases the EMI amount.
• Loan Tenure: Longer tenure reduces monthly EMI amount.

Applicants can use a two-wheeler EMI calculator to estimate EMIs by inputting loan amount, interest rate, and tenure.