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LML bikes Finance
FAQs for LML Finance
Q) How is LML bike loan EMI calculated monthly?
A) LML 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.
Q) Which documents I need to have to apply for a LML two wheeler loan?
A) To get your LML 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.
Q) What will be the minimum down payment for a LML Bike/Scooter loan?
A) The lenders generally finance 90% of the ex-showroom price of the LML 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 LML bike. Down payment is the difference between the on-road price of the LML bike and the amount funded by the lender.
Q) What will be the rate of interest on a LML bike finance?
A) The interest rate primarily depends on the principal amount and tenure of the loan amount of the LML two wheeler. Interest rate of lenders generally varies from 9.7% per annum to 15% per annum.
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