Question 1

Does Hornback M1 need a license?

Accepted Answer

Yes, it is required to have a driving license to drive Hornback M1.

Question 2

What will be the lowest down payment for Hornback M1?

Accepted Answer

The lenders generally finance 90% of the value of the . Some customers might be eligible for 100% funding too. The down payment is the difference between the on-road price of the  and the amount funded by a lender. This means the minimum possible down payment that you have to pay for Hornback M1 includes the RTO and insurance charges.

Question 3

What will be the monthly EMI for Hornback M1?

Accepted Answer

EMIs or Equated Monthly Installments refer to the monthly payments you make to the lender to repay your loan. These payments include the principal amount as well as the interest i.e. EMI = Principal Amount + Interest on Principal amount. Mathematically, EMI for Hornback M1 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.
For Example:- If the principal amount for a bike loan is Rs. ₹22,113/- on an annual rate of interest of 10% for a tenure of 3 years then 
EMI = 22113 * 0.008333*(1+ 0.008333)^36 / ((1+ 0.008333)^36)-1 = Rs 710/-
The rate of interest (R) on your loan is calculated monthly i.e. (R= Annual rate of interest/12/100). For instance, if R = 10% per annum, then R= 10%/12 = 0.008333.

Question 4

What will be the interest rate for Hornback M1?

Accepted Answer

The interest rate for Hornback M1 primarily depends on the principal amount and tenure of the loan amount. Interest rate of lenders generally varies from 9.7% per annum to 15% per annum. Customers can also negotiate with the financier for a better rate of interest against their loan amount.

Question 5

What will be the EMI for 3 years tenure for Hornback M1?

Accepted Answer

EMI for Hornback M1 for 3 years tenure can be calculated as per 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, N = Number of monthly installments which will be 36 in case of 3 years tenure.

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