A two-wheeler loan is an unsecured loan offered by banks and non-banking financial companies. It is the best way to buy your dream bike without dipping into your savings or investments. The best part about a two-wheeler loan is that you can get up to 100% of the bike’s on-road price as a loan. It comes with attractive interest rates and flexible loan tenure, enabling you to repay the loan within the stipulated EMIs. However, the interest rate depends on factors, such as age, income, credit ratings, current financial obligations, etc.
The equated monthly instalment (EMIs) is an integral part of a two-wheeler loan. It is a percentage of the loan amount and interest rate you will have to pay every month. Before applying for a loan, make sure to assess your needs and affordability through a two wheeler EMI calculator.
Two-wheeler loan EMI calculator
A bike EMI calculator is an online tool available on the lender’s website. It allows you to calculate the EMI amount in advance. As mentioned earlier, the EMI amount is the principal amount and interest rate payable over a fixed loan tenure.
Through the online two-wheeler loan EMI calculator, you can choose an affordable EMI by adjusting the repayment tenure. It offers the most convenient way to plan your monthly EMIs and repay the loan without any defaults.
Why choose a two-wheeler loan EMI calculator?
A bike EMI calculator comes with several benefits that you can avail of. For instance, you can figure out an EMI amount that works for you:
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Determine affordability
The bike EMI calculator is an online financial tool that assists you in determining whether or not you can afford the EMI amount. The best part is that if the EMI amount is not suitable, you have the option to adjust the values of the three components, especially the repayment tenure to loans at an affordable EMI.
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Helps in financial planning
The best thing about a bike EMI calculator is that it enables the borrowers to plan their monthly budget and ensure the timely repayment of the loan. Besides that, you will have enough funds in hand to meet other financial requirements at home.
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No manual calculation
Manually calculating the two-wheeler loan EMI is full of hassle and is a time-consuming process without the help of a calculating tool. You are always subject to errors and may not get an accurate result. But, getting an accurate result is guaranteed through the bike EMI calculator.
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Easy to use
Another benefit of a two-wheeler loan EMI calculator is that it is easy to use. Anyone with a basic understanding of the internet can use it to calculate a two-wheeler loan EMI amount. You will only need to add three details, such as principal loan amount, interest rate, and loan tenure, to come up with an affordable EMI.
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Safe
A bike EMI calculator is safe to use. It does not require you to add persona details such as name, contact number, email address, and residential address. You will just need to add three details related to the loan to calculate the EMI amount instantly.
So, how does a two-wheeler loan EMI calculator work?
It is worth reiterating that there are three components of a bike EMI calculator, such as:
- The principal loan amount
- The preferred interest rate
- The repayment tenure
The principal loan amount is the among you need to borrow. You will have to repay it with interest over a fixed period. The bike loan interest rate refers to the rate of interest levied on the principal amount. As with the loan tenure, it is the period within which you will have to pay equated monthly instalments (EMIs).
How to calculator EMI through a bike loan EMI calculator?
- Visit the lender’s website and click on the two-wheeler loan EMI calculator
- Enter the principal loan amount you need to borrow.
- Now Enter the preferred interest rate
- Enter the desired loan tenure within which you have agreed to pay the loan amount with interest
After adding the said details, the bike loan EMI calculator will instantly produce an EMI amount. Also, if you do not find the result satisfactory, you have the option to alter the values as many times as you want until you figure an affordable EMI.
In short
Getting a two-wheeler loan is the best way to buy a bike without causing any damage to your finances. However, before applying for a two-wheeler loan, it is imperative to assess your needs and understand how much you can afford to pay as EMIs. There is no better online tool than a bike loan EMI calculator to determine a monthly payment.
