Two-wheeler loan is the most popular way of financing a bike. It is an attractive option that widens your net, allowing you to choose from a larger section of bikes. The loan approval is quick, interest rates cheap, eligibility and documentation minimal, and large loan amount. Even the repayment tenure is flexible that can last up to 48 months. But before you fill the application form, there is something you need to do. Use the bike EMI calculator to determine the monthly instalments and tenure. Let us learn more about this free and useful tool.
What is a bike EMI calculator?
An online tool found on most financial institution websites, it allows you to commute the monthly instalment needed to pay your bike loan off. The easy to use calculator helps you to decide on a repayment tenure based on your financial capacity.
How to use an EMI calculator
Once you decide on a financial institution from where you will taking your bike loan. Visit their website and locate the EMI calculator. It is likely to be on top of the webpage itself or can be shown when you start the online application.
You will be asked to input three details-
- Loan amount: The amount that you will be borrowing to purchase your dream bike
- Interest rate: The rate of interest quoted by the financial institution for the bike loan
- Repayment tenure: The tenure by which you would want to pay back the loan
Loan amount and interest rate are fixed, but you can keep experimenting with the tenure to calculate an EMI suitable to your pocket. Once you input the details, simply click on calculate and the EMI will be commuted.
Advantages of using online EMI calculator
- You stop being dependent on a third-party to calculate a suitable repayment tenure for them.
- It is an easy to use calculator. Anyone can use the same. You simply need to add the required values and click on calculate. Adjust the values to come up with the final monthly instalment that you can comfortably pay.
- It is free to use so you will not need to pay someone to do the calculations and it is widely available online. Just search for EMI calculator and you will find multiple options.
- A related advantage is that using the EMI calculator, you can calculate the monthly instalment at any time of the day and wherever you are. All you need is a device with an internet connection, such as laptop, tablet, smartphone, desktop, etc.
When should you use a two-wheeler EMI calculator?
Before you fill up the application process for two-wheeler loan, you should calculate the EMI using the online calculator. This will help you in taking a loan that you can comfortably repay the loan every month and within the tenure period. Prevent yourself from penalties that come with not paying the EMI on time by choosing an appropriate EMI.
Bike EMI calculator is a useful, free tool that can be used to calculate the monthly instalment you need to repay the loan amount.
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