Two-wheeler is very prominent automobiles in Asian countries including India. There are two main reasons for the significant usage of two-wheelers. The first one is transportation and infrastructure. The roads in South Asian Countries are congested and hence the traffic is always hectic. The second reason is lesser per capita income. Most of the individuals cannot afford four-wheelers hence they aim for two-wheelers.
In 2019, more than 21 million two-wheelers were sold across India. Compared to 2011 this figure has been almost doubled showcasing the increasing demand for the two-wheelers. Bike loan interest rate has seen a substantial variation in recent years.
Hence two-wheelers have become the life saviours to middle-class families of India. Now it is easier to buy any type of vehicle with the help of two-wheeler finance. Before applying for a loan you should know about the Two-wheeler loan EMI calculators.
What is the Two-Wheeler Loan EMI Calculator?
EMI calculator is an online tool using which you can calculate your monthly instalment amount. You need to input basic loan requirement details such as total loan amount, interest rate and tenure of the loan.
Before going to apply for two-wheeler loan it is very important to analyze every available option. This way, you can check for the most simple and feasible loan process. Two-wheeler loan EMI calculators make this process easy by calculating the monthly instalments.
How does Two-Wheeler Loan EMI Calculator work?
EMI calculators are simple, easy-to-use and help people with a quick calculation process. It is always good to know the exact EMI before you start the two-wheeler finance process. This way extra discussions or meetings with a lender can be omitted and makes the process hassle-free.
Before using the calculator, you should know thoroughly about your requirement. Ask these questions to yourself ‘How much loan amount do I need?’ ‘How many years I need to repay the loan?’ and ‘What is the interest rate for two-wheeler I’m going to buy?’. Once you know the answers to these questions you are good to use the calculator.
- Visit any finance website offering two-wheeler loans. For example, the website of Muthoot Capital has an EMI calculator in their two-wheeler loan page.
- Every calculator asks 3 main fields as input; Total Loan amount, Interest rate & Tenure.
- Enter the numbers in the mentioned fields.
- Within a few seconds, the total amount will be displayed. This is your exact EMI amount which has to be paid every month.
- You can adjust the fields with different numbers to check the different options.
Benefits of Two-Wheeler Loan EMI Calculator
The results from the EMI calculator can be put down as a chart to analyze several options such as quick prepayment, reducing total period etc.
Two-Wheeler Loan EMI Calculator acts like a guide to your loan application process. You will get to know about the exact amount before filling the online form.
Benefits of using Two-Wheeler Loan EMI Calculator are:
- Two-Wheeler Loan EMI calculator is simple to use and are available online.
- Anyone can access the calculators for completely free of cost from anywhere, anytime.
- Knowing the exact EMI amount helps to plan other expenses and investments.
- Using EMI calculators before applying for the loan gives a clear picture of the two-wheeler finance.
- The graphic representation of EMI calculator results allows the people to get a better idea about various options to purchase two-wheeler.
- It is designed to calculate the EMI amount based on Principal amount, Interest rate and Period. Everything is based on an individual’s requirement hence there are no additional fields required.
- The calculations are crystal clear and can be trusted. There are no hidden rates added to the Two Wheeler Loan EMI calculator.
- The fields can be set to get the exact EMI amount. Thus people can easily decide the tenure and amount based on their capability of paying monthly instalments.
- After using Two Wheeler Loan EMI calculator and knowing the correct amount there is no chance of cheating or burdening with additional rates.
- Once after knowing the EMI, it is easy to contact the lender with definite requirements. Thus it makes them process the application faster.
There are several two-wheeler loan EMI calculators available on the internet. A two-wheeler loan EMI calculator is much more than a simple tool. It also helps you plan judiciously and finalize a loan amount which would be optimal for you.