Back in the day, EMIs were calculated using the traditional pen and paper approach but not anymore. Irrespective of the lender you choose, it is likely that when you open the official website of the lender, you will be welcomed with an online EMI calculator tool that will allow you to know your EMI against the loan you applied to buy your dream bike.
How does it work?
As soon as you have chosen your preferred two wheeler finance service provider, you would need to head on over to the official website of the same and look for the online two wheeler loan emi calculator tool.
After that, you would need to put in the principal amount that you are applying for along with the rate of interest your loan officer is offering you and the tenure of the loan.
After you have provided the tool with the aforementioned details, you would have to press the ‘calculate’ button on the tool and wait for a few seconds. The result will be shown on your screen in no time.
In this context, it is best for you to keep in mind that irrespective of the principal amount if you choose a longer tenure period for the loan then your EMI will be very low and in case you want to reduce the tenure period for the loan then the EMI you would need to bear will be a substantial amount.
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Hence, it is crucial that you choose a tenure that is right in the middle so that your two wheeler loan does not become a financial burden for you in the long run.
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