Two Wheeler Loan EMI Calculator – Auto Loan and Financing

How We Can Calculate Two Wheeler Loan EMI?

Motorcycles in India sell like hotcakes. The reason is simple. When compared to a car, the ownership costs of a bike are pretty low. Furthermore, parking a bike is easy and weaving through traffic is a breeze.

However, the days of buying motorcycles with cash are long gone. The reason is that the ex-showroom prices of motorcycles available in India have gone up. To put things into perspective, even a commuter bike now entails an ex-showroom price of INR. 90, 000 approximately.

Hence, the demand for instant approval bike loans has skyrocketed. On top of this, leading lenders now offer bespoke interest rates, tenures and conditions on bike loan schemes. Then there are the benefits of financing a bike. With the help of bike finance, the buyer can choose the bike that they want. People who want to boost their credit score and credit history can do so with a bike loan. Furthermore, a bike loan allows one to keep emergency funds intact. It means that one would not need to empty their savings or withdraw their fixed deposits to buy a bike. Bike loans act like financial cushions on which a buyer can fall back when they want to buy a bike.

But how can one calculate two-wheeler loan EMI?

Well, to calculate the tentative EMI of a bike loan scheme that one fancies, one can use an EMI calculator. An EMI calculator tool is a free-to-use online application integrated with the official websites of leading lenders. One can also find an EMI calculator tool in leading bike news portals.

Must Read: Simple Tips to Get Low Interest Rates on Preferred Bike Loans

What is a Bike Loan EMI Calculator and How Does it Work?

Bike EMI Calculator, Two Wheeler Loan EMI Calculator

The prices of motorcycles sold in India are being relentlessly hiked over the past two years. This means that the majority of motorcycles in India are out of reach for the common person. So, what can one do? As spending a boatload of cash is not a wise decision especially when cash is king in India.

The solution is to apply for a bike loan.

Why?

The benefits of a bike loan are many. Some of them are as follows –

The loan will offer a financial cushion to the loan applicant and keep them from breaking their FD or savings.
With each EMI paid on time, the loan applicant will be boosting their credit score and credit history.
Bike loans can also help the loan applicant to reduce the financial burden on their shoulders. How? Well, bike loans come with flexible tenures, interest rates and repayment options. Hence, one can choose a loan scheme that suits their needs.

There is a catch though!

One should only apply for a motorcycle loan after they have used a bike EMI calculator.

What is that!?

A bike loan EMI calculator is a free-to-use tool that all NBFCs and banking institutions offer on their official websites. These tools allow borrowers to have a vague idea about the EMIs they would need to bear for the loan.

How does the tool work?

The EMI calculator tool works on the principle of the following mathematical formula –

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

The meanings of the variable mentioned in the formula above are as follows –

P is the loan amount.
R is the rate of interest and
N stands for the number of EMIs.

Users would need to put the values as per their preference along with the tenure in months. For more details, one must consult with their financial advisor as soon as possible.

Must read: How To Select The Best Two Wheeler Loan Based On Interest Rate

What Is Two Wheeler Loan EMI Calculator And Its Advantages?

Two Wheeler Loan EMI Calculator

This article is written from the motif of making the readers understand what a loan EMI calculator actually is and why people should be taking the help of it while taking a loan from a particular bank, especially for purchasing two-wheelers.

What is a Two-wheeler Loan EMI Calculator?

Two Wheeler Loan EMI Calculator: – A device has been designed for the convenience of the customers. It is used to calculate the amount that a prospective buyer needs to pay as EMI if he wishes to loan the money from the financial organizations.

The next part talks about how the loan EMI calculator has to be used. For the benefits of the readers so that they can use it, the procedure is broken down into three simple and easy steps. If the readers follow it, they will get their payable EMI amount as to a result.

You can easily calculate your bike loan EMI with online EMI calculator. Simply select Loan amount, Rate of Interest , Loan Tenure and get the payable EMI amount.

Benefits:

There are many advantages of EMI calculator –

Easy to use and can be used by people of all ages.
Fast and Accurate results.
The calculator is supported in any device (Mobile, Laptop & Tablet)

The advantages include that it is a fast tool, portable with any device, can be used from any part of the world, and talks about how easy it is to be used.

Additionally Read: –
Two Wheeler Loan EMI Calculator And Its Advantages?