Two Wheeler Loan EMI Calculator – Auto Loan and Financing

How To Calculate Two Wheeler Loan EMI?

It is a good idea to apply for a bike loan instead of buying your dream bike using cash. The reason is simple – you will be able to keep your savings intact. Furthermore, you can also apply for a 0 downpayment loan. In this case, the whole MSRP of the bike will be paid for by the lender. However, the rate of interest and the EMIs will be higher in this case.

Another benefit of applying for a bike loan is that with EMI, your credit score will get a boost. A high credit score will make you automatically eligible for personal, home, car or business loans in the future.

How bike loan EMIs are calculated?

Before applying for two-wheeler loan you must calculate the EMI that you would have to bear each month.

How to do that?

Well, you can use the free-to-use online bike loan EMI calculator tool. These tools are available on the official websites of all leading lenders in India.

Simply input the parameters in the tool, follow on-screen instructions and learn about the EMI of your loan. The process will take just a few minutes of your time.

You can also follow an offline method to calculate bike loan EMIs –

Just follow the formula given below –

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

P is the borrowed money.
R is the rate of interest on the principal.
N is the number of EMIs to be paid to the lender.

For more details, consult your preferred lender or talk with a financial advisor today!

Must Read:

How To Choose The Best Bike Loan Interest Rates?

How To Calculate Two Wheeler Loan EMI? Know All Process

Two Wheeler Loan

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.

Apply for – Bike Loan

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.

Must Read:

How To Choose The Best Two Wheeler Loan?

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?