Step-wise Guide to Use a Two-Wheeler Loan Calculator

Suruchi Pandey

Step-wise Guide to Use a Two-Wheeler Loan Calculator

With the rising prices of two-wheelers in the market, not everyone can afford to buy a two-wheeler from their pocket. Therefore, two-wheeler loans have been gaining popularity among borrowers for a long time. Getting a loan is the best way to manage your finances without dipping into your savings or investments. The upside of a two-wheeler loan is that you can get almost the entire value of the bike as a loan. Also, the interest rates are affordable, and loan tenures are flexible, making repayments easy and convenient.

However, it is worth noting that the loan amount and interest rate depend on factors, such as income, credit score, dealership location, current financial obligations, etc. Before applying for a loan, it would be wise to use a two wheeler loan calculator to determine your affordability and know the estimated EMI to be shelved each month. Through the calculator, you can figure out how much you can afford to borrow which also helps you plan your monthly budget.

Two-wheeler Loan Calculator

It is an online tool available on most lenders’ websites. It enables you to determine the EMI amount before applying for a 2-wheeler loan. The EMI consists of your loan amount, interest rate, and loan tenure. The two-wheeler loan calculator helps the borrower choose an affordable EMI by adjusting the repayment tenure value. Calculating the EMI amount through the online calculator is easy and convenient. It enables you to make your repayment without any default.

Easy Steps to Use a Two-Wheeler Loan Calculator

Before submitting your two-wheeler loan application, you will need to know your EMI amount. There are three main components of a two-wheeler loan calculator that helps you choose an amount you can afford to pay every month from your income.

Here are the three main components of a two-wheeler loan calculator:

Principal loan amount: It is the amount that you need to borrow. You must choose an amount that you can afford to repay with interest over a fixed loan tenure.
Interest rate: It refers to the rate of interest you will have to pay along with the loan amount. It is levied on the principal loan amount for a fixed period.
Repayment tenure: It is the duration within which you need to repay the loan amount with the interest. The amount is referred to as Equated Monthly Instalments (EMI).

Follow the steps below to learn how to calculate your EMI amount:

Visit your lender’s website and tab on the 2-wheeler loan EMI calculator.
Enter the principal loan amount you need to cater to your needs.
Enter the two wheeler loan interest rate that you can afford to pay every month. Keep in mind that the interest rate ranges between 1% to 15%, depending on the lender.
Enter the preferred loan tenure. You are required to repay the loan amount with interest within the fixed loan tenure.

After entering the said details, the two-wheeler loan calculator will instantly show an accurate figure. But, if the amount is not affordable, you can always make changes to the said values until you reach an affordable figure.

In short

Applying for a 2-wheeler loan to buy your dream bike is easy. But, before submitting your application, it is advisable to assess your needs. You must know how much you can need and how much you can afford to pay as EMIs beforehand. A two-wheeler loan calculator is the best tool available to determine a suitable amount payable every month.

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4 Steps to Get a Loan for Two Wheeler

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Riding public transport is not a wise choice. With increasing competition in the market, lenders offer a loan for two wheeler at low and lucrative interest rates. Hence, if you have a two wheeler in mind, apply for a loan today by following the below mentioned steps. Choose a two wheeler to buy: The first step you need to take is to identify the two wheeler you want to own. Manufacturers provide many options for you to choose from but you need to identify your goals and the purpose of purchase in order to make the right decision. Consider your usage and then shortlist the models.

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Bike Insurance Calculator

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Bike Insurance Calculator -Two-wheeler insurance keeps you safe from the perils of the road.

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