Bike loans are among the most popular types of financial products that households avail typically due to their distinct utility. These loans allow families across income groups to secure bike purchase easily without straining their finances, and repay the advance in easy EMIs. While it is a known fact that bike ownership can be a must-have these days when everyday traffic is at an all time high, purchasing a two-wheeler might not be convenient for all. A bike loan thus makes it simpler to complete such purchase with its favourable features and benefits to the borrower.
It is always ideal to assess your borrowing needs and avail financing accordingly for such purchase. A bike EMI calculator only simplifies such an assessment, allowing for informed decision-making. Let’s take a detailed look at what this calculator comprises, how you should use it, and what are its benefits for you.
Bike Loan EMI Calculator
A bike EMI calculator is a dedicated financial tool that allows aspiring bike loan borrowers to assess the accuracy and suitability of their borrowing decisions. Reputed financial institutions in the market provide these calculators. Which are mostly accessible on their official websites to be used free of any charge. Any user visiting the site and planning to avail a two-wheeler loan can access the. EMI calculator online and use it to assess his/her financing suitability.
The bike loan EMI calculator has a simple and easy-to-use interface. And does not require any particular skills to operate. It brings out several crucial results which can be of critical use to make a suitable financial decision when borrowing.
How to Use a Bike EMI Calculator?
To use a bike loan EMI calculator, you need to make only a few simple entries that include the following.
- The loan amount you seek to avail known as the principal value.
- The repayment tenure suitable as per the financing value, expressed in number of months. So, if you seek financing for a period of 3 years, you would need to enter the tenure as 36 months (3 x 12 months) in the bike EMI calculator.
- The interest rate as levied by your selected lender.
- Once you have entered all these values, the calculator will display three values right after the entries, which would be
- The EMIs payable every month for the entire tenure selected.
- The total loan liability you would need to pay by the tenure’s end, including the principal and interest component values.
- The total interest liability accruing over the whole tenure.
Apart from these values, bike EMI calculators from some of the best lending institutions also provide an amortization schedule representing the principal and interest component break-up for each EMI. Alongside, you may also be able to assess the percentage of share both principal and interest components occupy out of the total loan liability payable by you.
Top Benefits of a Bike Loan EMI Calculator
Among all the uses that a bike EMI calculator provides, users can derive several benefits. Some of the best ones are mentioned below.
- Quick and accurate computation: As against manual computations, results obtained when using a bike loan EMI calculator are instant. So, you do not have to wait for long and access your loan related details immediately for a fast-tracked borrowing decision. Also, as the financial tool works based on a set formula. Accuracy remains high and chances of computation mistake are near about zero.
- Easy comparison of multiple loan offers: When choosing among multiple offers to avail the right bike loan, you can rely on the tool for a suitable comparison. Check among interest payouts and total liabilities from different lending institutions and decide accordingly.
- Suitable loan amount and tenure selection for affordability: When using a bike loan EMI calculator, you can make varied entries of loan amount and tenure to check EMI suitability and select the loan options that keeps repayment affordable. If you still seek higher loan amount than what remains optimal, make sure to provide all income documents under documents required for two wheeler loan for improved chances of approval.
- Suitable prepayment timing: If planning to prepay your bike loan, you can use the amortization table to choose a time that helps maximise interest savings.
With the availability of such customised tools as the bike EMI calculator. It is not possible to determine with close accuracy how much you should borrow. It is also advisable to use other tools like eligibility calculator before applying for the loan.
Get A Loan For Almost All Cars
The only restriction on used car loans is the fact that some lenders do not provide a loan on a car if it’s older than a certain set limit. Apart from that it is available for cars from almost all models. Makes and brands and you can easily apply and get such loans when buying a used car.
Easy Application and Approval
Used car loans have a very easy application process with minimum documents required and some basic eligibility criteria. You can even apply for such loans online and get it approved in a very short time. Make your choice based on the car you are buying. Its age and the terms and interest charges stated by the preferred lender.