Any individual who wishes to purchase a two wheeler can opt for a bike loan. Purchasing a two wheeler involves a lot of finances and dipping in to the savings account will put a huge dent in the account and which the individual was holding for a rainy day. Through a bike loan, the customer can buy a bike with affordable repayment options. Through the financial assistance offered by a bike loan, a customer can easily purchase a bike without worrying about the finances. A customer can opt for a bike loan for a new or a secondhand bike. A lot of financial institutions offer the services of a bike loan, so the customer can easily choose the bike loan that meets their requirements.
A bike loan is a loan that is provided by banks of NBFCs (non-banking financial companies) to the customers. Financial institutions provide the loans to the customers for the purchase of the bike. In a bike loan, the customers have to make the repayments on the bike loan through equated monthly instalments (EMIs). Repayments done through monthly instalments help the customers in making the repayments gradually and easily without any stress. Bike loans are provided at a certain interest rate to the customers. Repayments done through monthly instalments help the customer in making the repayment without putting any type of financial pressure. Generally, bike loans are provided to the customers at a fixed interest rate, which means, the customer will have to pay a fixed amount every month throughout the tenure period of the loan. Customers who wish to find out the EMI amount for the loan can visit the official website of the financial institution and use the bike loan EMI calculator to find out the EMI amount. A bike loan EMI calculator is an effective tool added to the website to help the customers in finding out the loan amount.
5 advantages of a bike loan EMI calculator:
1. Customer gets the EMI amount:
The most important function of the bike loan EMI calculator is that it provides the user with the EMI amount. The customer just has to provide just some basic information on the loan, like the bike loan amount, interest rate, tenure period and the calculator will provide the EMI amount.
2. Helps in choosing the term:
Once the customer gets the information on the EMI amount they will have to pay every month, it will become easier for them to calculate and choose the tenure for their bike loan. A customer can choose a longer tenure to bring down the value for the loan amount.
Using the bike loan EMI calculator, a customer can easily compare the terms that are provided by different financial institutions and choose the one that fits their requisites.
4. Provides break up costs:
The bike loan EMI calculator helps in identifying the basic important information as the break up charges that will be involved with the loan like the interest rates and the processing fees.
As the customer has all the necessary information about the finances involved, they can easily negotiate the terms of the bike loan with the financial institution.