Have you been thinking about buying a two-wheeler but are not sure yet? Before you postpone the purchase yet again, consider your finances, loan options and EMIs (Equated Monthly Installments) that you may need to pay. Today, buying a two-wheeler has become convenient and hassle free with various banks and offering two-wheeler loans that offer competitive interest rates. And the best part is that you can repay the loan amount in EMIs over a pre-decided tenure. Also, did you know that you can calculate your monthly instalments? Yes, now with a bike EMI calculator, you can easily get an understanding of what your monthly installment would look like.
Here is how you can calculate a two-wheeler loan EMI.
Step 1: The first step is to collect basic information that you will need. This includes the model you have shortlisted, on-road price of the model, the amount of loan you need and other details of your annual income. When you decide a loan amount, you must also consider the amount of down payment that you will need to make on the loan. This will help you get an estimate of the amount of loan you need to apply for.
Step 2: In the second step, you need to fill in your details in the online calculator. Ensure that all the inputs are correct. The bike EMI calculator will then estimate the amount you will need to pay for every installment, taking the loan amount and tenure in consideration. The expected installment will then appear on the page.
Step 3: In the final step, you can modify the inputs if needed. Based on the EMI you see on the screen, you can modify the inputs as per your preference. If you think that the monthly installment amount is too high, you can increase the tenure of the loan and pay in smaller sums every month. If you think that the EMI amount is low, you can increase the loan amount as well.
In every case, the bike EMI calculator will estimate the monthly installment for you. Based on the results displayed on the page, you will be able to decide the loan amount you want to apply for. You can also contact the customer executive of the bank or ask for a call back by sharing your details.
However, remember to provide complete and accurate information, to arrive at the correct amount. This will help you decide the right tenure, lender and loan amount. You need to be practical when calculating the monthly installment amount as it will be a part of your monthly outflow. Therefore, it’s important to keep your cash flow in mind as an EMI amount will have an impact on your finances.
Now that you know how to calculate a two-wheeler loan EMI, use the bike EMI calculator and take the first step towards buying your dream ride.