Finance

How to access the two wheeler loan calculator?

Having a bike or any two-wheeler is very convenient to commute anywhere in the busy metropolitans since a two-wheeler is literally the most general mode of personal transport in India. From the traffic rush of metropolitan or urban city life to unmotorable rural roads, from average business person to young college students – these days, two-wheeler has completely steered India to a new era.

Bikes or mopeds are not only highly affordable in India, yet they are comparatively fuel-efficient as well. Thanks to the availability of a two-wheeler loan, owning a two-wheeler has become more accessible and affordable for average households. You can easily apply for the two-wheeler loan in India online, check your eligibility and figure out EMI through the two wheeler loan calculator and get your loan application approved in the least possible time.

So, first, let us talk about your EMI percentage and what it should be. It is crucial for an average household to get their loan approved with an economical and moderate monthly EMI. Consequently, what limits your EMIs should be that you can comfortably bear off?

How much EMI should one bear?

Though the two-wheeler loan application process is quite simple, one must carefully pick the lending company. The two-wheeler loan is generally a financing product presented by top banks and NBFCs in India to the customers with extreme facilities and offers. The lender organisations also offer variable interest rates to their customers. Hence, you can compare the interest rates for a two-wheeler loan and design your EMI that you want to pay off along with a tenure. Your loan EMI is your commitment towards the loan repayment for the foreseeable tomorrow. Therefore, if you obtain a loan, you should be capable of comfortably paying it off without missing any EMI throughout the tenure.

As a thumb rule, all your liabilities, as well as loans, must be within 40% of your take-home wage. So, if an applicant with multiple loans and commitments apply for a two-wheeler loan, the allocation for this particular loan will be even more inferior.

So, before you obtain the loan, you can calculate your monthly EMIs. Plus, compare it with your monthly wages to understand how much you have to bear. And the easiest way to calculate your EMI is through two wheeler loan calculator. 

How does the loan calculator help?

The EMI calculator for a two-wheeler loan is an easy-to-access tool available on the website of most financing institutions. This calculator allows the applicant to adjust the primary variables associated with the two-wheeler loan to reach a customised figure, which he/she can select depending on the budget.

There are 3 variables that highly impact the EMI value of borrower:

  • Rate of Interest: This is an interest percentage charged by the financing company on the loan value.
  • Loan Amount: The primary amount that you aim to borrow from the lender company.
  • Tenure: The number of years of months designed by you to repay the loan value.

Any of these variables has the capacity to increase or decrease the EMI amount based on how low or high you go. The higher your principal loan amount, including interest rate, the bigger your EMI will be, vice versa. Alternatively, if your tenure is shorter, your EMI payable will be higher, vice versa.

However, being an applicant, one principal thing you have to keep in mind. The lender always suggests the actual interest rate. They decide your rate of interest after checking your eligibility. Therefore, we always recommend estimating the rate of interest, which should be 1% to 2% higher than the base. You can enquire around these three above mentioned components to decide a figure that would be easy for you to pay off.

Also, the two-wheeler EMI calculator will provide you with a detailed break-up of what your cumulative interest expense will be. This calculation will remain the same throughout the tenure of the loan. It will also help you plan for future finances as well.

The last few words:

The two wheeler loan calculator is a nifty tool. This online tool helps you access the highest benefit of the loan.

You can utilise the EMI tool anywhere online from the lender’s website. Besides, you don’t require to upload any personal information or enter login details for it. You can also access the EMI calculator from a mobile, laptop or any smart device to proceed with your decision-making step.  Get a Personal Loan for Rs. 10 Lakh at Low-Interest Rates

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