Finance

How to Calculate EMI for Two Wheeler Loan Online?

Whether you need to commute to work or cater to adventurous wants, a two-wheeler makes life easy. It enables you to navigate traffic and attend work on time, and it is a better option to protect yourself against Covid-19.

However, buying a two-wheeler loan from your pocket can put a burden on your finances if you are going through a cash crunch. But, that does not mean you should give up on your dream of owning a bike. In such cases, it is advisable to apply for a two-wheeler loan and manage your finances without dipping into your savings. 

Two-wheeler loan

It is an unsecured type of loan which means that you do not have to pledge an asset with considerable value as collateral. Most lenders offer up to 100% of the bike’s on-road price as a loan. With affordable 2 wheeler loan interest rates and flexible loan tenure,  you can repay the loan within the stipulated EMIs. 

The best part about a two-wheeler loan is that you can use an online two-wheeler loan calculator to assess your needs and affordability. It enables you to figure out an EMI amount that you can afford to pay every month without putting any burden on your monthly budget.

Two-wheeler loan eligibility criteria

The first thing you need to do before applying for a bike loan is to check the lender’s eligibility criteria for a loan. The eligibility requirements vary across banks and non-banking financial companies.  Also, make sure to meet all the eligibility requirements while making an application. 

Here are the eligibility criteria to apply for a two-wheeler loan:

  • The applicant must be an Indian citizen and currently living in India.
  • The applicant must be either a salaried or self-employed professional. 
  • The minimum age requirement is 18 years old at the time of application, and the maximum is 65 years old at the end of the loan tenure. 
  • The application must earn or show a minimum net income or profit based on the lender’s policy. 

After meeting the lender’s requirements, it is crucial to assess your needs and find out how much you can afford to pay as EMIs. As mentioned earlier, you can use the lender’s online two-wheeler loan calculator, which enables you to determine an EMI amount based on your needs. The EMI amount is determined based on the principal loan amount, down payment, repayment tenure, and 2 wheeler loan interest rate. 

There are three main components of a two-wheeler loan calculator, which are:

  • The principal loan amount 
  • 2 wheeler loan interest rate
  • Repayment tenure. 

What are the benefits of a two-wheeler loan calculator? 

  • The best part about a two-wheeler loan EMI calculator is that you can calculate an amount that works for you. 
  • You can choose a repayment tenure based on your needs within which you can afford to repay the loan amount with interest. 
  • It offers the flexibility to choose an interest rate based on your preferences. However, an interest rate depends on income, credit score, current financial obligations, etc. 
  • It enables you to compare multiple two-wheeler loan options and choose a plan that caters to your needs. 

How does a two-wheeler loan calculator work?

Knowing your EMI amount before committing a two-wheeler loan allows you to manage your finances well. You can use an EMI calculator and plan the loan repayment without any issue. 

  • It helps you to choose a loan and EMI amount that you can pay every month without any default. 
  • Requires you to enter the loan amount, 2 wheeler loan interest rate, and loan tenure. 
  • You can conveniently change the values of the loan amount, interest rates, and loan tenure until you figure out a suitable amount. 
  • To figure out the best EMI for yourself, it is advisable to spend time on the calculator and keep adjusting the values until you come up with a monthly EMI amount that best serves your needs. You must choose a figure that you repay every month on time. 

How to calculate a two-wheeler loan EMI online?

  • Visit the lender’s website and look for the two-wheeler loan calculator. 
  • Click on the two-wheeler loan EMI calculator. 
  • Enter the principal amount, loan tenure, and interest rate. 
  • Allow the calculator to fetch an EMI amount. If you are not satisfied with the result, you can keep changing the numbers to calculate your preferred amount. 
  • After reaching the EMI amount, click on the Submit button to start the loan application process. 

In short

Getting a bike loan is easy and convenient. You can get a loan amount and interest rate based on your needs. However, it is wise to assess your needs and affordability using the lender’s two-wheeler loan calculator before submitting the loan application.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button