Two-Wheeler Loan EMI Calculator
A two-wheeler loan EMI calculator is an online tool that helps you figure out how much you'll have to pay each month to pay off your bike loan. To obtain the relevant information, you must only fill out basic details.
You can see the auto-calculated EMI amount once you've entered all of these details accurately. Quickly calculate your monthly bike loan payments with our easy-to-use Two-Wheeler Loan EMI Calculator.
In addition to the EMI amount, you will receive a plethora of extra information to assist you in your search for the best terms. You can arrange your monthly budget properly once you know how much EMI you have to pay each month.
How does the Two-Wheeler Loan EMI Calculator Work?
The BankBazaar web portal has a user-friendly loan EMI calculator that will assist you in understanding the EMIs for buying a bike with a loan. It is always recommended to know your exact EMI amount before you actually apply for a loan.
This will ensure that you have a smooth borrowing process without any financial struggles. You will be able to choose the right loan amount as per your repayment ability and the interest rate. The procedure to use the calculator is given below:
- Visit https://www.bankbazaar.com/two-wheeler-loan-emi-calculator.html.
- Now, you will need to select the loan quantum or amount by simply dragging your cursor on the calculator.
- Next, you will have to key in the interest rate in the correct field.
- In the next field, you will have to select the tenure for repaying the loan.
- Next, you will have to enter the processing fee.
- Click on 'Calculate' to know the monthly payments.
Within a few seconds, you will be able to see the EMI amount. You can enter different details and get different results.
You can then compare multiple results and then make a final decision regarding your loan. Under this EMI calculator, you will also get proper information about your amortization.
Example: Let us now take a look at a simple example to comprehend how the BankBazaar two-wheeler loan EMI calculator works. We will assume that the rate of interest for a particular two-wheeler loan is 11.10% with a processing fee of Rs.500, which cannot be refunded, and will be taken for the entire two-wheeler loan amount.
Let us also assume that the borrower does not want to make any prepayments. The table given below shows the various EMI amounts for multiple loan amounts and tenures:
Loan amount (Rs.) | EMI for 1 year (Rs.) | EMI for 2 years (Rs.) | EMI for 3 years (Rs.) | EMI for 4 years (Rs.) | EMI for 5 years (Rs.) |
1 Lakh | 8,843 | 4,665 | 3,279 | 2,589 | 2,179 |
2 Lakh | 17,686 | 9,331 | 6,557 | 5,179 | 4,358 |
3 Lakh | 26,528 | 13,996 | 9,836 | 7,768 | 6,538 |
4 Lakh | 35,371 | 18,662 | 13,114 | 10,358 | 8,717 |
In the table given above, we have not included the processing fee and prepayment fee for the computation. Results can vary when different amounts are used in the tool.
Advantages of Using a Bike Loan EMI Calculator
The benefits of using an EMI calculator are plenty. Let's explore some of the most prominent ones.
- Helps in knowing the EMI value: The primary use of this tool is to know the precise amount you will be paying every month. Getting the numbers beforehand helps in sorting your monthly budget. It eliminates the need for manual calculations and ensures accurate results.
- Aids in choosing the term: Once you have a definite EMI amount, it becomes a lot easier to choose the tenure of the loan. If you feel the value is a burden on your wallet, a higher tenure will do the trick by proportionately bringing down the value.
- Helps in comparison: If you've been offered a loan from two or more banks to purchase a two-wheeler, using this tool to compare the costs involved will do the trick by helping you choose the most suitable loan offer. Get the quote, use the calculator and jot down the outcome to compare on specific parameters.
- Helps in negotiating: Once you’re armed with the basics of the financials involved, it helps in negotiating key terms of the two-wheeler loan with the bank. Components such as rate of interest, processing fee and others can be easily negotiated after establishing the ground.
- Provides a breakup of costs: This free-to-use tool not only provides the EMI value but also offers useful information such as the breakup of the charges involved in the loan such as interest and processing fee.
Why Should One Utilise a Two-Wheeler Loan EMI Calculator?
Two-wheeler loan EMI calculators are quite useful since they allow you to plan out your loan expenses in great detail. A two-wheeler loan EMI calculator is a simple web tool that can be used by anyone with no prior knowledge of finance.
- You can decide your loan amount and tenure by knowing your exact loan EMI amounts with the help of the calculator.
- With the help of a loan EMI calculator, you can check out the amortization details. You can see how much you will spend on your principal amount and how much you will spend on your interest. You will be able to see the exact distribution of your loan payment.
- You can key in different interest rates charged by various lenders. This way, you will be able to understand your loan expenses when you choose a particular lender.
You can compare different EMI results for several loan amounts, tenures, and interest rates. After making the comparison, you can select your lender.
- You will also be able to learn the fundamental elements of your two-wheeler loan. You will know how much you are spending on buying your dream bike. With detailed knowledge, you may also be able to negotiate well and get a good loan deal.
You can compare different EMI results for several loan amounts, tenures, and interest rates. After making the comparison, you can select your lender.
Getting a two-wheeler can be an exciting experience. Understanding the product and the monetary components helps you in signing up for the right two-wheeler loan and enjoy the best of your new motorcycle.
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FAQs on Two-Wheeler Loan EMI Calculator
- How do I find out how much the interest rate is for the two-wheeler loan before I use the EMI calculator?
You can find out the interest rate for the two-wheeler loan by visiting the bank website, or by contacting the bank, or on the BankBazaar website as well.
- Should I know my CIBIL score to use the two-wheeler loan EMI calculator?
While your CIBIL score may be a factor in how smooth your bike loan application process will be, and even what rate of interest you get for your two-wheeler loan, it is not required to know your CIBIL score to use the two-wheeler EMI calculator.
- Are any documents required to use the two-wheeler loan EMI calculator?
No, you do not require any documents to be uploaded to use the two-wheeler loan EMI calculator.
- I don't know how much the processing fee is for the two-wheeler loan that I have in mind. Can I still use the two-wheeler loan EMI calculator?
Yes, you can still use the EMI calculator even if you don't know exactly how much processing fee you will have to pay on your loan.
- Is down payment required to calculate EMI?
No, you don't have to enter the down-payment amount, if any.
- How to determine which two-wheeler loan is suitable for me?
You can compare the various two-wheeler schemes offered by various banks including the interest rates to check the two-wheeler loan that is best suitable for you.
- How can I compare the interest rates offered by various banks on two-wheeler loans?
You can visit the BankBazaar website where you will be able to compare the various two-wheeler loans including the interest rate charged. Based on your requirements, you can then determine the loan scheme suitable for you.
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