A two-wheeler is a super useful and convenient mode of transportation for the common man in India, especially students and professionals dealing with crowded public buses or autos for their day-to-day commute. You can ride this compact vehicle in heavy traffic too, maneuver it easily and maintain it without burning a hole in your pocket. Plus, it is easy to get a two-wheeler loan these days, and you can calculate your EMI beforehand with a simple online calculator. This will help you plan your monthly budget as well. So, to know exactly why and how you should use a bike EMI calculator, read on.
WHAT IS A BIKE EMI CALCULATOR?
A bike EMI calculator is an online tool that calculates the monthly payment required to pay off a loan. It assists you in determining how much you will pay monthly and how long it will take to pay off your loan. You can also adjust the loan tenure and use it to restructure your EMI. This can be primarily used to assess your repayment capacity. It also assists you in determining the suitable term, so you can select the most appropriate EMI.
BENEFITS OF USING A BIKE EMI CALCULATOR
The calculator is simple to use, and the calculations are always accurate. The EMI that pops up in front of you gives you a genuine idea about how long your loan tenure should be. There’s no login required to use the calculator. You can use it anytime of the day and from anywhere. It is also easily accessible on all devices, whether it is a smartphone, computer, laptop or tablet. Use the EMI calculator to plan your finances and estimate the EMI wisely. You can also create an EMI chart with different options for repaying your loan.
HOW DOES THE BIKE EMI CALCULATOR WORK AND HOW TO USE IT?
The bike loan calculator requires three simple inputs:
Loan amount- The amount borrowed by the borrower to purchase a bike or any other two-wheeler.
The interest rate– The lender’s interest rate on the principal amount.
Tenure – The number of months or years it will take to repay the loan completely.
When you select the “Calculate EMI” option, the amount you must pay each month is displayed.
The EMI calculation is solely based on the factors listed above. When you enter these three details, it will display the loan’s EMI. Your EMI is directly related to the principal loan amount and interest rate, while it is inversely related to the tenure. As a result, if you take out a loan for a longer period, your EMI will be lower, however, as the principal amount and interest rate rise, so does the EMI and vice versa.
FEW THINGS TO KNOW BEFORE APPLYING FOR A BIKE LOAN
Applying for a bike loan has become quite easy these days. You can either go online or apply in person by visiting the nearest branch of the financial institution you prefer.
The documentation is simple, and the processing is quick. You must provide your Aadhaar card, identity proof, address proof, proof of income, and bank statements. Other documents may be required depending on the nature of your loan application.
Also, note that two-wheeler loans have much lower interest rates than credit card loans or personal loans. As a result, two-wheeler loans are more preferable for financing your dream bike.
To wrap up, a bike EMI calculator reliably estimates your loan EMI and helps you budget your monthly expenses prior to applying for a loan. You don’t need to be a math expert to use it as well. It enables you to calculate EMIs without having to use a complicated formula and provides instant results. Furthermore, the calculator is free of charge and can be used as many times as you want to find the most affordable EMI.
Hero FinCorp is a diversified financial services provider in India. We are an associate company of Hero MotoCorp Ltd.
Hero FinCorp Limited (HFCL) was incorporated in December 1991 as Hero Honda FinLease Limited. After the restructuring of our parent company Hero MotoCorp Limited (formerly Hero Honda Motors Limited), HFCL also changed its name to Hero FinCorp Limited in July, 2011.