Purchasing a bike requires a lot of analysis and thinking. You might have decided on the bike you will be purchasing but may still be on the fence about financing the bike you are about to buy. Here comes the role of two-wheeler loan.
A loan will help you borrow the amount as per the bike's price. You will then have to repay the amount every month with some added rate of interest. But before applying for a loan, you must consider choosing the right lender who offers an affordable interest rate.
With the advancement of technology, everything is becoming very easy. You can apply for a bike loan with a few clicks. And now you can calculate EMI Online also. All you need is the amount you will be borrowing, the interest rate, and your loan tenure.
What is an EMI Calculator?
Using an online EMI Calculator, you can calculate the EMI of your car loan, home loan, personal loan, and two-wheeler loan that you will be paying every month.
The formula for calculating EMI:
( P * I ) * ( 1 + I ) ^ N
[ ( 1 + I ) ^ N - 1 ]
P = Amount of Money borrowed.
I = Rate of Interest
N = Number of instalments
Bike EMI Calculator is very easy to use. All you need to do is enter the required details mentioned above.
You can check out the website of lenders like Bajaj Auto Finance for a user-friendly EMI Calculator. With the calculator, you will get the exact idea of the amount you will have to pay off every month and then choose the right loan scheme based on your needs.
To calculate the EMI online, you will have to enter the amount of money you wish to borrow and the interest rate. After entering this, you will get a detailed result of the EMI you will have to pay every month for a specific tenure.
Explore several websites to find the right scheme with a customer-friendly interest rate and favourable loan terms. You must check the eligibility criteria before applying for a loan. Every lender has their eligibility criteria for sanctioning loan requests.
The eligibility criteria are stipulated to evaluate the creditworthiness and repaying capacity of the individual. The EMI Calculator does not include processing fees or additional charges. It would be best if you remember that the actual EMI you will be paying might differ from the result as per the Bike EMI Calculator.
The actual down payment depends on several factors, such as the type of two-wheeler you are purchasing, monthly salary, and credit score. A credit score of 750 and above is usually considered healthy for availing a loan. You must check the eligibility and loan terms with your lender first.
Several leading financiers like Bajaj Auto Finance, Muthoot Fincorp, etc. offer two-wheeler loans at reasonable interest rates. You can find the EMI calculator at their website and pick the correct loan terms.
Conclusion
Purchasing a bike is a vital decision that requires a lot of analysis and time in order to make the right choice. If you have made up your mind to apply for a bike loan, then there are several things to consider.
EMI Calculators are very helpful
if you are thinking about which scheme to choose. They will provide a correct idea of whether you will be able to repay the loan or not.
Check whether you are eligible to apply for a loan and keep all the documents handy when applying. You can check the websites of lenders like Bajaj Auto Finance to know the documents required for applying for a loan.
Previously applying and approval of a loan was tedious and time-consuming, but now with the digitisation across all spheres, the procedure has become more comfortable and quicker.