Whether you want to buy a two-wheeler that is fit for your daily commute or a sports bike you have been eyeing for a while, you can opt for a two-wheeler loan to help finance the purchase. However, before you opt for a two-wheeler loan, it’s important you understand what your Equated Monthly Instalments (EMIs) are going to look like.
Availing a loan without a proper understanding of your EMI repayments can be disastrous for your finances over the long term. Thus, you must use an online two-wheeler calculator to examine how much you will require each month to service the loan.
What is an online two-wheeler loan EMI calculator?
An online two wheeler loan EMI calculator allows you to instantly estimate your loan’s EMI. It’s important that you use a reliable online calculator, such as IDFC FIRST Bank’s two-wheeler loan EMI calculator. Such a calculator is easy to use and only requires you to enter three details – principal amount, expected bike loan interest rate, and preferable repayment tenure.
On adding these details, the EMI figure will be displayed instantly on the online calculator. Along with the instalment figure, the calculator also shows the overall interest payable and amortisation schedule. Based on your cash inflow and repayment capacity, you can make changes to the figures of any of the three parameters to arrive at an EMI better suited for you.
With the calculator, you can also compare the bike loan interest rates offered by different lenders to zero in on the best one. Once you compute the EMI as per your preference, you may approach the lender and negotiate accordingly to get the best deal. Thus, with an online two-wheeler calculator, you can get a fair idea about your bike loan EMIs and your overall interest outgo way before you apply for the two-wheeler loan.
Top benefits of using an online bike loan calculator
While you may manually compute the bike loan EMI, using an online calculator instead saves you plenty of time and effort and presents an accurate result. Read on to know the benefits of using an online bike loan calculator:
- Fast and hassle-free – Undertaking manual calculation tends to be time consuming, lengthy, and prone to errors. However, an online bike calculator can compute accurate results in just seconds. Not only is it quick but it also allows you to conduct as many calculations as you want, which enables you to try out various permutations and combinations to get the result of your choice.
- Simple to use – The interface of an online bike loan calculator is simple to understand, navigate, and use. The fields are appropriately marked where you must input the figures to get the desired results.
- Unrestricted usage – Bike loan EMI calculators are often free to use. So, you can use this tool as many times as you want. This is a very useful feature, particularly when you have a lot of loan offers in hand to compare and check the most affordable one.
With a two-wheeler loan EMI calculator, you can come up with a solid repayment plan for your loan so that your two-wheeler purchase doesn’t end up creating any financial difficulties later. Thus, it allows you to take a two-wheeler loan as per your repayment capacity. Also, by using the online calculator to compare different bike loan interest rates and offers you can choose the one that is the most beneficial for you.