A two-wheeler is one of the most cost-effective as well as an efficient way to move around. Be it a big city or a small town; a two-wheeler has become an essential commodity in every household. They are cheaper to maintain and are the best when it comes to navigating heavy traffic. There are so many options for two-wheelers to choose from. If you have been eyeing one and are looking for ways to finance it efficiently, you can avail of an easy two-wheeler loan from reliable financers in the market like Muthoot FinCorp. It is an excellent way to finance your next vehicle.
You can pay off the two-wheeler loan in simple and affordable EMIs. You can choose a loan amount whose instalments fall into your monthly budget. Most lenders allow you to check your EMI with a two-wheeler loan EMI calculator.
But first, what is a two-wheeler loan EMI calculator?
A two-wheeler EMI calculator helps you calculate your EMIs so that you can plan your loan and your budget at your convenience. You can view the amount you pay as your EMI, compare multiple variations to decide your loan plan, which suits you best. You can also view the entire payment plan through the amortisation schedule, which lists the monthly payments, the outstanding amount and the total cost towards the loan. It helps in choosing the amount and tenure suiting your repayment capacity.
How is a two-wheeler EMI calculator used?
You can follow the steps below to use the two-wheeler EMI calculator efficiently on the website of prominent lenders like Muthoot FinCorp:
The two-wheeler loan calculator uses three factors to determine the EMI amount: the principal amount, tenure, and interest rate. Each of these factors has a slider which you can move according to your desire.
Step 1: Push the Principal slider to the desired amount. For example, Muthoot FinCorp’s two-wheeler loan finances 100%* of your two-wheeler’s on-road value.
Step 2: Choose the tenure in months. Move the Tenure slider left or right to match the number of months or the total number of EMI payments. You can see the number changing in the box below as you push the slider.
Step 3: The interest rate for a bike loan begins from 0.99% p.a. You can choose an estimated interest rate that might apply to you according to your eligibility. The lender will decide the actual interest rate according to eligibility.
As you move the slider, you will see the figures in boxes termed ‘EMI’, ‘Total Loan Amount’ and ‘Total Principal Amount’ changing in real-time You can change any of the inputs.
Please note that any lender’s bike loan EMI calculator will only show an indicative figure of the EMIs before applying for a loan. The interest rate and principal amount will be finalised in an agreement between you and the lender, based on your eligibility.
Why should you use a bike loan EMI calculator?
Here are a few reasons why you should use a two-wheeler EMI calculator:
- Easy Planning: Plan your two-wheeler purchase without any hassles of manual calculations. You don’t need to spend a day with a calculator and an excel sheet to come to a comfortable EMI payment plan for a bike finance loan. Move the sliders left or right and decide the structure of your loan basis your convenience.
- Stay within your budget: If you are running on a strict budget, the EMI calculator helps form a robust payment plan. The bike loan EMI calculator will help you gauge your affordability and choose a bike within your budget.
- Transparency: The two-wheeler loan EMI calculator is entirely transparent. You can change any of the inputs multiple times to see the loan plan changing in real-time. The EMI and total cost towards the loan includes processing fee and charges too. The calculator helps you plan your finances to the last rupee.
- 24×7 availability: The bike loan EMI calculator is always available on the lender’s website for your convenience. Access it from anywhere and from any device. You can instantly get to know about your monthly payments to make an informed decision.
With the EMI loan calculator, planning and taking a two-wheeler loan is very straightforward and hassle-free. By financing your next bike purchase with a two-wheeler loan, you can save your precious savings and work towards building a strong credit profile for the future.