Have you come across your favourite bike model that you were planning to buy and decided to take a loan for it? Know the EMI (Extended Monthly Instalment) amount in advance with a 2 wheeler EMI calculator. It is an online tool that would display the fixed amount consisting of the principal and interest on the loan that you have to pay every month. You can modify the duration of payment in a way that would be comfortable for you. Just modify the options on the calculator. Read on to learn the advantages that the calculator can provide.
Planning the monthly budget
If you can calculate the EMI in advance, it would help in planning your monthly budget. There may be other payments like a home loan, children’s school fees, insurance premiums, etc beside the two wheeler finance repayment amount. This would help in avoiding defaults on the EMI and close your bike loan within the time period that you have agreed on.
Avoid manual calculations
Manual calculations take a lot of time and there is high chance that you would make mistakes.
The EMI calculator is an automatic tool for making difficult calculations and you would always
get the correct results. It would also take the least amount of time for calculations.
Easy to use
The calculator is easy to use and is a simple tool. You just have to put in the numerical values of
principal, interest and duration of loan to get the EMI. There is no complex method involved.
Secure method of calculation
It keeps your personal details safe as the 2 wheeler EMI calculator does not store your identity. There is no sharing of personal details. So, it is safe to use.
Easy to access
You can use it anywhere and at your preferred time with a mobile device. Access it from your smartphone, laptop, tablet, or desktop with a stable internet connection. You do not have to log in for calculating the EMI.
Affordability check
You can decide whether you would be able to repay a certain amount every month towards the two wheeler finance. If it seems difficult, you can adjust the values to arrive at an amount that you can easily pay besides maintaining your other expenses. If you miss an installment, you may have to pay a late payment charge and it would also affect your credit score. Missing the EMI payment multiple times and having a low credit score can reduce your chances of getting loans in the future. So, the calculator helps you to decide on the amount of loan that you should borrow.
There are some simple steps through which you can calculate the EMI with the two wheeler finance EMI calculator:
- Go online on the bike seller’s website and click on the link to Calculate EMI
- Select the bike price or the total loan amount for your bike
- Select the interest rates if applicable. Some lenders would provide 0 interest EMI.
- Choose the loan repayment duration. It is the time period within which you promise to pay back the loan amount with interest.
- Click on Calculate EMI option
- You will get the EMI value immediately
Conclusion:
The 2 wheeler EMI calculator is useful if you apply for a bike loan. It would display the exact monthly amounts that you have to pay. The tool is easy to use and you always get accurate results. You can save time behind stressful manual calculations. Knowing the EMI amount in advance would help you to avoid missing on an installment and maintain a good credit rating.
