When buying a bike loan, you should calculate your EMIs using a two-wheeler loan EMI calculator, as it will benefit you later. Two-wheeler bikes and scooters are a necessity for every person these days. A person owning a two-wheeler will have the freedom to travel as they wish. Two-wheelers are also a convenient and fast way to travel from one place to another. If you are considering buying a bike or scooter, you should apply for a two-wheeler loan. You can get a high loan amount, flexible tenure, and affordable interest rates.
Key advantages of using an EMI calculator for a two-wheeler loan
If you are wondering what the benefits of using a two-wheeler loan EMI calculator are, you should learn about these major benefits:
- It helps you know the EMI value, meaning you can estimate the precise amount you can pay monthly. It helps you make better financial decisions regarding whether a certain loan fits your budget.
- It helps you choose the term, as once you know the EMI value, you can set the tenure according to it. When choosing a tenure for your loan, you should also consider the total payable interest to ensure you are not paying a higher value for your loan.
- EMI calculator instantly calculates your EMI without an error. You can use an EMI calculator for how long or how many times you want while paying any charges.
- Calculating EMI before you apply for bike loan allows you to compare different loan products more effectively. You can also negotiate once you have estimated an EMI value.
- With an online EMI calculator, you can also get other useful information, such as breakup charges contained in the loan, like processing fees and total interest at the end of the loan tenure.
How to calculate EMI for your two-wheeler loan?
Once you understand the importance of using the two-wheeler loan EMI calculator. If you don’t know how to use an EMI calculator, here are the way to use EMI calculator:
- Open your mobile or desktop browsers and search EMI calculator for two wheeler loan.
- Enter the value of the loan amount, that is, the precise amount of the bike or wish to purchase.
- Enter the value of the interest rate on your bike loan offered by your lender.
- Enter the value of repayment tenure you like to wish.
Reason to apply for a two-wheeler loan
Let’s take a look at some reasons why you should apply for bike loan.
You can buy your choice of bike.
When considering getting a new bike, you should apply for bike loan, as you can get it for any type of bike from any brand, model, and year. With a two-wheeler loan, you can purchase your choice of bike without putting much stress on your savings or monthly income.
You can enjoy tax benefits.
With a two-wheeler loan, you can take advantage of tax deductions. Moreover, if you are self-employed, you can enjoy more benefits as your profit will deduct the insurance amount, maintenance cost, and fuel. Also, use the two-wheeler loan EMI calculator to ensure you can afford the loan.
Two-wheeler loans have low-interest rates.
Now everybody is buying a bike, causing banks and lenders to lower their interest rates, making them affordable. You can compare interest rates from several banks and buy the most affordable two-wheeler loan. You can also reduce the interest rate by showing a good credit score to your lender.
You can improve your credit history.
Buying and repaying a two-wheeler allows you to build a good credit profile. Calculate the EMI to ensure you can easily pay your loan amount and build a good credit score. You can obtain a loan for business, travel, or other purposes with a good credit score. You can also find great discounts on financial products if you have an excellent credit score.
It helps you become financially disciplined.
Another benefit of buying a loan for a bike is making you financially disciplined. Repaying your loan allows you to keep a sufficient balance in your bank account, so you don’t miss paying your EMI monthly.
It protects you from destroying your FD or savings.
With a bike loan, you can’t pay the entire amount without touching your savings. You can use the bike loan to buy your dream bike and repay your loan by paying a smaller EMI each month.
Before you apply for a bike loan, you should compare the interest rate from several lenders and choose the loan with the best interest rate and other benefits. Visit your lender’s branch or website to apply for a bike loan. Also, seek expert advice when purchasing a bike, as they help you buy the right bike according to your need.