While aspirations are sometimes stuck because of lack of financial obligations, loans always come to our rescue. Taking a two-wheeler loan can help you buy your dream bike without putting any financial burden on you because you can pay the loan amount back in equated monthly instalments.
What is a Two Wheeler Loan?
A Two Wheeler Loan enables you to buy a two-wheeler without causing a hassle or putting you under any financial burden. The loan can be paid in instalments, EMIs, and wouldn’t give you the feeling of spending a fortune. The loan helps you possess the bike you always wanted to buy.
The two-wheeler loan calculator formula depends on the following factors:
- The amount of loan availed
- The rate of interest every month
- The tenure of the loan is taken in months like twelve months, six months, etc.
How to use Two Wheeler Loan EMI Calculator
- Knowing the EMI amount before availing of a two-wheeler loan is vital because it helps you manage your finances better. You can also track your monthly instalments, the money being spent and your EMI amount for every month.
- Knowing how much EMI to pay every month helps you plan our finances in advance and also avoids defaulting repayments.
- To calculate the EMI, you can use the formula mentioned below and fill in the required details to get the exact amount.
- You can keep putting in various figures until you get the amount that you can comfortably pay and suits your requirements.
You get the option of adjusting the EMI options with various tries and get to know the amount you can pay monthly. The EMI calculator is nothing less than a guide for you that helps you stay on the right track. Various schemes are available, and even the interest rate fluctuates from one person to another depending on the credit history and credit score. It is good to keep all the details handy to get the exact amount with just a click.
Two Wheeler Loan EMI Calculator Formula
EMI = [P x R x (1+R)^N]/[(1+R)^N-1],
In the above formula, P is for the loan amount or principal, R stands for the interest rate per month, and N is for the number of monthly instalments. You can calculate your EMI by putting in the necessary information like the capital amount, interest rate and tenure in months. Based on these parameters, the calculator will show you the EMI you will have to pay, making it easier for you to plan two-wheeler finance.
Benefits of EMI Loan Calculator
- EMI calculator aids you in keeping track of your finances as you are aware of the amount you have to pay as an instalment every month.
- There is no need for crunching numbers and breaking your head with manual calculations when a calculator can do it for you. The bike EMI calculator helps you calculate the amount in no time and also reduces the chances of miscalculations and errors.
- Pick a tenure which is comfortable for you, and the interest can also reduce on estimating the tenure, helping you select a suitable EMI.
- You must check various loan offers and deals before finalising one. This will ensure that you get the best deal and do not end up paying high.
- It also becomes simpler for you to bargain for the rate of interest and the processing fee.
- Gathering information and details about the other charges involved helps you understand the detailed breakup of the payment.
Therefore, everything you need to know about bike EMI calculator and how to do the same is mentioned above making it easier for you to calculate your finances, decide on an EMI plan and calculate your EMI before concluding.