Easy Steps to Calculate Your Two-Wheeler Loan EMI
Last Modified: 4-April-2022
A two-wheeler saves time by efficiently breaking out of the traffic, hence, they are always in demand. Muthoot Capital proposes bike loans with the lowest interest rates and flexible repayment of up to 48 months. However, you must calculate the EMI using a two-wheeler loan EMI calculator before applying for a loan to plan out the expenses. So, before starting with the steps involved in using the Muthoot Capital bike loan EMI calculator, let’s first understand the tool in detail.
What is a Two-Wheeler Loan EMI Calculator?
The bike loan EMI calculator is an online tool that helps you prepare for your loan in advance. The tool enables you to calculate the equated monthly installments or EMI over an interest rate for a fixed tenure. EMI’s are the mode of repayment of the loan, and figuring it out beforehand makes things manageable.
By inserting various values of amount, tenure, and interest rates, you can get the suitable EMI that goes with your pocket. After knowing the applicable EMI, you can schedule your income and limit the expenses accordingly. Also, do not let your EMI exceed 50% of your total monthly income. With Muthoot Capital, you can choose your tenure for as long as 48 months for your two-wheeler loan.
Steps to Calculate Bike Loan EMI
While you calculate your 2 wheeler loan EMI online, you must consider these three factors-
- Loan Amount- Deciding on the loan amount that you wish to borrow to buy the bike of your dreams.
- Loan Tenure- Loan tenure is the duration in which the borrowed loan amount needs to be repaid in the form of EMI.
- Rate of Interest- The interest rate is a rate at which the interest will be applied on the loan amount for a specified period.
These factors highly influence the EMI for a bike loan. Follow the steps given below to easily use a two-wheeler loan EMI calculator to find out the EMI online in a few clicks.
Step-1: The first thing you need to enter to calculate your EMI is the amount of loan you require. You can manually type the value or use the symbols to get your desired value in the slider. You must know the approximate amount you need to borrow to calculate the perfect EMI.
Step-2: The second thing that you need to fill in is the interest rate. You can enter the interest rate manually or use the symbol next to the slider to enter the right amount. Muthoot Capital offers the lowest bike loan interest rates, as low as 0.99%, which highly impacts your monthly EMI and saves you from burning a hole in your pocket in the future.
Step-3: Lastly, you need to enter the tenure for which you wish to borrow the amount. You can choose the two-wheeler loan tenure as long as 48 months. However, longer tenure leads to greater interest rates and strains your budget, so try to keep the term shorter.
After filling in these points, the bike loan EMI calculator will automatically indicate the monthly EMI. You can alter the values to get the desired EMI and apply for a loan accordingly.
Benefits of Using the Two-Wheeler Loan EMI Calculator
Now, you can calculate your two-wheeler loan EMI easily in 3 simple steps to oversee your finances likewise. The benefits of using the Muthoot Capital loan EMI calculator include-
1. Check on Affordability
By using the calculator online, you get to assess whether or not the two-wheeler loan EMI is affordable for you on your current revenue. You can alter the values and find the best loan amount with manageable EMIs.
2. Helps Plan Finances
Using the calculator gives you a rough idea of the financial strain you are likely to come across to manage finances. It helps you meet your commitments by providing you with time to make a budget plan.
3. Accurate Calculation
You save time using the online calculator and get the result in seconds. The results are accurate and far easier than making tedious manual calculations with room for errors.
4. Effortless and Free
The calculator is safe to use and can be efficiently utilized by anyone. As it demands only three components, anyone can use it to find the best EMI before applying for a bike loan. It is a free tool, available 24×7 on Muthoot Capital’s website.
The two-wheeler loan EMI calculator has several advantages and involves three simple steps to calculate the EMI. The online EMI calculator by Muthoot Capital assists you in understanding all details on the charges applied and delivers a 100% genuine insight. So, calculate the best EMI for free before applying for a bike loan to understand your loan better.