How to Manage Two-wheeler Loan EMI?
Last Modified: 25-November-2022
With the ever-increasing number of vehicles on the road, heavy traffic is becoming a major concern in most cities. Due to this reason, two-wheelers have picked up momentum in sales and use in the last few years. Two-wheelers are easy to manage, cheaper to maintain, and operate well for daily commute. Hence, India is one of the largest markets for two-wheelers in the world, and finance companies are more than willing to offer a two-wheeler loan on EMI. This blog talks about how to manage the installments when you buy a bike on EMI with Muthoot Capital and how the two-wheeler loan EMI calculator works.
All buyers may not have the liquid funds to buy a two-wheeler of their choice, and these individuals may opt for loans. Over time, procuring a loan to finance your two-wheeler has become simple and convenient. Muthoot Capital grants a loan amount covering 85%-95% of the bike cost. This amount can help you with the immediate purchase of the bike, and later you can pay the loan amount in affordable EMI. Given below are the Dos and Don’ts you must follow to ensure you get the best deal:
- Before you choose a finance company, ensure that you satisfy all the criteria for loan eligibility.
- Fill out the loan application form accurately and avoid any mistakes that may cause delays.
- If you are looking for a co-applicant, make sure that he is also eligible for the loan.
- Choose the loan terms such as low-interest rates, short tenure wisely as they influence your monthly EMIs. Use a two-wheeler EMI calculator to calculator the same.
- Only borrow a sum you can repay without difficulty and try not to default your EMI payments.
Two-Wheeler Loan EMI Calculator
A two-wheeler loan EMI calculator is an online tool that calculates the amount of monthly installment you will need to pay to settle the loan. Once you enter the principal amount, tenure, and interest rate, you will get the EMI amount. This tool can help determine your repayment capacity.
How Does a Two-Wheeler EMI Calculator Work?
The two-wheeler loan EMI calculator finds out the EMI amount once you enter the following details:
- The loan amount or the amount borrowed by the buyer to purchase the scooter or bike.
- The interest rate or the rate charged on the principal amount.
- Tenure or the number of days or months by which the entire loan must be repaid.
Once you enter the above figures in the respective fields, the calculator tool will apply a programmed formula and retrieve the monthly EMI amount. You can alter any of the above fields to see the corresponding change in the EMI amount.
Benefits of Using Two-Wheeler Loan EMI Calculator
- The EMI calculator is simple to use. All you have to do is to enter the correct amounts, and the EMI for the chosen values is calculated and displayed right away.
- The results are displayed very quickly.
- The calculation is accurate and generally error-free. The amount gives you a clear idea of the EMI amount you will need to pay for the loan period.
- You can use the calculator anywhere, anytime, without any login.
- The two-wheeler loan EMI calculator is accessible on all devices, right from mobile phones (iOS and Android), laptops, computers, and tablets.
Tips to Reduce Your Two-Wheeler Loan EMI
Follow the tips given below to reduce your two-wheeler loan EMI:
- Choose a longer tenure for loan amount repayment. If your payment is spread across a longer period, your EMI amount will go down automatically.
- Opt for a higher down payment amount if it is within your budget to reduce the principal loan amount. A low loan amount means a low-interest rate and low two-wheeler EMI.
The factors that impact the two-wheeler loan EMI are the interest rate, loan amount, and loan tenure.
If you decide to buy a bike on EMI, ensure that you do proper research and learn all about the terms of the loan. Utilize the online two-wheeler EMI calculator tool available for free on our website to find out your exact monthly EMI payment and make an informed decision.
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