Two Wheeler Loan EMI Calculator
The process of applying for a two wheeler loan is easy and transparent in the modern, internet-enabled world. You can repay the loan in Equated Monthly Installments or EMI. It is the amount that you pay the lender every month ofthe loan tenure. It is a mix of the principal amount and interest along with applicable taxes.
Muthoot Capital Services Pvt. Ltd. offers a free and easy-to-use two wheeler loan EMI calculator. You can calculate your monthly outflow at the click of a button. Just click on the EMI calculator button to get started. Our dynamic two wheeler loan calculator helps you calculate the monthly repayment amount of your loan immediately. Fill your financial details and an auto computed figure will be displayed. You can easily plan your monthly budget accordingly.
Formula for Two Wheeler Loan Calculator
The formula for the Two Wheeler Loan Calculator is broadly dependent on the following:
- Principal two-wheeler loan amount or the amount taken as a loan
- Applicable rate of interest per month
- Loan tenure. It is calculated in months, so it will be 6 months, 12 months, etc.
How to use a Two Wheeler Loan Calculator
It is advisable that you know your EMI amount before you commit to a two-wheeler loan. By using a two wheeler loan EMI calculator you will be able to plan how to repay your loan without any issues.
- If you are looking to buy a bike on EMI you must first chalk out your monthly budget and the amount you can afford as an EMI per month.
- You must take a reasonable figure that you can afford - our company representative can help you calculate the loan to value (LTV) ratio, which suggests the loan amount and EMI best suited to your income
- You need to open the two wheeler loan calculator tool and select the required details like the amount of loan you need, the interest rate that would be applicable and the tenure of the loan.
- You can fill in the details with different loan amounts, tenure and interest rate till you reach an EMI amount suiting your needs.
Take your time in adjusting the various options on the calculator so that you are comfortable with the tentative EMI. The EMI calculator is a good guide. You can also contact our representative to find out your eligibility and the interest rate that you would get to get an exact EMI amount. Interest rates may vary from scheme to scheme. Your credit history also determines the rate of interest you command. Once you have the exact details, it is simple to arrive at a perfect calculation on the EMI calculator.
Benefits of using Two Wheeler Loan Calculator
You have taken the first step towards buying a bike on EMI but are not sure of the benefits of using the two wheeler loan calculator. The list below will dispel all your doubts.
- One of the most important benefits of using a two-wheeler loan EMI calculator is that you get a fair idea of the amount that you would need to pay each month to own your bike. You can get rid of manual calculations and get an accurate number with a click.
- The calculator allows you to choose the tenure that suits you best. You can minimise the interest you pay if you can estimate the tenure that helps you choose the most suitable EMI.
- EMI calculators help you compare the costs and choose the best loan. They furnish you with a quote and you can choose the one that suits your requirements.
- You can be aware of the financials involved beforehand and that gives you space for negotiation. You can bargain on the rate of interest and processing fee and reduce added costs.
- The most important function of the loan calculator is that it helps you gather information on the charges that are involved. The break up gives you clarity about what you are paying under what head.