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It is always exciting to buy that first bike but buying it for cash might be difficult for many of us. Taking a two-wheeler loan is an option that can help you have the bike and leave you with some weight in your pockets as well. Knowing the EMI before you opt for a loan is important for your financial household budget.
The good news is, you can calculate the EMI of the two-wheeler loans before you borrow the money from the bank. Two-wheeler loans are secured loans, hence the documentation and eligibility criteria are generally lenient when compared to those of personal loans. However, you must be aware of the amount that you will have to pay every month in order to keep a good record with the banks and keep driving that bike.
Let's take a look at how we can calculate the bike EMI manually and by using an online Calculator.
EMI stands for Equated Monthly Installments, that are generally used for all kinds of loan repayments. When it comes to financing your bike the amount you pay on a monthly basis to pay off the loan is defined as bike EMI. You may calculate the bike EMI manually with the help of the following formula:
You may calculate the EMI manually, but it may seem a bit completed this way. Fortunately, there is another way of performing these calculations. You may use an online bike EMI calculator like the one designed by iCalculator. Let's have a look at the way to use it.
In order to use the bike EMI calculator you just have to enter the following details into the calculator:
On the basis of your inputs the calculator will provide you with the results. You may take advantage of the calculator in various ways that are mentioned ahead.
Using the calculator is simple and easy. The calculator is online that provides you with the results instantly. Although the calculator has been designed to provide you with accurate results, it also depends on the accuracy of the data that you input.
You may use the results obtained from the calculator to compare the offers you have from different banks and opt for the deal that suits your requirements the best.
The calculator can be accessed on all kinds of devices, such as computers, laptops, tablets and even mobile phones.
There are many things that should be considered before taking up a two wheeler loan, Let's explore some of these factors.
To summarize, bike loan EMI calculations can be done manually, but it is much easier with the calculator. Though it can be really helpful to get your bike financed, you should be careful before applying and borrowing anything from the banks of financial institutions.
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