India has become the only country which has the maximum number of two-wheelers, owning a bike is not just for style but a necessity now. People have more choices when it comes to owning a bike because many international companies and brands have made a mark in the country. Owning a bike has become quite expensive and taking a loan is the only resort how you can fulfill your dreams. Nearly, every bank in the country offers bike loan and you can also make the most of it.
Before explaining the benefits of using an EMI calculator, let me describe how to use a Bike EMI Calculator? – You will get EMI as soon as you enter the required loan amount and the interest rate. An instalment in EMI calculator is calculated on reducing the balance. As per the rules of financing institutions, processing fee or possible charges may be applicable which are no shown in the EMI we calculate.
Banksdirect.in Explains the benefits of using an EMI calculator when applying bike loan:
- Knowing the EMI value: This tool helps to know the precise amount you will be paying every month. Getting the numbers beforehand helps in sorting your monthly budget. It eliminates the need for manual calculations and ensures accurate results.
- Helps in selecting a tenure: When you have a definite EMI amount, you will face no problem in selecting the loan tenure. And when it gets difficult in paying bills then you can choose a longer term to proportionately bring down the value.
- Helps in negotiating: Once you know the basics of the financials involved, it helps in negotiating key terms of the two-wheeler loan with the bank. Components such as rate of interest, processing fee and others can be easily negotiated after establishing the ground.
- Provides a break-up of costs: In addition to offering you EMI value, you also get to gain key information like the breakup of the loan charges such as processing fee and interest rate.
- Bike Loan EMI Amortization Table: One of the best benefits of this tool is the amortization table. As per this table, you have month wise breakup of the principal and interest charges that involves in the calculation of the EMI amount.