Claiming for two Wheeler or Bike loans is cheaper and more affordable as compared to a four-wheeler vehicle loan. As per past experiences, the two-wheeler is one the loan which is affordable and least affects your savings and budget. It’s better to calculate your EMI and interest by yourself to get a rough idea. Especially if you are middle class or an average salaried person. Doing so will help you better plan and manage your finances, so you will not face any trouble or obstacles on your end.
Moreover, you can approach banks, financial institutes, and online lenders to claim a two-wheeler loan amount. To understand its accessing process within grasp, try entering the down payment amount, loan tenure, and interest rate. And then, after calculating this, it will give you the bike’s EMI amount. The Loan EMI calculator calculates the two-wheeler EMI amount monthly or annually.
The loan lenders may impose processing fees or other charges while applying for a loan on a loan applicant. Furthermore, you can try this manual method to cross-check the outcome to calculate the two-wheeler EMI. And the formula is “P x R x [(1 + R) N / ((1 + R) N – 1]. Remember, here, P denotes the loan’s principal amount, N denotes the loan’s duration in months, and R denotes the relevant interest rate.
What is a Two-Wheeler Loan EMI Calculator?
If you are new to it, then a two-wheeler loan EMI calculator is an online tool or an app that helps calculate the monthly EMI of your applied loan amount. While making calculations, it covers all the relevant factors such as Principal Amount or Loan Amount, Interest Rate, and Loan Tenure. And once you enter all these details, it automatically calculates the EMI amount that you need to pay every month before the end of the loan tenure.
How to Calculate your EMI using a Two-Wheeler Loan Calculator?
The loan applicant can easily calculate the bike loan EMI by using the two-wheeler loan EMI calculator. All you need to do is to input the values to get the outcomes. Now to understand the entire process descriptively, follow the below information:
Loan Principal
The primary thing is the loan or principal amount you apply for. The loan applicant has to repay this loan amount over time along with a decided interest rate.
Interest Rate
The important thing is the interest rate, which is usually 12%. Still, sometimes it is fixed by the loan lenders such as banks and financial institutes. The applicant must pay the monthly EMI amount and the interest rate.
Loan Tenure
The last and third relevant thing is a loan tenure or loan duration. It is a decided time period in which the loan amount, and interest, must be repaid in the form of an EMIs.
Steps to Calculate EMI via the Two-Wheeler Loan EMI Calculator:
- First and foremost, set the principal amount by using the first slider. And then, you need to enter the value either directly or using the ‘+’ and ‘-‘ symbols.
- Next, use the second slider to adjust the two-wheeler loan interest rate to get the correct value. The applicant can enter the interest rate either by typing in the box individually or with the ‘+’ and ‘-‘ signs.
- In the find step, jump on the third slider and enter the loan term or duration that you have decided for loan repayment. While entering the value, use either the ‘+’ and ‘-‘ symbols to increase or decrease the value. You can manually enter the loan duration by entering the box’s digits. Further, the “Two-Wheeler EMI calculator” will do its final work by proving the outcomes in the form of a precise EMI amount.
Visit Here :- All you Need to Know About an EMI Calculator
