Bike loans are one of the best facilities offered by banks and NBFCs. It allows you to purchase a two-wheeler loan that you may be unable to afford in lump sum payments. You can pay interest rates on the principal amount and repay them over flexible EMIs. While taking out the loan, it is essential to use the bike EMI calculator.
But before that, you should be aware of some aspects concerning the tool –
- Different forms of the calculator
There are different kinds of EMI calculator that potential borrowers could use for checking the EMI amount as well as the total cost of the loan. So, if you seek to buy a bike, google two-wheeler loan calculator, and you receive a list of several websites. You can download the EMI calculator app on your Android and iOS applications. However, the best place is to find the calculator on the lender’s website. Using the calculator enables you to cross-check if the calculated amount is accurate.
- Creates a budget
When you apply for the loan, you need to revisit the budget. You must check if the EMI is affordable and see how much of your monthly income gets contributed towards it. If needed, readjust the budget, cut down a few expenses, and so forth. However, you can do so if you know the exact payable EMI. The bike EMI calculator helps understand the precise amount and thereby helps create a financial plan.
- Free of cost
Every calculator is digital and available free of cost. You could use it as many times as possible, without worrying about any charges or exhausting the usage for arriving at an affordable EMI amount. If you want to avail of the loan from HDFC Bank, google the HDFC Bank loan EMI calculator post which you can use the tool as many times you like.
- Accuracy
One of the prominent reasons you should opt for a motorcycle EMI calculator is the calculations are accurate to the last decimal point. You can find out the exact amount to pay against the loan. There is no scope for error since the tool is electronic. So, be rest assured about the EMI amount and accordingly apply for the loan.
- EMI formula
The two-wheeler loan calculator, whether digital or manual, use a formula. It is {P x R x (1+R)^N / [(1+R)^N-1]} where, P = Principal loan Amount, R= rate of interest and N= Tenure. Considering the calculator uses the same formula, there is no requirement of manual calculation.