Having a two wheeler offers you plenty of benefits. For one, it offers you the means to travel conveniently through traffic. Additionally it goes a long way to be economically convenient for those who travel on a daily basis, and yet don’t want to spend much on fuel and servicing.
But in order to possess a bike, you need to purchase one. In this case, the financial options are many, ranging from borrowing from family or peers or opting to save up your funds for it. Alternatively, you can opt for a two wheeler loan. But how do you know if the loan aspects will suit your financial requirement. Additionally, will you be able to afford the loan once you get the approval for it, or will it compromise on your other financial requirements?
To answer all these questions, you can use the two wheeler loan EMI calculator to calculate how much of a loan amount you can apply for. Additionally you can know how much you will need to pay on the monthly basis. Here are some of the benefits you can get from using the two wheeler loan calculator:
Helps know the EMI value: The primary function of this tool is to know the particular amount you will be paying every month for the two wheeler loan. By getting the number in advance, you will be able to sort out your monthly budget. This will eliminate the need to manually calculate your loan while ensuring that you get accurate results at the same time.
It will aid you in choosing the term: Once you have a definite EMI amount after using the two wheeler loan EMI calculator, it will be easier for you to gauge how much of a tenure of the loan will suit you. In this way, you can reduce the burden on your wallet if you feel the tenure is short. Alternatively, a higher tenure will proportionally bring down the value of the EMIs.
Helps in comparison: It will be most beneficial if you approach several lenders to know their loan rates, as each of them will offer different loan options. You can use this tool to compare the costs involved, and understand the difference in what is being offered by you. In this way, you can choose the most suitable loan offer, based on different parameters.
Helps in negotiating: Once you are armed with the basic of the financials involved with the two wheeler loan, it will help in negotiating the terms of the loan. Certain components, such as the rate of interest, processing fee and others can be easily negotiated after you establish the foundation.
Provides a break up of costs:One of the major advantages of the two wheeler loan calculatoris that it not only provides the EMI value, but also offers additional useful information. It offers a breakup of the charges involved in the loan such as the interest and processing fee. Mostly, it offers it through an amortization table, which will be done in a month wise break up.