In India, several leading banks and NBFCs offer their customers two-wheeler loans along with several privileges and facilities. People who fancy their dream bike or scooter and want to purchase it without breaking their savings can consider a two-wheeler loan from their preferable financing institution. However, before you select any specific lender, you must understand the two-wheeler financing product first. It will help you decide the most appropriate terms, indeed.
Since the online banking facility appeared, it made financial decisions effortless. It has made the banking procedure really simple and transparent for middle-class people. To ensure added comfort of customers, the top-class banks, NBFCs, insurance providers, and third-party financial websites offer a two wheeler loan EMI calculator, a commendable dynamic tool available on their websites. This particular tool delivers a comprehensive range of assistance to customers associated with funding procedures linked to two-wheeler loans.
Let us first understand what a two-wheeler EMI calculator is?
Two-wheeler EMI calculator: A brief explanation
The EMI Calculator for two-wheeler loans is an online tool specially designed to calculate your monthly payables to repay the loan. You only require to fill up the financial details to get the result. Once you enter all necessary details on the blank spaces correctly, you can see the auto-computed amount. It tells your monthly EMI value. Additionally, the calculator tells you other valuable information to help you decide the most right terms for you. You can, however, plan for your monthly budget after you get an idea of how much you have to pay every month.
India’s Top banks provided two-wheeler loan EMI per 50,000:
In the following table, you can see the most economical possible two-wheeler interest rates with the most payable EMIs provided by India’s top banks. Here we have assumed the processing fee as 2%, which can vary from lender to lender. Besides, we also considered a maximum tenure period between 2 to 5years. However, it can also vary from lender to lender.
|Bank||Lowest EMI||Lowest rate of interest||Maximum tenure|
|State Bank of India (SBI)||1,764||16.25%||3 years|
|Central Bank of India||996||7.25%||5 years|
|Union Bank of India||1,060||9.90%||3 years|
|HDFC Bank||1,860||20.9%||3 years|
|Bank of India||998||7.35%||5 years|
|UCO Bank||1,291||10.95%||4 years|
|Punjab National Bank (PNB)||1,051||9.55%||5 years|
|Axis Bank||1,287||10.80%||4 years|
|Lakshmi Vilas Bank||1,134||12.85%||5 years|
Two-Wheeler Loan EMI Amortization Table:
The most visible use of the two-wheeler loan EMI calculator is the amortization table that presents a break-up of interest rates and principal amount monthly based that requires to evaluate the whole EMI amount.
Perks of utilizing EMI calculator for two-wheeler loan:
The perks of utilizing an EMI calculator before applying for the loan are plenty. So, let us explore some of the paramount ones.
- Aids you know the EMI amount: The key advantage of using this tool is it lets you know the exact amount you will pay each month. Knowing the value beforehand will aid you to sort out your monthly budget. Plus, it eliminates the hassle of manual calculations and ensures accurate results.
- Helps you select the term: Now that you know the EMI value beforehand, you can easily select the tenure period. If the value feels heavy in your wallet, you can choose a more extended tenure period to bring down the amount.
- Assists you compare: If two or more banking institutions have offered you a two-wheeler loan, you can effortlessly compare their costs using this particular tool. It will help you evaluate any trick associated with the loan so that you can choose a better lender. Therefore, every time you get a quote, employ an EMI calculator to jot down the result by comparing specific parameters.
- Renders a break up of payments: This easy and free-to-use tool eventually renders a clear breakup of the charges associated with the loan amount aside from the EMI value. For instance, processing fees.
- Advocates in negotiating: Once you are equipped with the basic aspects involved with the loan, it will advocate you while negotiating the key terms with the lender associated with the loan. You can easily adjust components like processing fees, interest rates, etc. For that, you have to establish a good relationship with the lender.
Why should you use EMI Calculator?
The EMI calculator is the utmost beneficial tool because it will help you plan your monthly expenses as far as possible. It is a way more user-friendly online tool that anyone with a smartphone or laptop can access without any specialization or additional knowledge.
Purchasing a two-wheeler can be an unimaginable yet exciting experience for anyone, be it a bike or scooter. A two-wheeler loan allows people to understand the product and financial components effortlessly. To prevent any complexity in fulfiling your dream, a two-wheeler loan EMI calculator can be your reliable companion.
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