Steps to Use The Bike Loan EMI Calculator

Purchasing a new bike can be a dream come true. If you have been eyeing a bike for a long time, turn your dreams into a reality with a bike loan. You no longer need to worry about funding the purchase or using the emergency funds for this purpose. You also do not need to disrupt the household budget for your purchase. You can now own a bike with a loan from a reliable lender in the industry. Before you sign on the loan documents and go ahead with the purchase, use the bike loan emi calculator to make a well informed decision.

All individuals above the age of 21 are eligible to apply for the loan. You can be a salaried employee or a business owner. You need to have consistent source of income and a valid driving license. In order to apply for the loan, you need to fill the application form and submit documents of identity proof, address proof, income proof and invoice of the bike you wish to own. You need to remember that the lender will not provide a loan for the entire cost of the bike. You will be required to make a down payment for the same. You can make the minimum amount of downpayment and make the most of the loan option. The loan application will be processed and approved in 2 to 3 working days.

Consider the interest rate offered on the loan before you make the final decision. It will have a significant impact on the total cost of borrowing. You can compare the interest rate offered by different lenders before making a decision. Choose a lender that offers the loan at low interest rate as it will reduce the EMI amount and will also cut down on the monthly outflows. Whenever you shortlist a lender, make it a point to use the EMI calculator. The calculator is available online and is free to use. Follow the below mentioned steps to use the bike loan EMI calculator:

• Open the EMI calculator page on the lender’s website.

• Provide details about the loan amount and tenure,

• Click on “Estimate”

• You will get the results in no time.

• Change the inputs until you reach an optimal output.

You need to remember that the EMI value shown in the calculator is not the exact value but it will be an estimate of the amount you will have to pay each month. Keeping the monthly inflows and outflows in mind, you can decide whether you will be able to manage the EMI payment or not. The bike loan emi calculator will give you an insight into the cash flow you need to handle. If you think that the EMI amount is too high, you can ask for a longer tenure and reduce the EMI. The calculator gives a close estimate and is much more accurate than using an Excel sheet. You will also be able to get details about the total amount of interest paid on the loan.