How To Calculate your Two Wheeler Monthly EMI?

Most Indians, especially the youth, prefer two-wheelers to rush through the traffic jams and poorly maintained roads. Additionally, two-wheelers are much affordable compared to other engine-based vehicles. The factors mentioned above result in a surge of demand for two-wheelers every year. Such a claim has caught the attention of financial institutions and they have introduced two-wheeler loans.

Two-Wheeler Loans in India:

Most banks and NBFCs offer two wheeler loan at competitive interest rates ranging from 10% - 27% and hence, you need to assess carefully before choosing a financial partner for loan purposes. Your credit score is one of the significant factors to impact the interest rates, and hence, you should strive to improve your CIBIL score to get the loan at lower interest rates.

Two-Wheeler Loan EMI Calculators:

To make things easier, almost every bank and NBFC has put up an online two-wheeler EMI calculator on their website. This calculator helps in determining the EMI (Equated Monthly Instalments) during the repayment phase and provides details like tenure, interest rate, etc. 

It is essential to use such calculators so that you can opt for the best financial partner for your requirements. Such EMI calculators are easy to use and do not require any personal data to get results.

Conclusion:

Note that along with the best interest rates, you might want to analyze convenience, flexibility, and other factors in a financial partner and choose accordingly. 

Additional Read: Should You Take a Loan for Purchasing a Two-Wheeler?