EMI calculation gives your loan application the much-needed headstart. If and when you get an idea regarding the monthly repayment amount, it becomes easier to apply according to the existing financial stead and get approved, quickly. For example, if you put forth a bike loan application stating two years as the tenure, the lender might end up rejecting the application if the EMI amount exceeds your monthly income. This is where an EMI calculator comes in as a handy financial resource.
Besides helping you with approvals, here are 6 of the most important reasons to rely on a bike EMI calculator before applying for a fresh credit line:
- Better Loan Structuring
An EMI calculator allows you to feed in every important data set and make calculations, accordingly. This way it becomes easier to select the EMIs, loan tenure, and even calculate the payable sum upon tenure completion. Without a calculator, it is like going blind towards getting a fresh line of credit for your two-wheelers.
Besides, with a calculator to rely on, you can also change and target specific principal amounts for the concerned bikes whilst striking the perfect balance between interest rate, tenure, and the outstanding sum. This approach also allows you to fix the down payment value, depending on the accrued interest and tenure-centric preferences.
Two-wheeler EMI calculators are extremely accurate. Therefore, if you rely on the one offered by the concerned lender, the featured EMIs and total interest are expected to be the same as displayed as the calculated data.
- Easy to use
Using calculators is easy and the results are displayed quicker than expected. Therefore, if you are looking for Two wheeler finance but finding it hard to segregate tenure and repayments as per the financial stead, EMI calculators can help you with the same by yielding fast and reliable results. Moreover, the platform is highly intuitive as certain lenders also help you make calculations based on the age and salary structure, thereby offering a more holistic coverage.
- Better Financial Planning
With a loan and EMI calculator to rely on, you can easily set your priorities straight and structure the repayment, as per the salary structure or monthly income. Besides, you can opt for a trial and error approach by changing the tenure repeatedly, specifically for zeroing in on the EMI that is in line with your expectation. Once you reach the desired measure of repayment, you can put the tenure in the application form and get approved, in no time.
Every lender has some sort of EMI calculator that you can rely on, based on your preferences. Moreover, these calculators can be used for free and also allow you to change loan applying parameters, as per preferences.
- Loan Comparisons
You can also use generic two-wheeler EMI calculators to compare loans offered by different lenders, based on the interest rates, overheads, and other aligned costs, if any. Besides, there are different types of bespoke bike loans to take into account which can also be compared and contrasted upon using the EMI calculators. Last but not least, certain calculators also allow you to assess the set parameters associated with certain bike loans and draw comparisons, based on EMIs.
As mentioned, an EMI calculator can help simplify the bike loan procurement process by allowing you to stay one step ahead of the lenders, especially when applications are concerned. However, it is necessary to keep the loan parameters handy, including the bike value, down payment, interest rate, and even the preferred EMI slab, to compare each with the findings of the EMI calculator.