Loan EMI Online It is impossible to buy bikes with cash these days. Applying for a bike loan is the only viable option. But one must remember to check EMIs for the loan they are applying for. How? Well, read on to know!
The love for motorcycles in India is a well-known phenomenon. Even the well-off choose to spend considerably on their dream bikes instead of cars. The reason is simple. Cars cost more. They entail high MSRPs. On top of this, the fuel costs, servicing charges and insurance costs add up to substantial amounts. Comparatively, bikes are cheaper to buy and own Loan EMI Online.
In this context, one should also remember that the prices of motorcycles in India are increasing exponentially. Hence, even if bikes are cheaper than cars, buying them is a different ballgame! One has to apply for a bike loan as buying bikes with cash is a fool’s decision Loan EMI Online!
Well, buying a bike through financing can offer one a plethora of benefits. Some of the most appealing benefits are as follows –
- One should remember that comparing personal loans, business loans and bike loans is not wise. Unlike personal and business loans, a bike loan entails low interest rates. A loan with low interest rates means affordable EMIs. The result is that one will be able to keep their monthly budget intact.
- A bike loan acts like a financial cushion for the borrower. With the help of a bike loan, a person would not need to lay hands on their emergency financial reserves.
- Even a few years back, both traditional and non-traditional lenders offered bike loans with non-flexible terms. Furthermore, they even penalized borrowers who chose to clear their debt before the tenure is up. That is not the case anymore. To keep up with the competition, both banks and NBFCs now offer bike loans with flexible debt repayment options Loan EMI Online.
- These days, lenders also offer borrowers the option to customize their bike loans. This allows borrowers to choose a tenure + principal amount combination that keeps interest rates and EMIs low.
- Back in the day, borrowers had to go through a grueling loan application process that often extended for days. Not anymore as most (if not all) lenders now offer online loan application services to borrowers. Furthermore, one can even submit pertinent documents online from their home! On top of this, most banks and NBFCs fast-track the paperwork for bike loan applications. In simple terms, one can take home their dream bike the same day they had applied for a bike loan Loan EMI Online!
- Another benefit of bike loans is there are lenders who would cover the entire ex-showroom price of the bike. This type of loan is known as a 0 down payment loan. However, one must remember that 0 down payment loans entail hefty EMIs and interest rate Loan EMI Online.
- Most lenders these days often bundle their bike loan schemes with bumper-to-bumper bike insurance coverage. This means that one would not have to pay extra to an insurance company to insure their beloved bike. All one would have to do is apply for a motorcycle loan!
How Can We Calculate Bike Loan EMIs?
The tentative EMIs for a bike loan they are planning to apply for using a Two wheeler loan EMI calculator.
An EMI calculator is an online, free-to-use tool that is available on the websites of lenders and bike portals Loan EMI Online.
The overall working principle of the bike loan EMI calculator tool is quite simple.
The online tool will entail a simple User Interface that will consist of blank spaces. These blank spaces will be labelled with the names of parameters used in calculating EMIs. The parameters are as follows Loan EMI Online–
- Tenure of the loan
- Principal amount (borrowed sum) and
- Rate of interest.
All the user would need to do is fill in the above blank spaces with the parameters of their choice. After that, they would have to click on the on-screen ‘calculate’ button Loan EMI Online.
In a matter of milliseconds, the tool will show the tentative EMI amount to the user.
For more details, you can consult with the executive of their preferred lender. If that is not possible then they should seek assistance from a professional financial advisor Loan EMI Online.