Owning a two-wheeler can make your life easy and smooth. It will help you with a faster commute on the Indian roads. Moreover, it is a cheaper option than a four-wheeler.
You don’t have to dig into your savings. A two-wheeler loan can help you buy your dream bike. You can pay it in simple and easy installments.
But, how to calculate your EMI amount? That is where a bike EMI calculator comes into play. It helps you know the EMI amount of your loan so that you can plan your finances accordingly.
What is a Two Wheeler EMI Calculator?
Table of Contents
It is an online tool that lets you calculate the EMI amount of your bike loan. You don’t have to do all those complicated calculations manually. This tool will do your work within seconds. Isn’t that great?
You will get an EMI calculator on your lender’s website. You just need to enter a few details and it will do the calculations for you. Thus, you will get an idea of how to plan your finances. For instance, you will be able to organize your spendings in a way that there is enough money to pay the EMI.
How To Calculate Your Bike Loan EMI?
Calculating the EMI of your two-wheeler loan cannot get simpler. You can do it within seconds with a few clicks. Here are the steps to follow.
- Visit your lender’s website or simply search for a ‘bike EMI calculator’ on Google.
- Once you open the page, you will find boxes to enter various information.
- Here are the things you need to provide
- Loan amount: Enter the amount for which you have received loan approval from your lender.
- Rate of Interest: It denotes the percentage that your lender charges on the principal amount.
- Tenure: It is the term of the loan within which you will have to repay it.
- As soon as you enter this information, the EMI calculator will display your EMI amount. Isn’t that super simple?
Benefits of Using a Bike EMI Calculator
- It lets you know your EMI amount in advance so that you can plan you7r finances accordingly.
- It gives you an idea of whether you will be able to afford the EMI amount.
- You can enter various tenures to check which is suitable for you.
- It makes your task easier because you don’t have to do any manual calculations.
Documents required for Two Wheeler loan
There are mainly two types of documents like Salaried Person and Self Employed. We have mentioned both documents check the details for quick and instant approval for a loan. Before applying for a bike loan you have to prepare mentioned documents:-
- ID Proof: Passport /Photo credit Card/Pan Card /Driver’s License /Voter’s ID/Aadhaar Card/ Identity card with applicant’s photograph issued by Central/ State Government Departments, PSU.
- Two recent passport size photographs
- Address Proof: Passport/Driver’s License /Voter’s ID/Utility Bill/Aadhaar card/Bank account or Post Office savings bank account statement.
- Last 3 month’s salary slips/ Form 16/Latest ITR
- Last 3 month’s bank statement is mandatory
- ID Proof: Passport /Pan Card/Driver’s License/Voter’s ID/Aadhaar Card
- Two recent passport size photographs
- Address Proof: Passport/Driver’s License /Voter’s ID/Utility Bill/Aadhaar card/Bank account or Post Office savings bank account statement. (All banks except corporation bank)/ Property or Municipal Tax receipt; Address proof in the name of the applicant’s spouse or parents name is acceptable
- Latest Income Tax Return (ITR)
- The Last 3 month’s bank statement is mandatory
Apply For Bike Loan
After calculating your EMI amount, you can proceed to apply for a bike loan. However, make sure you do your research before it. Try to gather as much information about the lender as possible. That will give you an idea about their credibility.
Don’t forget to compare the rates offered by different lenders. It will help you in getting the lowest rates and make your loan affordable.
Bajaj Auto Finance offers bike loans at affordable rates. There are many loans offers available, for the latest offers you can check the official website. You can also be assured of quick processing and disbursement. So, why are you still waiting? Start riding your dream bike now.