EMI calculators are free-to-use tools available online. These tools are bundled with the official websites of motorcycle portals. These tools are also available on the official websites of lenders.
The overall working principle of a bike loan EMI calculator is quite simple.
The tool will come with a simple user interface. The UI will entail a series of blank but labelled spaces. The blank spaces have to be filled up by the user with particulars of the loan scheme they have chosen.
The parameters generally consist of –
Tenure of the loan
Principal amount (borrowed sum) and
Rate of interest.
After the blank spaces are filled up with the parameters of the loan scheme, the user has to press the on-screen ‘calculate’ button.
The tentative EMI of the bike loan will be displayed by the calculator within milliseconds.
Why people should buy a bike with a motorcycle loan?
India is one of those nations that import the majority of its crude oil reserves from its partners overseas. This means that the price of essential fuels in India like petrol and diesel will always remain high. Furthermore, the situation turns for the worse in times of crisis like supply chain disruptions or political instabilities.
Hence, it is no surprise that Indians will always have a soft spot for motorcycles, over cars.
There is a catch though. Despite the high demand for motorcycles in India, bike brands have exponentially hiked the prices of their products. This means that gone are the days when one could buy a commuter bike entirely with cash.
So what is the solution?
Well, one can always apply for a bike loan.
Well, the upsides of buying a bike with cash have many upsides. Some of them are enunciated in the sections below –
One might have had a bad experience with their personal or business loans. But that should not be the reason for one to avoid a motorcycle loan. The reason is simple. Motorcycle loans entail low-interest rates razer blade 15 2018 h2. Furthermore, the EMIs for motorcycle loans available from leading lenders are low as well. Add the aforementioned aspects together and it is apparent that a motorcycle loan will never become a financial burden.
Bike loans behave like financial buffers for the borrower. How? Well, with a bike loan, one would not need to break their FD or empty their savings. It means that one will be financially secure and would have the means to cover financial emergencies.
When taking out a motorcycle loan was yet to become a norm, borrowers had to face hardships. Here are the enunciation – back in the day, traditional and non-traditional lenders offered bike loans. But they entailed non-flexible terms. Borrowers were penalised if they chose to foreclose their debt when they got their hands on some cash. Such horror stories are not indicators of the present-day scenario. Lenders now offer bike loans with flexible terms. It means that borrowers have access to flexible debt repayment options. The best part is bike loans are processed and approved within a single business day.
Borrowers these days can customise their bike loans. It means that a borrower can choose the principal + tenure combination that entails low-interest rates and EMIs.
These days, borrowers also have the benefit of choosing 0 downpayment loans. A 0 downpayment bike loan dictates that the lender will pay the entire MSRP of the bike. There is a catch though. The EMIs and the interest rate of a 0 downpayment loan will be hefty. Hence, borrowers conscious of their finances should avoid 0 downpayment loans.
Applying for a loan also allows borrowers these days to secure their bike with comprehensive insurance from the showroom. How? Most lenders these days bundle bike loan schemes with comprehensive insurance coverage. This allows a borrower to save a lot of money in the process click to brscutil that would be the right place for you.