Buying a two-wheeler is easier now. You can finance your very first owned bike by getting immediate funds. Having a bike or scooter makes your commute safe and quick. LoanTap offers a wide range of financial products and services to turn your dream into reality. A two-wheeler loan can help you purchase the best in the market.
A two-wheeler from LoanTap offers you 80% of the vehicle’s price. Along with this, salaried professionals, self-employed, and business owners can avail of a personal loan for two-wheelers over affordable repayment tenures. A Two-wheeler loan calculator can help you calculate the repayment tenure before availing of a loan. But how does it work?
What is a Two Wheeler Loan?
Two Wheeler loans are collateral-free loans offered by banks and NBFCs. It is available for everyone who needs instant cash to finance a two-wheeler. It can help fund any two-wheeler, including bike, scooter, etc.
It usually reduces the burden of arranging or saving money for buying a vehicle. LoanTap offers two-wheeler loans online at lower interest rates. However, the interest rate may vary based on your credit score. The better your credit score, the lower your interest rate and vice versa.
Instant Two-wheeler loan offers flexible repayment options for borrowers to choose from.
What is an EMI for a Two-wheeler Loan?
EMI stands for Equated Monthly Instalments, the sum of interest and principal outstanding. It is a method to pay off the loan amount with interest in equal payments on a monthly basis. EMIs have a fixed amount and are determined based on the interest rates and the loan tenure while borrowing a personal loan.
A two-wheeler loan is a personal loan. This unsecured loan involves higher risk to the lender as it doesn’t require any collateral to ensure repayment. You can repay the loan in EMIs over a tenure ranging from 6 to 60 months.
You are required to repay the loan in EMIs, comprising payment towards the principal and the interest on the principal. The EMI is calculated on the basis of Loan Amount, Loan Tenure and Interest Rate.
What is a Two Wheeler Loan Calculator?
The Two Wheeler Loan EMI calculator is an online tool that will assist you in deciding the EMIs for a loan. It is always recommended to use an EMI calculator for calculating the exact loan amount and EMI. It helps borrowers choose the right amount as per their financial ability and credit history. There are several benefits of using a Loan calculator in advance. It offers a seamless borrowing experience with an easy calculation process without expert assistance. Check how to calculate the EMI and repayment tenure.
How does an EMI Calculator work?
An EMI Calculator is a simple tool to use for borrowers. Just remember that it works around three-factors:
- Loan Amount: It is the amount that an individual borrows from a lender or bank. Fixed EMI value varies with the loan amount. The higher the loan amount you enter, the higher your EMI will be, and vice versa. You can choose the loan amount from 20 K to 2 lacs when applying for an online loan with LoanTap.
- Tenure: It is a period for the repayment of the loan. You can select the Tenure between 6 and 60 months while applying for a two-wheeler loan from LoanTap.
- Rate of Interest: Personal loans charge interest rates on the sanctioned loan amount. Your interest rate will be determined by the lender or bank from which you are taking a quick personal loan. Check the interest rate here before taking a personal loan online.
Benefits of using the EMI Calculator
Loan Calculator will give you an idea about how much EMI you have to pay and how much money you would have at your disposal. It can also help set up repayment dates at your convenience. Here are other benefits of using an EMI calculator before requesting for two-wheeler loan:
Fast calculation: Calculating an EMI is a little complex for beginners especially for the ones with limited knowledge of general financial concepts. While using the calculator, you must enter the correct loan amount, and select the tenure in months, and interest rates. It calculates the EMI and displays the monthly payments instantly.
Save Time: No need to go anywhere to know the EMI loan amount. You can do mere calculations using an EMI calculator online. It allows you to save time that you had to spend determining the monthly repayments and tenure.
Accurate Results: EMI Calculator is the fastest tool used to calculate EMIs. It eliminates the scope of human error since it is automated. As a result, it will always provide you with accurate results instantly.
Plan your Monthly Budget: It helps you manage your monthly budget. EMI adds up extra expenses that may imbalance your other expenses. You can decide on monthly payments that fit your budget. Also, you can plan other finances throughout the loan tenure accordingly.
Amortization Table: It also provides the whole amortization table comprising date, principal, interest, and EMI for the entire tenure. This will be for every month across the entire tenure. Suppose you take tenure of 2 years (24 months). The table will contain all the details for the full 24 months. Check the complete table here to know other charges and interest rates.
Maintain your Credit Score: Calculating your EMIs With a personal loan EMI calculator, can help you keep up a good credit score. By knowing the repayment amount, you can prepare yourself to clear debts and repay the loan amount on time. Thus you will not miss any payments and avoid any damage to your credit score.
Accessible: There are no prerequisites for using an EMI calculator online. LoanTap offers an easy-to-use and accessible calculator from any browser, regardless of device. You can also access it from anywhere and use it to complete your calculations.
Make a Wise Decision: As a beginner, selecting the exact loan amount, tenure, and the monthly interest rate using a loan calculator is essential. These three factors play major roles in increasing or decreasing your EMI. The higher your loan amount, the higher EMI you’d have to pay. Also, choosing a longer tenure will reduce the strain on your pocket. A shorter tenure would increase your EMI.
Advantages of taking the Best Two-wheeler Loan
Now, you know how to use a two-wheeler loan calculator. It is time to apply for a personal loan for two-wheelers from LoanTap. Why choose LoanTap as a lender? To answer your question, I have listed the advantages of taking a loan offered by LoanTap.
- Fast Loan Process: Borrowers can get the loan by following a simple process. It can be completed within a few minutes if your credit score is 630 or more.
- Lower Interest Rates: Personal Loans come with higher interest rates. Considering the financial situation, LoanTap offers two-wheeler loans at reasonable interest rates of 13-15%p.a.
- Paperless: Borrowers can get the loan with effortless and paperless documentation. However, documents must be valid and up-to-date. It helps to verify the application quickly.
- Flexible Repayment: You will have flexible repayment tenure ranging from 6 to 60 months. So, you have no unnecessary burden on your pocket.
- Instant Disbursal: Availing of a personal loan is an easy loan process. LoanTap helps borrowers in getting immediate cash within 24-36 hours.
How to apply for Two-wheeler from LoanTap using a Loan calculator?
Any person can get a two-wheeler loan. It eliminates the hassle of asking for money from family or sacrificing savings. Borrowers can get a personal loan by following the simple steps.
- Check Eligibility: Every borrower should meet the eligibility requirements to qualify for an online two-wheeler loan in India.
- Age should lie between 21 – 60 years.
- Indian citizen or resident.
- Salaried professionals and self-employed should have a net monthly income of over INR 10,000/-
- Your credit score is 630 or above.
2. Collect the Documents Required: The following documentation is needed to complete the loan application process. It helps to verify your profile and application.
- PAN Card
- Salary slips for the last one months
- Bank statements for the last three months.
- Residential Proof: Aadhar Card / Electricity Bill / Voter ID / Ration Card.
3. Go to the website or download the app. Click on apply now to fill out the application.
4. Enter the details such as occupation, email address, and bank information.
5. Upload the scanned copies of documents for the KYC process.
7. With the verification process, the loan will be credited into the account within 24 hours.
As soon as you get the amount, you can use the amount to buy a two-wheeler from any brand. It is the best financing option to get your dream bike. Getting a two-wheeler loan is an exciting experience. By applying now, say goodbye to the hassle of searching for suitable loans to fulfil your needs.