One of the special moments in our lives is getting our first two-wheeler, be it a bike or a scooter. Remember when the Bollywood movie Dhoom came out, and everyone went crazy about owning a two-wheeler? It was a dream purchase for almost everyone. But obviously, it’s not an easy purchase.
Two-wheelers are expensive, especially if you opt for a premium brand. However, with smart EMI options by Manba Finance and two-wheeler loan calculators, you can plan the purchase and get your dream scooter or bike!
Manba Finance has offered 900 K+ customers two-wheeler loans with faster approval, interest rates, and flexible EMI options. Use our two-wheeler loan EMI calculator to make a wise buying decision.
What Is a Two-Wheeler Loan Calculator?
A two-wheeler loan EMI calculator is an online tool that helps you quickly calculate the monthly installments (EMIs) you need to pay when purchasing a two-wheeler, such as a bike, scooter, etc.
For example, Manba Finance’s EMI Calculator for bike loans is a simple and effective tool. By entering just three details, loan amount, tenure, and interest rate, you’ll instantly receive an accurate estimate of your monthly repayment.
Whether you’re purchasing a new/second-hand bike or upgrading to a better model, this tool saves time, avoids manual calculations, and allows you to compare different loan options. This way, you can plan your budget better and make an informed decision before applying for a two-wheeler loan.
How to Use a Two-Wheeler Loan Calculator to Plan Your Purchase?
A two-wheeler loan EMI calculator helps you estimate your monthly EMI and total repayment, allowing you to plan your two-wheeler purchase more effectively. Here’s how to use it:
- Enter Loan Amount – Input the cost of the two-wheeler or the amount you wish to borrow.
- Annual Interest Rate – Enter the applicable interest rate offered by the lender.
- Choose Tenure – Select the repayment period (e.g., 12, 24, or 36 months).
The calculator will instantly display your monthly installment and the total interest payable. Here are some use cases of how the Manba Finance EMI Calculator for a bike loan works:
Examples
- Payal applies for a two-wheeler loan of ₹1,00,000 at a 10% interest rate for a tenure of 24 months. Using the two-wheeler EMI calculator by Manba Finance, she enters these details on manbafinance.com
Result: A monthly EMI of Rs. 5,000.
- Rahul wants to purchase a premium bike that costs around 2 lacs. With his savings, he can afford only Rs. 80,000. So, he opts for a two-wheeler loan of ₹1,20,000, with a 36-month tenure and an annual interest rate of 9%.
Note: The 9% is a nominal rate, not the final ROI. The actual cost of the loan may be higher depending on how interest is calculated.
Using the Bike Finance Calculator, he quickly estimates a monthly EMI of Rs. 4,233.
One can always reduce the tenure and go lower/higher in months based on our
repayment capacity, to get a quick estimate, and compare plans accordingly.
Benefits of Using a Two-Wheeler Loan Calculator
Here are 5 benefits you get by using a bike finance calculator:
- Clear EMI Estimate: The online EMI calculator precisely estimates your monthly EMIs, which can help you plan better.
- Compare Lenders Easily: You can check EMIs at different interest rates and tenures to find the most suitable option for your budget.
- Saves Time: Get instant, accurate results without tedious manual calculations.
- Avoid Surprises: Understand the exact repayment structure to manage your budget confidently.
- Better Decision-Making: Helps you choose the right loan option suited to your financial comfort.
Smart Tips to Reduce Your EMI with the Calculator
Below are some valuable tips for using an EMI calculator for a bike loan and reducing your EMI amount:
1. Increase your down payment: A higher upfront payment will reduce the principal loan amount, which means lower EMIs and overall interest amount.
2. Try multiple interest rates: Compare lenders by entering different interest rates in the EMI calculator. Even a slight reduction in interest can result in long-term savings.
3. Choose a longer tenure wisely: Extending tenure is another way to reduce your monthly EMIs, but be mindful of the extra interest you’d be paying. Balance affordability with cost.
4. Pre-pay whenever possible: Early EMI payments or loan closure can reduce the interest amount and help you become debt-free faster.
Common Mistakes to Avoid When Using a Calculator
Here are 3 common mistakes one must avoid while using an EMI calculator for bike loans:
1. Entering an incorrect interest rate: Always be careful while entering the interest rate. Even a slight mismatch will give inaccurate results.
2. Ignoring processing fees: Private finance institutions generally charge a one-time, upfront payment (often a percentage of the loan) for handling paperwork, verification, and loan approval. This adds to the total loan cost. So keep that in mind as well.
3. Not checking prepayment impact: NDFC, like Manba Finance, often offers benefits for early payment of EMIs. Prepayment can reduce your interest amount and improve your credit score, making it easy to obtain loans in the future.
FAQs
- Is the calculator 100% accurate?
Yes, the EMI calculator gives 100% accurate results.
- Can I use it for used two-wheeler loans?
Yes, you can use our EMI calculator for a two-wheeler loan. It will give you a result almost immediately, in just 3 steps.
- Will my EMI change after approval?
Your EMI stays the same if you have a fixed interest rate and make no changes to the loan. However, it may change if you have a floating rate, make a part-payment, or request changes to the loan tenure or payment date.
Conclusion
Using our two-wheeler loan EMI calculator is a smart way to plan your purchase effectively. It helps you estimate your monthly EMIs, compare different loan tenures, and select the best option for your budget. By adjusting variables like loan amount, interest rate, and tenure, you can make informed financial decisions and avoid unnecessary strain on your income.
If you plan to buy a two-wheeler, choose Manba Finance to get better loan approval and interest rates. Trust us, your future self will thank you.
