If you have finalised your favourite Hero bike model and planning to get a loan to buy it, you should make certain calculations in advance. With an EMI (Extended Monthly Instalment) calculator, you can avoid complex manual calculations, and know the EMI amount before you apply for the loan. The EMI calculator is an online tool that displays the fixed amount consisting of the principal and interest on the loan that you have to pay every month during repayment. Read on to know about the advantages of the EMI calculator before making your Hero bike down payment.
The benefits of an online two wheeler loan calculator include:
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Avoid manual calculations
Manual calculations take a lot of time and there is high chance that you would make mistakes. The EMI calculator is an automatic and online tool for making difficult calculations and you would always get accurate results. It would also take the least amount of time for calculations.
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Helping you to plan the monthly budget
If you can calculate the EMI in advance, it would help in planning your monthly budget. There may be other payments like a home loan, children’s school fees, insurance premiums, etc beside the two-wheeler finance repayment amount. You can avoid defaults on the EMI and close your bike loan within the time period that you have agreed on.
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Maintain a good credit score
The online EMI calculator would give you the accurate results related to the EMI. Knowing the EMI amount in advance would help you to avoid missing on an instalment and maintain a good credit rating. This would improve your chances of getting further loans in future.
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Easy to use
The calculator is easy to use and simple. You just have to put in the numerical values of principal, interest and duration of loan to get the EMI. There is no complex method involved. There are also options to change the inputs to get variable results related to interest rate, EMI, etc.
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Secure method of calculation
It keeps your personal details safe as the calculator does not store your identity. There is no sharing of personal details like your bank account, credit or debit card numbers, etc. So, it is safe to use.
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Easy to access
You can use it anywhere and at your preferred time with a mobile device. Access it from your smartphone, laptop, tablet or desktop with a stable internet connection. You do not have to login on the lender’s portal or create an account for calculating the EMI.
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Affordability check
You can decide whether you would be able to repay a certain amount every month after taking the loan. If it seems difficult, you can adjust the values to arrive at an amount which you can easily pay beside maintaining your other expenses. If you miss on an instalment, you may have to pay a late payment charge and it would also affect your credit score. It can reduce your chances of getting loans in future. So, the calculator helps you to decide on the amount of loan that you should borrow after making Hero bike down payment amount. You can purchase the bike entirely on loan also without making any down payment and it will be a 100% EMI based financing.
Follow some simple steps for calculating the EMI with the calculator:
- Visit the lender’s website and click on a link to Calculate EMI
- Select the bike price or the total loan amount for your bike
- Select the interest rates if applicable. Some lenders may provide zero interest EMI.
- Choose the duration for loan repayment. It is the time period within which you promise to pay back the loan amount with interest
- Click on Calculate EMI option
- You will get the accurate EMI value immediately
With the online EMI calculator, you can find out the EMI and estimate whether you would be able to pay the amount every month before you apply for a bike loan. You can save the time behind stressful manual calculations. It would display the exact monthly amounts that you have to pay. If it seems difficult, you can adjust the values to arrive at an amount which you can easily pay beside maintaining your other expenses. It would also help you to decide on the amount of loan you should borrow and decide on your Hero bike down payment amount.
