Two-wheelers have been gaining tremendous popularity in India. The reason is that they are the most convenient way to navigate heavy traffic and commute to work on time and without contracting the recent deadly virus. Besides that, getting a bike has become a necessity in this era of COVID-19. People would rather prefer to commute by two-wheeler than by public buses or metro.
Understandably, these days not everyone can afford to buy a two-wheeler or scooter without redeeming emergency funds. But, what if there is to buy your dream scooter without touching your savings? Yes, you can get a scooter loan to manage your finances. Depending on your lender, you can get up to 100% of the scooter’s on-road price as a loan. Also, you can avail of the lowest two-wheeler loan interest rate based on factors, such as loan amount, income, credit score, etc.
What to do before applying for a scooter loan?
You should not submit your application the moment you see an offer on the internet. You will need to assess your needs and fulfill your lender’s requirements to make the best use of a loan.
- Meet the eligibility criteria
While applying for a scooter loan, you will need to visit your lender’s website to check the eligibility criteria. You will need to ensure to meet all the requirements of your lender to secure a loan.
The eligibility requirements to apply for a scooter loan:
- It is mandatory to be an Indian citizen as an applicant.
- You must be at least 18 years old at the time of application and 65 years old during loan maturity.
- You must be either a salaried employee or a self-employed professional to apply for a loan.
- You must show a minimum net income or net profit based on your lender’s policy.
- The minimum CIBIL score required to apply for a scooter loan is 750.
Upon meet your eligibility requirements, it is crucial to assess your financial situation to understand if you can make timely EMI repayments. You should apply for a scooter loan only if you can afford to repay it within the stipulated EMIs. You can calculate your affordability through an online scooter loan EMI calculator.
Two-wheeler EMI calculator
A two-wheeler loan EMI calculator is an online financial tool that you can use to determine an affordable EMI based on your needs. The best part of using the calculator is that you can figure your EMI amount instantly. There are three components in the EMI calculator, which you will have to use to calculate your EMI amount.
Here are the three main components that you will need to factor in to figure out your EMI:
- The principal loan amount
- Interest rate
- Repayment/loan tenure
Benefits of using a scooter loan EMI calculator
- The biggest advantage of using an EMI calculator is that you can determine an EMI amount that works for you without constraining your monthly budget.
- It enables you to choose a loan tenure based on your affordability. Keep in mind that choosing a higher loan tenure will fetch higher interest in the long run.
- Based on your loan amount and other factors, you can get the lowest two-wheeler loan interest rate.
- The best thing about a scooter loan EMI calculator is that it enables you to compare different costs and figure out a plan that works for you.
How does a scooter loan EMI calculator work?
While applying for a loan, it is imperative to find out how much you will have to pay in EMIs. This way, you know if you can afford the EMI amount based on your monthly budget. If not, you can always make changes in the values of the loan amount, interest rate, and loan tenure to determine a suitable figure.
To get an EMI, you will need to enter the loan amount you can avail of along with the interest rate and repayment tenure on the EMI calculator. If you are not satisfied with the EMI result, you will need to change the value of the loan amount, interest rates, and loan tenure. You may have to bring changes to their values multiple times. It is recommended to spend some time on an EMI calculator to calculate a monthly figure that best suits your needs.
How to calculator your two-wheeler loan EMI?
- You will need to visit the web portal of your lender.
- Click on the scooter loan EMI calculator.
- Enter the loan amount, interest rate, and loan tenure.
- The online calculator will produce a result instantly.
Applying for a scooter loan is easy and hassle-free. You can fill in your application, upload your documents, and submit your application from the comfort of your home. However, you must use an EMI calculator to determine an EMI amount you can afford to pay every month.