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Taking a loan has become easy because all the information is available online. There are multiple processes available online that make it easy for borrowers to get a two wheeler loan approved. One of them is an online calculator. Some of them may not know what it is, how to use it, and its advantages. Let’s dive in straight away.
- What is a two-wheeler loan calculator – It is a tool provided by lenders on their website. It allows borrowers to know the monthly installment they will pay during the loan tenure. The tool is free to use.
- How do you use it – Using this tool is easy. Generally, all a borrower has to do is input the loan amount, tenure, and interest rate. In an instant, the equated monthly installment or EMI is shown. It will also provide an amortization table giving a breakup of the principal amount and interest amount of each EMI.
- What are its advantages – The two loan calculator provides many benefits. Some of these are:
- Use it as many times as you want – change the loan amount and tenure to know the EMI payable
- It helps to make informed decisions – the EMI and amortization table give the borrowers a clear picture of their installment. Borrowers can use this figure to judge their repayment capability.
In the end, it is wise to keep in mind that the tool gives an approximation of the EMI. Borrowers should reach out to the representative of their bank or NBFC to know the exact EMI of their two-wheeler loan.
