Bike Loan EMI Calculator: Many of us have dreamt of buying a bike or a car, but we don’t have adequate money. The money which needs to be paid is huge which makes it a little difficult to buy. It’s a very problematic situation when you have to buy products but you have an insufficient amount of money. EMI is the best solution for your purchase. EMI stands for Equated Monthly Instalment. This offers you to pay the money in an equally divided amount over months. EMI has helped many customers. Sometimes they don’t have the money currently but will eventually get that money. EMI payment won’t let you be late in buying new products. This payment method would not let your dream suffer and you can take its full advantage.
Nowadays every product is offering EMI and even online shopping apps have enabled the feature of EMI payments. All your payments can be done through it; every small and huge amount. It helps people not have the burden of amount altogether and reduces the frustration amongst customers. Many products such as clothes, electronics, bike, car and so much more has this feature.
Bikes do have this payment method where you need to pay the money in instalments with some interest rate. The interest rate may fluctuate among banks. This is an easy and simple method.
Bike Loans Procedure
As you are well aware that, your EMI rate is not fixed, its interest rate differs in different banks.
So firstly, select the bank with which you want or have an account.
Then you need to select the bike of your choice.
You need to look upon the payment method. Select the EMI payment.
There is an amount of money which you need to pay before the EMI and that money is called as down payment.
Then you have various options of monthly payment plans such as 6 months, 12 months and many ranges of payment options are present. Select as per your convenience and whichever suits you best.
Now further the EMI Calculator will tell you your instalment which you need to pay monthly.
Sum of the amount
The total amount of money of the product is required.
The rate of interest
So, the rate of interest is applied to your product.
The duration in which you want to pay the money.
Before the EMI payment process begins, an amount of money is to be paid and this amount is reduced from the EMI payment. Some platforms have zero down payment which is great for any financially suffering person.
Benefits of EMI payment method
So, there are several reasons for EMI being the good option for payment.
- It reduces the all of the sudden payment burden and gives you relief.
- This payment method is very simple and you can use it everywhere as it has become a part of life.
- This payment option can be applied to various products at same time. This won’t restrict you to buy many products from it.
- It is a smart payment method. It makes you financially smart.
Facts about EMI loan
- The process is easy and not complicated.
- The documents are required as per their demand and it is a quick process.
- The duration of time which suits you best can be chosen as they have various options in the EMI loan method. The months duration varies from 6 months to 10 months to 12 months. Some even provides 24 or 36 months offer as per the amount and package.
- Keep this in mind that your interest rate is not fixed so firstly, consider various platforms and compare their rates. The rate varies from 8% to 30%. Some, even provides less interest.
- The down payment is flexible which means you can pay it as per your convenience but some do make it compulsory to pay.
Some frequently asked questions
1. What is EMI? And how can we trust it?
Answer: Emi is abbreviated to the Equated Monthly Instalment. It is a fixed amount of money which you need to pay monthly and with some interest rate.
Bank and other trustworthy platforms hold the accountability of the payment method.
2. Are EMI purchases bad?
Answer: EMI purchase is for your convenience and helps in reducing the load of heavy amount of money. It reduces the burden and distribute the money in equally divided monthly payments with some interest rate.
3.Does buying bike from EMI good?
Answer:It is a wonderful option for you to buy bike and won’t be a heavy or a huge amount of investment all of the sudden.
4.What is down payment?
Answer: Down payment is a simple amount of money which is paid before the EMI payment process. This money is deducted from the actual product’s total amount and the rest of the amount is turned into the instalments which is monthly paid.
These are some most commonly asked questions about the loan and EMI payment method.
Hence, this is safe and secure process which can be trusted by you. Banks and other platforms hold its accountability, but be careful with the payment method.
This is all what is to be acknowledged before the bike EMI loan or any other. So, this piece of information would be helpful for you. Hope it’s informative and enjoyable.