It is hassle-free nowadays to purchase a two-wheeler. You buy your
desired motorcycle by applying online or directly walking into the auto
dealer’s showroom. You could also visit a bank or an NBFC and find out the loan
amount you are eligible for. But before you approach a lender, it is ideal to
find out the loan amount. This you can do with the help of a bike loan
eligibility calculator.
Before you apply for a two-wheeler
loan, remember to use both, the eligibility as well as EMI calculators. Their
usage enhances the chances of loan approval.
About
the calculator:
It is a unique digital
tool that helps you understand the amount a lender offers when you take on a two-wheeler loan.
If you intend to buy a bike, visit the concerned section on your chosen
lender’s website, where you can find the calculator. Add a few details in this
calculator for checking the maximum amount you can get, with your annual salary
and your age, the two main factors that help determine the value you are eligible
for.
Using
the eligibility calculator – the process
Using the bike loan
eligibility calculator is rather easy. Follow these simple steps –
Click on the tab that allows you to calculate your loan
eligibility on the chosen lender’s website.
Enter birthdate or age, based on the eligibility criteria
mentioned. You need to be between the 21 years and 65 years to be eligible for
the loan.
Enter the residing city so that the lender can assess the amount
to be paid towards road-tax (which are different in every city and state).
Enter your monthly salary. For this, you need to be earning
an annual income of INR 72,000 if you are a self-employed professional and INR 84,000
if you are a salaried individual.
Submit to find out the maximum amount you can get a loan to
purchase your two-wheeler.
Things
to remember
The calculator computes the maximum amount you can get, but
it is always better to borrow an amount lower than the maximum loan eligibility
amount so that your loan does not get expensive.
Most lenders provide a maximum of 75 per cent to 80 per cent
two-wheeler finance, whereas you need to pay the remaining as a down payment.
If you wish to receive lower interest rates, opt for a
higher down payment.
A higher down payment can reduce both the interest rates and
the EMIs, especially if you opt for shorter loan tenure.
Difference
between eligibility and EMI calculators
The two-wheeler loan
eligibility calculator and EMI calculator have massive differences. While the
first one helps you get an insight into the loan amount you are eligible to get
while the calculates the EMI you need to pay on that loan amount. Mostly, the
amount computed by the eligibility calculator should be entered into the loan
amount tab on the Bike
loan EMI calculator. You must then enter your preferred interest rate and
tenure to calculate the payable EMIs.
