EMI calculator helps any user calculate the EMI for the loan amount he/ she is willing to borrow to make a big asset purchase. EMI calculator also provides details like the total interest to be paid, total amount to be repaid for the interest rate and tenure of the loan selected.
Are you still dreaming of a drive in your favourite car or bike, but cannot fulfil the dream due to shortage of money? Well, owning a personal vehicle has become a dire necessity rather than a choice as the public system infrastructure is crumbling. A personal vehicle makes the daily commuting less stressful and easy on the pocket.
The dream of owning your dream four wheeler or a two wheeler is now possible with the help of EMI facility. EMI is an acronym for equated monthly instalments, which is a testament of the ongoing loan repayment process by the borrower. The EMIs continue till the entire loan is repaid. It is made up of two parts, the principal amount and the interest.
The amount of EMI depends on factors like the loan amount, the tenure of the loan and the rate of interest on the loan. The loan principal starts from Rs. 50,000 which can go up to Rs. 5 lakhs. The interest rate for a new vehicle starts at just 6.99% per annum, whereas the rate of interest for used vehicles at 8.99% per annum, with processing fee of 0.25% of the total loan amount, it is easy on the pocket. The rate of interest can vary depending on the Credit Score. If the credit score is high, then you can get a low rate of interest which will be easy on your pocket. However, if you have a low credit score, you will be offered a high rate of interest which can burn a hole in your pocket. So, it is vital that you calculate the EMI beforehand.
If you are looking for Car Loan then the car loan EMI calculator will help you to calculate the exact EMI that you will have to pay in case you accept the loan offer. The usage of a vehicle loan EMI calculator becomes necessary before accepting the loan offer. Droom offers an EMI calculator that helps you to calculate the EMI based on your loan amount.
If you are a fan of two-wheeler and wish to buy your dream one, then you need to start preparing for its purchase. A two wheeler has its own advantage over four wheeler when commuting in the traffic-plagued city. It provides great mileage and are affordable on the pocket. But, remember before looking for a two wheeler loan, you need to use a two wheeler loan EMI calculator.
If you intend to take a loan for a scooter, then you can use the scooter loan EMI calculator that will calculate the exact EMI. A scooter loan EMI calculator will be of great help to check whether the EMI will fit your monthly budget. If you want to buy a new bike, then you will need a bike loan EMI calculator which will show the exact EMI you need to pay. If you are going to buy a superbike, then you will need a superbike loan EMI calculator and if you are aiming to buy a Royal Enfield then the Royal Enfield EMI calculator will help you to calculate the EMI.
So, in short for whatever vehicle you go, you have to use that particular type of EMI calculator to get the accurate value of the EMI beforehand, so that you never become a defaulter in the future.