Two-wheelers are one of India’s most preferred and popular options for individual daily commutes as it is relatively easy to navigate them through the traffic. Even though they cost less than cars, people prefer two-wheeler loans for purchasing a new two-wheeler. However, before you buy a bike or a scooter, you need to research and find the most suitable lender to get the best two-wheeler loan interest rates. Additionally, it would help if you used tools like a two-wheeler loan calculator to estimate your monthly EMI and total interest for convenient financial management.


What is a two-wheeler loan calculator?

Two-wheeler loans involve complex calculations and variables for determining the total loan cost and interest you need to pay. Calculating the loan cost manually can be time-consuming and takes effort. To avoid inconveniences, banks and financial institutions offer loan calculator tools in which you need to enter the cost of the two-wheeler, interest rates, and the loan tenure.

The calculator will display the total loan cost and the monthly EMI, including the real interest you pay.

IDFC FIRST Bank offers convenient two-wheeler loans at competitive interest rates that are among the industry’s best. Moreover, you don’t need to pay any processing fees, and the process is quick and completely digital. To help you manage your finances, IDFC FIRST Bank also offers a user-friendly loan calculator that estimates your total loan cost and the monthly amount you need to pay.

How to use a two-wheeler loan calculator?

Banks and other lenders have made borrowing easy for customers with constant innovation through user-friendly digital platforms. Loan calculators are one such innovation that can help you better plan your finances. You must follow the steps mentioned below to use a loan calculator:

  1. Visit your lender’s website and check the loan details, including the interest rates and the loan amount.
  2. Scroll down to the two-wheeler loan calculator and enter the details.
  3. You may need to enter details like the principal loan amount (the cost of your two-wheeler), interest rates offered, and your preferred tenure.
  4. Once you have entered all the details, click on the Submit button.

The portal will display the monthly EMI you need to pay, your total loan cost, and the interest you pay during the loan tenure.

Benefits of using a two-wheeler loan calculator

Along with providing insight into your loan costs, a two-wheeler loan calculator offers the following benefits:

  • It helps you manage your finances efficiently by letting you estimate your monthly EMIs beforehand.
  • It saves your time and effort from manual calculations.
  • You can do insightful research without much effort using a two-wheeler loan calculator.
  • It helps compare various two-wheeler loans from different lenders.

Using a two-wheeler loan calculator, you can conveniently determine your overall loan cost, which helps you manage your loans efficiently. Therefore, you must use a two-wheeler loan calculator before purchasing your vehicle.