If you are applying for two-wheeler loan, then you need to carefully manage all aspects of the loan to get the best loan. The reason that you need to manage your entire loan plan perfectly is because interest rate of a loan is not the only thing that matters. While it is one of the most important aspects of a loan, the tenure of the loan is also very important. The tenure of a loan is very important as it directly affects the EMIs and interest rate. So, how long should your two-wheeler loan tenure be? Let’s find out.
Tenure of two-wheeler loan
The perfect tenure of a two-wheeler loan depends on a variety of factors, but it is mostly different for each loan. You should remember that the maximum tenure possible will lead to a lower value for each EMI but the number of EMIs will increase. However, if you go for shorter term then the value of EMI would be larger and the number of EMIs will decrease. Additionally, if you were to opt for a longer tenure then the overall interest rate will be higher. On the other hand, a shorter tenure will lead to a lower overall interest rate. Both larger and shorter tenure have their own sets of pros and cons. Therefore, you should assess the EMI that is affordable to you and does not affect your financial health.
For this, you will need to do the following things:
- Use the loan calculator to calculate how large an EMI you can afford
- Will you be able to afford all EMIs during the tenure?
- How much will you end up paying in both cases?
Affordable EMIs with PaySense
If you are applying for a bike loan then you need to ensure that you have determined all aspects of the loan properly. You should use the loan calculator to make sure that all the details are according to your need and financial capabilities. You should never apply for a loan amount and tenure that you may not be able to afford as non-payment will affect your credit rating negatively. If you are looking for the best EMIs for your bike loan then go for PaySense. You can avail a loan up to Rs. 2 lakhs instantly. Moreover, you can use the loan calculator to ensure that you have the best loan plan.
Apply for Loans of upto ₹5 Lakhs easily using your phone or laptop, and pay back on low EMIs