The right planning at every step is very important when it comes to your financial expenditures. Without a proper plan in sight, an individual is generally in a maze and might end up spending unnecessarily. However, it is a well-known fact that the penetration of smartphones is increasing with time, and undoubtedly, it has made things around us have become a lot easier.
As technology advances, one doesn’t need a pen and paper to estimate while purchasing on EMI (Equated Monthly Instalment), and a simple EMI calculator download does all the work for you. Just a few taps on your smartphone and the exact figures are in front of you.
What is an EMI?
An EMI is a fixed amount of money a borrower pays to the lender on a fixed date each month. These monthly instalments are applied to the principal as well as the interest amounts, and the loan amount is paid off smoothly.
Once you do an EMI calculator app download, it helps you to know how much EMI you’ll pay each month. This helps in setting financial goals accordingly. However, the lender also has an advantage with a monthly income flow.
How is an EMI calculated?
There are two ways here. Either you can calculate numbers manually on paper or verbally, or you can download EMI calculator app for the exact figures. The choice is yours!
The amount of loan, tenure and interest rate are a loan’s three factors, and the EMI applicable to a loan varies according to these.
What are the benefits of using an EMI calculator?
Eliminates manual calculations
An EMI calculator helps the borrower avoid complex calculations. One can simply enter the desired loan amount, the interest rate, and the tenure to check the repayment amount. This helps one to avoid the tedious process of doing manual calculations.
Helps in comparison
Once an individual does an EMI calculator app download, they have the freedom to compare offerings. One can compare after trying several combinations until there is a suitable result.
Less time consuming
Relying on manual calculations to determine loan amount details and interest rates is not a good idea. It is generally lengthy and time-consuming. However, an EMI calculator does everything within seconds.
Here is a step-by-step guide on how to use an EMI calculator –
- Download EMI Calculator App – ‘Bajaj Finserv’ on your smartphone
- Sign up by entering your details
- On the home page, tap on the three bars at the top left.
- Here, you’ll see ‘Try our Calculators’
- Further, Tap on ‘EMI Calculators for Loans’
- There are three types of calculators available – EMI Calculator, Flexi Day Wise Interest Calculator and Flexi Transaction Calculator
- Proceed further as per your requirements
However, due to the rise in the price of appliances and gadgets, we primarily depend on a monthly EMI. So it is essential to ensure that we have an exact figure before opting for it.
(Note: This content is not promotional. Just sharing my personal experience.)