When you are at a stage in life where investment is a priority, it is essential to plan everything out in a very proper manner. Managing your finances might be challenging, but it turns out easy when you are on the right track. The days when people used to take out a piece of paper and pen to chalk out their financial plans are way behind us. Nowadays, a simple EMI calculator app does everything for you.
What is the first thing you do when you opt for any loan? You check the interest rate and take the tenure into consideration, and you come up with a rough figure in your mind of what you’ll be paying monthly. As this is not the exact figure, this sometimes leads to the cancellation of the purchase, which is not a good thing.
What is an EMI?
Equated Monthly Installment (EMI) is a fixed amount of money that a borrower pays to a lender at a pre-agreed rate of interest and date each month to repay a loan.
The monthly instalments are applied to the principal and the interest amounts. So, the concept of EMI enables the borrower to repay the loan over time rather than going all in at once.
What is an EMI calculator, and what are its benefits?
An EMI calculator is a tool that’ll make things super easy for you when you plan to go for a loan. It considers the principal loan amount, the rate of interest, and the tenure and calculates the EMI for you to have an idea. So just download EMI calculator app and you are good to go!
Here are some of the benefits of using it –
● No more manual calculations
When you opt for an EMI calculator, you simply avoid those incorrect manual calculations. Just enter all the details to check the exact repayment amount within a blink of an eye.
● Saves time
Within seconds, you have the exact figures in front of you. This saves a lot of time and helps you execute your plan timely. On the other hand, manual calculations are lengthy, mostly incorrect and time-consuming.
● Helps in comparing
Once an individual does an EMI calculator app download, they have the freedom to compare and choose the best one. So, compare several offerings until you get the suitable one.
Which EMI calculator to use?
There are many applications available on the Play Store/App Store, so you are free to choose from any of them. However, in my personal experience, I’ve been using the Bajaj Finserv application, the best EMI calculator app, for quite some time now and believe me, it is a versatile and perfect tool to go for.
Here is a step-by-step guide on how to use an EMI calculator –
- Download the Bajaj Finserv app on your mobile
- Sign up
- Tap on three bars at the top left
- Go to ‘Try our Calculators’
- Tap on ‘EMI Calculators for Loans’
- Choose from – EMI Calculator, Flexi Transaction Calculator and Flexi Day Wise Interest Calculator
