When you plan a big purchase such as a new home, car etc., it is always advisable to go for a loan as going all-in at once disrupts all the finances. Moreover, in order to go for a loan too requires a lot of research and development, followed by choosing what’s best for you.
For the long run success, it is essential to plan everything. For a stable financial life, it is essential to plan every investment. This is where an EMI calculator app comes in.
What is an EMI?
It is a fixed amount that a borrower pays monthly to a lender at a pre-agreed interest rate and tenure to repay a loan.
These 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 pros?
It is a tool that gives you the exact figures on how much EMI you’ll be paying each month within seconds. So, instead of doing manual calculations on a piece of paper, a simple EMI calculator download on your smartphone is the way to go.
Basically, this tool considers the principal loan amount, interest rate, and tenure and calculates the EMI for you to have an idea.
Here are some of the pros of using an EMI calculator –
● Saves your precious time
Within a blink of an eye, you have the exact figures in front of you. This saves a lot of your precious time and helps you execute your plan accordingly. On the other hand, manual calculations are mostly wrong, lengthy, and time-consuming.
● Avoid manual calculations
When you choose to use this calculator, you can avoid those incorrect manual calculations. Instead, this tool gives you the exact numbers after entering the required details.
● Helps in comparison
Once an individual starts using an EMI calculator app, they have the freedom to compare and choose the best one.
Which is the best EMI calculator to use to find out your EMI plan?
Here, I’ll share my personal experience so that readers can have a good experience. However, they are free to use any application as per their suitability, but one of the best apps is Bajaj Finserv.
I’ve been using this application for over six months now; believe me, apart from the calculator, it has a lot to offer!
Here is a step-by-step guide on how to use calculator on this app –
- Download it from the Play Store/App Store as per your device
- Sign up by entering your details
- Tap on three bars at the top left on the home page
- Here, you’ll see ‘Try our Calculators’
- Tap on ‘EMI Calculators for Loans’
- Three types of calculators available are EMI Calculator, Flexi Day Wise Interest Calculator and Flexi Transaction Calculator