The day you start earning, it is essential to understand the value of investments. Initially, managing your finances might be a challenging task, but if done right, you are in for a profitable ride in the long run. Long gone are the days when financial planning meant chalking out certain plans on a piece of paper. Now, many don’t think of the fact that these calculations are often wrong and can lead to cancelling or postponing the plan. This is where an EMI calculator app comes into the game.
This tool, one of the trendiest ones, is used to get an idea of how much EMI you’ll be paying each month on your investments. Then, it helps in planning and execution so that the finances aren’t disrupted.
What is an EMI?
Equated Monthly Instalment (EMI) refers to a set monthly payment made by a borrower to the creditor at a fixed date every month. These instalments are applied to the principal and the interest amounts, and the loan is paid off effortlessly in a predetermined tenure.
What is an EMI calculator?
As the term suggests, it is a tool that helps individuals calculate the amount of money they need to pay monthly for their investments. So, it takes into consideration the amount of the loan, the rate of interest and the loan tenure. Further, it calculates the monthly instalment amount that is required to be paid towards the loan. Ultimately, it helps individuals to plan their finances in a much better manner.
What are its benefits?
● Saves Time
It is well-known that manual calculations are time-consuming and prone to error. Therefore, just download emi calculator app to get the exact figures in seconds.
● Simplifies Comparison
It helps borrowers to compare loan offers from various lenders. This allows them to choose the one that suits them the most as per their needs and budget.
● Accurate figures
Within a blink of an eye, it provides accurate calculations of monthly instalments based on the amount of loan, rate of interest, and tenure.
Which EMI calculator app to use?
Personally speaking, around six months ago, I was planning to avail a loan and wanted to check everything around my EMI. One of my associates told me about the EMI calculator by Bajaj Finserv. Believe me, it is one of the best apps to use for an EMI calculator, as it is super easy.
- Download the Bajaj Finserv app on your mobile phone
- Sign up by entering your mobile number
- Tap on the three bars at the top left on the home page
- Here, you’ll see ‘Try our Calculators.’
- Further, Tap on ‘EMI Calculators for Loans’
- Experiment as per your requirement
Before investing your hard-earned money, it is important to know every step first, and there needs to be a proper plan in sight. So, if you are still dependent on manual calculations, download EMI calculator app and witness the change yourself!