Traditional methods of doing certain things can never be avoided, even in 2022. But it’s always better to take the modern route as they are easy, effortless and efficient. When it comes to EMI (Equated Monthly Instalment), we all just take out a pen and a piece of paper to calculate or sometimes even tend to do it in our minds. Remember, it’s never a good idea to take these calculations lightly. This is because it either postpones the purchase or sometimes even cancels it! However, this is where an EMI calculator app comes into play!
Keep in mind that planning financial goals is very important. It is a well-known fact that we tend to opt for a loan to purchase necessities such as a car, home, gold etc. Now, in the current times, it is almost impossible to buy a home without the help of a loan.
What is an EMI?
An EMI is a fixed monthly amount a borrower makes to the lender on a fixed date. Notably, this date is pre-determined at the time of lending the loan. Further, it is essential to know that instalments are applied to the principal and interest amounts so that the loan is smoothly paid off.
Meanwhile, once you do an emi calculator download, it’ll help you know exactly how much money you’ll pay each month. This helps in smooth financial planning. On the other hand, the lender also profits with a constant income flow every month.
How is an EMI calculated?
To know what exactly you’ll be paying monthly, you can either go traditional or easily do an EMI calculator download on your smartphone. The choice is yours! It is highly recommended to use an EMI calculator as it helps you offer exact figures.
The loan amount, tenure and interest rate are the top three critical factors of a loan and the EMI applicable to a loan varies according to these parameters.
How to use the EMI calculator app?
There are several apps available on the Play Store and App Store.
Around five months ago, I planned to go for a home loan. Now, I’ve been using the Bajaj Finserv application for digital payments. In this app only, I came across the calculators. Here is a step-by-step guide on how you can avail of this facility –
-
- Download and Install the app on your smartphone
- Sign up with your details
- On the home page, tap on the top left at the three bars.
- Here, you’ll see an option of ‘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
A calculator basically chalks out your financial plans in a smooth manner. This is because when you make up your mind that you’ll opt for any loan, it helps you to plan everything efficiently 123musiq.ws.
