Last Updated on July 12, 2023 by
Look around you. Almost all of the gadgets you own are mostly bought on an EMI calculator (Equated Monthly Instalment) as this is one of the most convenient and easy ways to make big purchases. So why go ‘All-In’ when you can easily pay a monthly amount that suits your budget?
Now, whenever we plan to purchase anything on EMI, it is human nature to have an estimate at the back of our minds that if we are willing to go for this much down payment, then how much EMI will we pay each month? Isn’t it? But that figure is never accurate. So, to make this situation hassle-free, one can easily download an EMI calculator app on their smartphone.
Look around you. Almost all of the gadgets you own are mostly bought on EMI (Equated Monthly Instalment) as this is one of the most convenient and easy ways to make big purchases. So why go ‘All-In’ when you can easily pay a monthly amount that suits your budget?
Table of Contents
What is an EMI?
A fixed monthly payment a borrower provides to a creditor on a set day each month is known as an EMI. It applies to both interest and the principal each month, and the loan is paid off over a few years, depending on the tenure preference.
Here, the borrowers are only allowed to make one payment every month, and they profit from it as they know exactly how much they will pay towards the loan each month. This helps them to make their financial planning much smoother. Meanwhile, the lenders benefit from the loan interest, providing them with a constant income flow.
Importance of EMI Calculator Apps
EMI (Equated Monthly Installment) calculators are apps that help individuals calculate the monthly payments they need to make towards a loan. These apps are crucial in the loan process as they provide a clear and accurate estimate of the loan amount, interest rate, and overall cost.
An EMI calculator app makes the loan application process much more manageable and stress-free. It eliminates the need for manual calculations and provides quick and precise results. It also enables individuals to plan their finances better, as they can determine the amount they can afford to borrow and the EMI they need to pay.
Furthermore, EMI calculator apps also provide different repayment options and the total interest to be paid over the loan tenure, allowing individuals to choose the best repayment plan that fits their budget and financial goals. In addition, these apps often have additional features such as loan comparisons, interest rate trends, and amortization schedules, providing a comprehensive and user-friendly loan management solution.
How is a Loan EMI calculated?
Now, no need to get into formulas that puzzle your mind as one EMI calculator download on your smartphone can make things effortless for you. Personally, I have been using the Bajaj Finserv application for around a year now. Now, please don’t consider this a promotion, but trust me, it is an all-in-one platform for all kinds of digital payments.
Factually, the total loan amount, tenure and interest rate are the top three key factors of a loan and the EMI applicable to a loan varies according to these three parameters. However, instead of getting into those tough formulas to make you understand how Loan EMI is calculated as it can be checked easily via such simple tools available on your smartphone.
How to easily calculate EMI on your smartphone via an EMI calculator app?
- Download the Bajaj Finserv application from Play Store (Android) or App Store (iOS).
- Enter your official phone number.
- After receiving the OTP (One-Time Password), you’ll enter the home page.
- Click on the top left at the three bars.
- Here, in the menu, you’ll see an option of ‘Try our Calculators’
- Further, click 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
What are the benefits of using an EMI calculator app?
- It helps you save time, and the figures are always accurate.
- Allows you to make a well-informed decision by letting you experiment with the factors that affect your monthly EMI.
- It helps you make the required changes in your monthly budget to fit in the EMI.
Now, several other applications are also available, but as I’ve experienced this one, I’m recommending this. So you are free to make your call here.
So, if you are planning an EMI calculator download, go for Bajaj Finserv only, as it will also help you to make your digital payments, get car/bike insurance and whatnot.
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