Long gone are the days when people actually used to cancel or postpone their purchasing plan just after seeing the price tag. On the contrary, since the concept of EMI came into existence, the purchasing power of individuals has definitely increased. Moreover, an EMI calculator app has made things more easy by giving you the exact figures of your monthly EMI.
Investment means planning; without a proper plan in sight, it’s a maze. Factually, the penetration of smartphones is increasing with time, and it has undoubtedly, made things relatively easier. Moreover, as technological advancement has been witnessed in recent years, one doesn’t need a pen and paper to estimate while purchasing on EMI (Equated Monthly Instalment).
What is an EMI?
EMI or Equated Monthly Installment refers to a fixed monthly payment made by a borrower to a lender at specific data each month. Factually, these instalments are applied to the principal as well as the interest amounts, and the loan amount is paid off smoothly in a predetermined certain tenure.
What is an EMI calculator?
It is an online tool that helps borrowers calculate the EMI for a loan. This is done by simply adding some mandatory information, such as the loan amount, rate of interest and loan tenure. Once such information is added, it provides an estimate of the monthly payment the borrower will have to make to repay the loan wrinky.
An EMI calculator app is something that helps a potential investor a lot. When individuals know beforehand what they’ll be reaping out of their investment, they are able to plan and execute in a better manner.
What are its benefits?
Honestly speaking, I found it very useful. I used the EMI calculator offered by Bajaj Finserv, and with just a few taps on my smartphone, I could know my EMI amount. Believe me one EMI calculator download saves all the hassle for you.
● Saves time
Unlike manual calculations, where a lot of your time is wasted, EMI calculator saves time and a lot of your energy.
● Comparison
This tool offers the freedom to compare various kinds of offerings. So, you can easily compare by trying several combinations until there is a result that suits your needs.
● Eliminates manual calculations
Manual processes are quite tedious and sometimes even wrong. This sometimes leads to the cancellation or postponement of the plan.
How to use an EMI calculator app?
- 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 networthexposed
- Here, you’ll see ‘Calculators & Buying Guides’
- Further, Tap on ‘EMI Calculators for Loans’
- Experiment as per your requirement
Conclusion
Investing your hard-earned money sdasrinagar requires a lot of attention and planning. So, if you are thinking of doing so, then using this tool beforehand is an excellent idea for perfect execution.
