Setting the right financial goals and planning them in a proper manner is very important. Nowadays, it is a well-known fact that we all opt for a loan to purchase necessities such as a car, home, gold etc. And we all know that a loan means monthly EMIs (Equated Monthly Installments).
Notably, when it comes to an EMI, we always tend to calculate a rough figure in our mind or on paper. Sometimes, what happens is that due to these flawed figures, people either postpone their purchasing plan or even cancel it. This is where an EMI calculator app steps in!
What is an EMI?
A fixed monthly amount made by a borrower to the lender each month on a specific date is known as an EMI. This specific date is pre-determined at the time of lending the loan. It is essential to understand that the instalments are applied to the principal and interest amounts so that the loan is smoothly paid off.
Once you download EMI calculator app, you know exactly how much you’ll pay each month which helps you to chalk out your financial plan smoothly. On the other side, the lender also profits with a constant income flow each month.
How is an EMI calculated?
To know what exactly you’ll be paying each month, you can either pick a pen and paper to calculate, or you can easily do an EMI calculator download on your smartphone. The choice is yours. The traditional method of calculating on your own will consume a lot of your time. At the same time, the modern techniques of the calculator will take just a few seconds and, most importantly, offer you an accurate figure.
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?
Now, there are many apps available on the Play Store as well as the App Store. However, it is better to share my personal experience here of which app I use for this purpose.
Around five months ago, I was planning to go for a home loan. Now, honestly, I’ve been using the Bajaj Finserv application for all kinds of 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 Bajaj Finserv application on your smartphone
- Sign up with your details
- On the home page, click 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
Once you do an EMI calculator download, trust me, your life will become much more manageable. In the current era, it is all about saving time. By just entering a few details like Loan Type, Variant, Amount etc., you are good to go! In my experience, an EMI calculator is one of the most impactful tools to use if you plan to go for any loan.
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