Summary:
The EMI calculator is a financial tool that provides vital information at your fingertips on how much a loan will cost you. You can thus decide whether borrowing money on interest, be it for personal use, housing, auto or education makes sense and is something you should consider.
Content:
Want to renovate your home and are looking to avail a personal loan for the same? Before taking the big step, you need to be 100% sure about the monthly instalments to the lender for ease of mind and a seamless loan journey sans any hassles. EMI Loan Calculator is the answer. The innovative device helps you determine the exact amount due every month in a jiffy. Once that is clear, you can decide whether taking a loan is a viable option or not. However, before using, it is important to understand what an EMI Calculator is, it’s working and how does it help you.
What is EMI?
EMI (Equated Monthly Instalment) comprises of a fixed sum that has to be repaid to the lender, be it a bank, private financial institution, etc. for the loan taken. The EMI made up of the principal amount along with the interest component is reimbursed to the lender on a pre-set date every month until the entire borrowed sum is squared.
What is an EMI Calculator?
The EMI Loan Calculator is a tool that enables you to calculate your EMI with precision in a few seconds. Just punch in the Amount, Rate of Interest and the Loan Duration in months and the device will accomplish the rest instantaneously with utmost efficiency. It’s important to note that some calculators also levy a processing fee.
What are the benefits of EMI Calculator?
- Amortisation Charts:
The EMI calculator allows you to assess your amortisation chart that exhibits your loan payment details. As a result, you get a clear picture about how much money you have repaid and where you stand. This table is especially beneficial if you are looking to pre-close a loan.
- Easy and Convenient:
Using the device is a piece of cake. It is also a fantastic way to compare the different options made available by a range of financial institutions. It helps you in evaluating the risks and making an informed decision.
- Quick Calculations:
Manual working is not only tedious but also time-consuming. One major benefit of the online EMI calculator is that it can be operated with a simple click. Equipped with sliders, it saves time and displays the results with speed.
- Accurate:
Factoring the different interest rates, the sum of borrowed money, various conditions, is a tiresome process when done manually. The odds of an incorrect calculation persist. The financial tool, in contrast, is precise and accurate.
- Pictorial Illustrations:
Most EMI calculators present the result graphically. The pictorial illustrations display the data of principal, the rate of interest, and the tenure in vibrant colours. This is not only visually appealing but provides a fairly good picture of how much the loan will set you back.
Simply put, EMI calculator is a wonderful means of understanding as well as keeping track of your loan profile and repayment procedure.
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