It’s never a good idea to take EMI (Equated Monthly Instalment) calculations in a light manner. But, unfortunately, there are many times when one calculates it on a pen or paper, or just roughly estimates the figures in their mind. This results in either postponing the purchase or sometimes even cancelling it. This is where an EMI calculator app comes into play!
Planning financial goals rightly is very important. It is a well-known fact that to purchase necessities such as a car, home, gold etc., we tend to opt for a loan. Now, in the current times, it is almost impossible to purchase a home without the help of a loan.
What is an EMI?
A fixed monthly amount a borrower makes to the lender on a particular date is known as an EMI. It is essential to understand that the instalments are applied to the principal and interest amounts to smoothly pay off the loan.
Once you do an EMI calculator app download, you know exactly how much you’ll pay each month which helps you to plan things accordingly. Similarly, the lender also profits with a constant income flow each month.
How is an EMI calculated?
To know what exactly you’ll be paying every 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 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. The readers are free to choose, as I’m not promoting any brand. However, it is better to share my personal experience here.
Around seven months ago, in March, 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, such as mobile recharge and broadband etc. However, in this application only, I came across the calculators. So instead of going for a separate EMI calculator download, I got lucky!
Here is a step-by-step guide on how you can avail of this facility –
- Download the Bajaj Finserv application on your smartphone
- Sign up with your personal 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
When you are on the right track and download EMI calculator app at the right time, you never have to postpone or cancel your purchase plan. Due to the rising prices with time, we are primarily dependent on a monthly EMI, so it is very important to ensure that you have an exact figure in mind before you opt for it.