Before planning a large purchase, we always think that saving up is a good idea, but sadly, that’s not always possible. Further, instead of saving, most people usually think of redeeming their investments or availing of a loan. However, redeeming your investments can save you money on interest payments but interrupts your long-term financial goals. So, a loan is a better choice in such a financial emergency.
Nowadays, you don’t need to sit for hours to understand the entire process of a loan as a single emi calculator app on your smartphone does all the work for you. When I was planning to go for a car loan, I opened the application I have been using for over a year now, i.e. ‘Bajaj Finserv: UPI, Pay, Loans’. Well, there are several fintech applications available, but I’ve been using this one as it is an all-in-one package. So, instead of making another emi calculator download from the Play Store, this application has this feature built-in.
What is an EMI?
An EMI (Equated Monthly Installment) is a fixed monthly payment a borrower provides to a creditor on a set day each month. It applies to both interest and principal each month, and the loan is paid off over some years, depending on the preference.
The borrowers are only allowed to make one payment each month, and they profit from it as they know exactly how much money they will have to pay towards their loan each month, making financial planning much smoother and more efficient. On the other hand, the lenders benefit from the loan interest, providing them with a constant income flow.
How is a Loan EMI calculated?
As I mentioned earlier, calculating a loan emi is at your fingertips. Just download emi calculator app from your device’s play store/app store, and you are good to go. I have mentioned the application I use above, and it’s completely effortless to use.
Factually, the total loan amount, tenure and interest rate are a loan’s three key factors, and the EMI applicable to a loan varies according to all three parameters. However, instead of getting into those complex formulas to make you understand how Loan EMI is calculated as it can be checked easily via simple tools available on the internet.
How is the EMI of your different loans easily calculated on the Bajaj Finserv app?
1. Download the ‘Bajaj Finserv: UPI, Pay, Loans’ application from Play Store (Android) or App Store (iOS).
2. Enter your mobile number.
3. After receiving the OTP, you’ll enter the home page.
4. Click on the top left at the three bars.
5. Here, in the dropdown menu, you’ll see an option of ‘Try our Calculators’
6. Further, select ‘EMI Calculators for Loans’
7. There are three types of calculators available here. EMI Calculator, Flexi Day Wise Interest Calculator and Flexi Transaction Calculator
8. Proceed further as per your requirement
What are the benefits of using an emi calculator app?
● It lets you save time, and its results are always accurate.
● Allows you to make a well-informed decision by letting you experiment with the factors that affect your EMI.
● Helps you make the required changes in your monthly budget to fit in the EMI
You are in for a treat when you perform an emi calculator download, as it comes with many perks. This is because when you can’t save money in advance, you can take out a loan, and a calculator works as a helping hand while planning. So, study how the entire process works and how much time you are willing to stay in the loan bubble.
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