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Top 5 Benefits of using EMI Calculator - Complete Guide [2024]

29-Jun-2021 | Home Loan EMI Calculator

Top 5 Benefits of using EMI Calculator - Complete Guide [2024]

Here are the five benefits of the EMI calculator that would make things easier in making you pay your monthly payments towards your loan

Loans have become an important part of our lives. From buying a house, a car to managing children’s overseas education, we can’t do without loans. And, when we talk about loans, the word EMI (Equated Monthly Instalment) immediately comes to mind. EMI implies monthly amount payments we make towards a loan we opted for. 

An EMI calculator like a home loan EMI calculator is an online tool, easy to access, and enables you to calculate the amount you need to repay each month towards your loan. The EMI calculator factors three important aspects: the loan amount, number of months, and interest rate. An EMI is an amount that is payable by you every month to the lender in order to satisfy the principal and the accumulated interest.

Calculation much easier

The calculation makes the world go round. It is extremely important to calculate your EMI amount before completing all the formalities of the loan. Because everything hinges on calculation. So, if you are one of those customers who have applied for a loan, enter the loan amount, rate of interest, loan tenure and processing fee. The home loan calculator will do the necessary calculation and give you the EMI amount. The loan amount calculator will tell you how much you can borrow.

Access the calculator at home

The best thing about a calculator is that it can be accessed anytime and anywhere. You can use the calculator umpteenth number of times depending on your convenience. That is much better than paying a visit to the bank and figuring out complex mathematical calculations that might drive you crazy. If it’s not too much to ask, just access the internet at home and use the EMI calculator. 

Less time consuming 

If you are planning to rely on your manual calculations to work out the details of your loan amount and interest rates, better avoid this tedious route. Moreover, manual calculation is generally lengthy and time-consuming. It would test your patience at every step. Better go for a home loan calculator for EMI as it works smoothly and quite fast, displaying the results in the blink of an eye. Home loan planning involves proper calculations and so you can’t go wrong with the numbers. A home loan EMI calculator gives you the correct result, every single time.

Comparing loan offers of banks

When you go for a loan, the important thing that needs to be kept in mind is to compare the loan offers from different banks. Here, your EMI loan calculator would come in handy. You can find out the total cost of the loan along with the respective EMIs. As a result, you can easily choose the best loan option available that suits your requirement. Loan interest rates vary from lender to lender. Even a mere 0.04% difference in home loan interest rates can significantly impact the EMI amount. 

Go for a Loan-specific EMI calculator

Using a loan-specific EMI calculator is much easier and makes your job that much smoother. In other words, one can use a different calculator for every type of loan be it one for education, home or car. The parameters for every loan may be basically the same, but there can be instances where you will need to use loan-specific EMI calculators. The suitability of the EMI calculator can be measured in terms of a particular loan and to be used for only the specific one.

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