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Instant loans are a great option for addressing all your short–or long-term needs. However, you must manage them smartly to ensure they don’t affect your financial well-being in the long run. One way to do that is to use an EMI calculator. This free online tool can help you decide on the right loan terms and plan your repayment accordingly.
The Bajaj Markets: EMI Calculator App is a tool that can help you manage your loan repayments effortlessly. It has loan-specific EMI calculators that you can use to plan your finances. Read on to learn how a loan EMI calculator aids in financial management.
What is an EMI Calculator and How it Works
When you opt for a loan, you need to repay it through fixed monthly instalments (EMI) across the loan tenure. You can compute the amount easily on the Bajaj Markets: EMI Calculator App.
With this tool, you can easily calculate the EMI amount you need to pay towards a loan over the chosen tenure. Remember, your EMI amount includes the principal amount and the interest amount. All you have to do is enter the following parameters on the tool to calculate your loan EMI:
- The loan amount
- The rate of interest
- The loan tenure
You can also calculate the EMI amount for a loan manually using the following formula:
EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
Where:
- EMI is the Equated Monthly Instalment
- P is the principal loan amount
- R is the rate of interest
- N is the tenure of the loan
However, manual calculations are cumbersome and prone to errors. So, it is ideal to get an accurate estimate of your EMI using the online tool. The Bajaj Markets: EMI Calculator App also allows you to visualise the entire calculation in the form of a chart.
How an EMI Calculator Facilitates Smart Financial Management
An EMI calculator can be useful in the following ways:
Helps in Repayment Planning
With this tool, you can strategies your loan repayment plan efficiently. This is because knowing the EMI amount linked to the loan in advance helps you adjust your budget accordingly. In addition, the visual representation can help you assess if you can prepay the loan and become debt-free earlier.
Aids in Choosing the Right Terms
An EMI calculator for personal loans helps you choose the right loan terms that match your preferences, income pattern and your existing financial obligations. By inputting varying loan amounts, interest rates, and tenures in the tool, you can assess how these terms affect your EMIs.
Allows You to Compare Various Options
With a plethora of lenders available, choosing the right one can be confusing. Even if you choose the lender, opting for the right loan terms can be difficult. When you use the Bajaj Markets: EMI Calculator App, you can compare the EMI amount that you need to pay across different tenures, interest rates and loan amounts. This helps you zero in on the most cost-effective option.
Other Benefits of Using the Bajaj Markets: EMI Calculator App
Here are some other perks that come with this tool:
- It eliminates the need for manual calculations and hence reduces errors
- This app is free to use and requires only a stable internet connection
- It calculates the results instantly after you enter the required information
- You can access it through your device from the comfort of your home
- It comes with a user-friendly interface to offer a seamless experience
The Bajaj Markets: EMI Calculator App facilitate your borrowing process by helping you get clarity on your repayment plan. Download the app on the Play Store or App Store to plan your loan efficiently.
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