EMI stands for an equated monthly instalment that is a fixed amount of an instalment that borrower pays to the lender to repay the amount that he has borrowed from him. While taking a personal loan, the first thing you need to calculate EMI how much you can repay in an instalment after taking a personal loan, and that will be decided with the help of an EMI calculator. An online EMI calculator helps you to determine the actual EMI amount that you need to pay every month.
Importance of EMI calculator:
When it comes to loans, there are lots of uses of online calculator to calculate EMI. Each of them may not be as important but give you a clear idea regarding a loan.
EMIs:
One of the significant importance of the EMI calculator is to calculate EMIs. You can find out the advance value of any type of loans. This helps you to understand whether the EMI is affordable to you or not. Additionally, it will give you a clear insight into how you can manage your personal finance after giving EMI to a lender.
The tenure of the loan:
It is very difficult for the borrower and lender to decide the tenure period of the loan manually. With the help of a calculator, you can also find the perfect and the best-suited tenure period. The tenure of the loan will be greater if you think to pay high EMI to reduce the interest rates. Along with that, you can also increase or decrease the value of the EMI as per your affordability. You can also change the value of the EMI to know the tenure period.
Interest rate:
The interest rate is one of the most significant aspects of the loan. However, interest rates depend on the two important factors, such as the tenure period. As you can know the best EMIs and tenure period with the help of EMI calculator, so you can also determine the interest rate of the personal loan effortlessly.
Loan eligibility:
The prominent feature of the EMI calculator helps you to determine the loan eligibility. To know the EMI of the personal loan, you can enter your age, monthly income, you will be easier to find out that you are eligible for a personal loan or not.
Comparison:
It is very difficult to calculate the EMI of each loan manually and then compare it. You can take the help of the EMI calculator to compare various several by entering different values selected by you to get the best interest rates and EMI.
Customizable:
You can alter the value of the loan, change the rate of interest then find the EMI. Everything in this calculator is customizable, you can change the value until you get satisfactory results.
How to use EMI calculator?
The utilization of the EMI calculator to calculate EMI is very simple. Just follow the steps that we have mentioned below-
- Choose the best online EMI calculator.
- Enter the desired data that you wish to avail.
- Alter the value as per your requirements.
- Get the result.