Financial planning is the key to financial freedom. This case applies to loans and insurance, especially when determining which plan is best for you. It would be best if you did not rush into accepting the first offer that comes your way without considering the monthly instalments and how that will affect your overall financial situation and repayment capacity. It would help if you compare different plans to find the most affordable choice, and this is why EMI calculator comes in to make the calculation of monthly instalments easier and manageable for you.
Once you borrow a loan from a bank or financial institution, you are expected to pay back the amount with interest. EMI calculator is meant to help you calculate the monthly instalments; that is the principal and the interest. The calculator comes with a range of benefits which include;
Convenience
This one goes without saying that the calculations with online EMI calculator are much easier compared to doing it by hand or with a pen and paper. You also do not have to scratch your head, trying to figure out the figures. It is a matter of entering the digits and getting results within milliseconds and this way; you can easily make a sound decision regarding a loan proposal.
Enhances speed
Unlike using a pen and paper for calculation, EMI calculator involves completing the calculations with a few clicks at the mouse, and you are good to go. This will take you a few seconds at most, and the best part is that you do not have to keep rechecking the calculations for accuracy assurance.
Accuracy
Now, this is the main reason why more and more individuals prefer EMI calculator both when calculating premiums and loan instalments. Human is to error, and if you decide to do the calculations with a pen and paper, there are high chances of making mistakes regardless of how careful you are. You can even do several confirmations and still not get to the level of accuracy you can get from the computer. The online calculator does this with guaranteed 100% accuracy.
It’s super easy to understand
For starters, the online EMI calculator provides you with graphics for easy comprehension. The results derived from this are easily understandable as you get the exact amount that you are supposed to repay monthly or in full. Even better; you can get access to further information such as the outstanding principal amount and remaining time in a graphical presentation.
Easy financial planning
You will have the exact amount that you are expected to pay for the loan so you can make plans to ensure that you always have that money when the time comes. The calculator gives you access to the exact instalments and duration and this way; you can easily plan for the loan, thus easing the whole repayment process.
Helps you find the best loan
This calculator helps you to compare loans until you find the best deal. The same applies to insurance policies. You can determine which of the plans will work best for you, thus saving your money. The calculator allows you to compare loans from different banks or financial institutions in seconds for fast decision making.
EMI calculator allows you to find out the exact EMI to be paid for any loan. This, in return, helps you make sound decisions and effective plans. Try it today and enjoy these benefits and more.
