Look around you. Most of the things we own are purchased on loan, the EMIs being debited from our accounts every month. Since the onset of no-cost EMI or low-interest EMI, we all are getting more and more dependent on this scheme. However, to plan things healthily, it is essential to know certain things beforehand.

If you are planning to purchase anything on EMI, it is best to download EMI calculator app. Not only does it makes thing easy for you, but it also offers you to experiment. For example, I still remember around seven months ago, I was planning to buy a new bike. So, instead of thinking verbally or writing down inaccurate figures, I used this calculator on the Bajaj Finserv application, which I usually use for all kinds of digital payments.  

What is an EMI? 

Equated Monthly Instalment (EMI) is a fixed monthly payment that a borrower provides to a creditor on a fixed day every month till the loan is paid off. It applies to both principal and interest each month.

Notably, the borrowers are only allowed to make one payment monthly, and they profit from it as they know exactly how much they will pay each month. Meanwhile, on the other hand, the lenders benefit from the loan interest.

How to calculate EMI via an EMI calculator app?

  1. Download and Install the Bajaj Finserv application from Play Store or App Store.

  2. Sign up with your personal details 

  3. On the home page, click on the top left at the three bars.

  4. Here, in the menu, you’ll see an option of ‘Try our Calculators’

  5. Further, click on ‘EMI Calculators for Loans’

  6. There are three types of calculators available here. EMI Calculator, Flexi Day Wise Interest Calculator and Flexi Transaction Calculator

  7. Proceed further as per your requirements 

What are the pros of using an EMI calculator app?

  • When all the complex calculations, which usually consume a lot of time, are performed within a fraction of a second, it helps you save a lot of your precious time. Furthermore, no chances of error make it a better option to go for. 
  • One just has to enter specific details such as the loan type, variant, loan amount, rate of interest and tenor, following which the app will do everything. So, after you enter these necessary details, you’ll have the accurate figures in front of you within a blink of an eye. 
  • Experimenting while going for a loan is one thing that everyone does. And this is only possible with an EMI calculator app. This basically helps you decide the loan amount you should take without interrupting your smooth financial planning. 

I’m not promoting any organization here, but I’d highly recommend that you download this app as it is like an all-in-one platform. Like honestly, I’ve realized there’s no point in keeping too many applications on your smartphone. Likewise, there’s no point in keeping various UPI applications for different kinds of payment. However, it is just a suggestion for the readers, and it’s totally upto them.

Meanwhile, if you plan to buy anything on EMI, you should definitely do an EMI calculator download on your smartphone, as it will make things relatively easy for you.