The Equated Monthly Instalments (EMI) are the equal monthly payments that a buyer made to a seller to complete his dues. The monthly payments to the bank against a loan is also EMI. Through EMIs, you can buy a product now and pay for it in equal installments. But when it comes to calculating EMIs, the process becomes complex. The seller tells the amount. However, as a buyer, you also had to confirm it. Secondly, an emi calculator is also needed while planning to buy products on EMI.
EMI calculation is basic financial need. If you don’t know its mathematical calculation, you can use the EMI calculator tool. You only need to enter the loan amount, tenure, and interest rate (if any). Then the online EMI calculator will generate the result. It has various benefits.
- Helps in planning the monthly budget
For planning your monthly budget and limits of upcoming expenses, you should know your EMIs. These are the major debits from your bank account. An EMI calculator helps in calculating the EMIs of all your dues. You can plan your budget on the basis of this calculation.
2.Helps in making financial decisions
Before buying a product, you can check the monthly EMI, the product will cost you. This way you can find out, what your monthly finances will look like if you bought the product on EMI. Hence, the EMI calculator helps in making a decision of buying a new product on EMI.
3.Aids in managing loans
Before getting a new loan, you look after your bank statement and running EMIs. Everytime you cannot open the manuals to look after the EMI amount. In this situation, an EMI calculator can benefit you. You can calculate all your EMIs on this tool and make the decision regarding future loans.
4.Can crosscheck bank statements
Sometimes you don’t remember the EMI amount. It puts you in a problem while crosschecking the bank statements. Here you can instantly put the details of running EMIs and find the monthly payment amount. The EMI calculator tool is very useful while crosschecking the debits of your account.
5.Give accurate result
EMI calculators are a well-tested tool. Hence, the results it gives are accurate. You can use it while buying something or taking loans to confirm EMIs.
6.Mathematical expertise is not needed
EMIs are now part of everyone’s life, but not everyone knows to calculate them. However, the EMI calculator tool does not require any mathematical expertise. You only need to enter the loan amount, tenure of loans, and interest rate in the respective boxes. The online mechanism then does its work and displays the installment amount on your screen.
7.Give quick results.
Online EMI calculating tools are developed through programming. The formula used in calculating EMIs is in it. As a result, the machine quickly calculated the EMI using the formula. In only a few seconds, the monthly EMI amount is displayed on your screen.
If you also want to calculate the amount of your EMIs or crosscheck the currently running EMIs, you can use 5paisa. This online tool is an EMI calculator. It will calculate your EMIs in seconds. Additionally, it can also perform various other financial functions for you.