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What are the advantages of using an EMI calculator?

With the advent of technology financial services have become much more accessible to the general public which is why nowadays people can effectively avail of services like home loans, personal loans, car loans, etc. These loans help individuals to pay for their significantly large expenditures and momentarily satisfy any kind of immediate financial needs.
 
Although with loans you will be receiving easy access to money, there are lots of additional factors you need to take into account before opting for a home loan or personal loan. These factors include - loan interest rates, overall tenure for the loan, your capacity to repay the loan, etc. 
 
While you are opting for a financial risk you can’t simply finalize your decision based on manual calculations and speculations. An extremely convenient way to find out if you can afford a loan or not is by using an EMI calculator.
The definition of an EMI calculator
EMI is the short form for Equated Monthly Installment. It is a specific kind of payment method where the borrower transfers a predetermined amount of money to the lender on a fixed date until the total loan amount has been repaid.
 
In an EMI both a portion of the principal amount along with the interest is included. With the help of an EMI calculator, you will be able to calculate the monthly amount you need to pay to the bank or any other lender. 
 
If you are opting for a home loan, personal loan, or any other type of loan then evaluating the EMI amount with the help of an EMI calculator or home loan calculator (in the case of a home loan) is the ideal process. If you know how much money you need to pay as EMI beforehand you will be able to understand the impact of the loan on your monthly spending and way of life. Benefits of using an EMI calculator
Here are the primary benefits of using an EMI calculator:
Easy to calculate the repayment amount
Calculating the EMI amount is extremely important before undertaking a loan or applying for the same. Without proper calculation, you may have to face a lot of difficulties while undertaking a loan. If you want to know the loan amount all you need to do is to provide the loan amount, loan tenure, interest rate, and processing fee and you will immediately receive the result from the EMI calculator.
Easy to compare the loan offered by banks
While using an EMI calculator, you can easily compare the loan amount and interest rate offered by different banks. This will enable you to select the best loan amount which will be financially feasible for you.
Avoid manual calculations and save time
Another significant advantage of using the EMI calculator is that you can save a lot of time. If you manually calculate the EMI amount then you will have to go through a lot of details regarding your loan and the end result may not be reliable. However, using an EMI calculator will offer you immediate results after you provide the loan amount, interest rate, and loan tenure.
Final thoughts
When it comes to calculating the monthly repayment amount of any kind of loan there is no better tool than the EMI calculator. It helps you understand what kind of financial responsibility you will need to bear when you undertake a specific type of loan. Furthermore, it also helps you find out what kind of influence the monthly EMI amount will have on your lifestyle and daily expenses.