Want to Calculate your EMI? Here is a list of best EMI Calculators available on the internet
Whether it is for a vehicle or a house, when you take a loan that has been sanctioned by financial institutions or the bank, you need to repay that loan in time and in a proper fashion. Some of us cannot repay the whole amount to the bank at one go. This is where an EMI comes into the picture. Standing for equated monthly installment, it refers to the amount you pay on a monthly basis to the financing institution or bank so that the loan is repaid at a pace that is convenient for you. An EMI calculator is a great tool to help you calculate your EMI in a fast and effective way.
The Advantages of Using an EMI Calculator
Utilizing an EMI calculator has many plus points other than the fact that it correctly tells you the amount of money you have to repay every month.
Quick and Rapid Calculations: Using an EMI calculator is fast and so is great to use in today’s modern times. Sitting down with a pen and paper to do the math can be time consuming and not very reliable. With just a click of the mouse, you can come to a solid conclusion about your loan and the amount that needs to be paid regularly.
Convenience is Key: An online EMI calculator is seamless to work with and is very convenient when compared to doing the calculations with a pen and paper. You will not have to wait too long to make a sound decision about your loan proposal.
An Ammortisation Table: An EMI calculator offers you valuable information by providing you with an ammortisation table. This also gives you an idea of how the loan is going to progress in the future.
Pictures Speak a Thousand Words: Unlike the fact when you sit down to do the calculations yourself, an online EMI calculator offers you a better understanding of the condition of your loan through a graphical manner by using pictorial representations. This helps you develop a better understanding of your rate of interest, principal outstanding and time remaining.
Types of EMI Calculators
When it comes to an EMI calculator, there are many types of them and each of these calculators calculate different aspects of loan repayment.
Personal Loan Calculator: If you want to ask the bank for a personal loan, the borrower can use the personal loan EMI calculator to do the math. The personal loan calculator will take into account your tenure, the company you are currently working in and your total work experience.
Car Loan Calculator: This type of EMI calculator helps you calculate your monthly payments that need to be paid after you purchase a car with an auto loan. Making use of this calculator will also help you understand processing charges and the date of your payments perfectly. When calculating your car loan however, your down payment for the loan will not be taken into consideration.
Home Loan Calculator: When you are a potential home buyer, you can make use of the home loan EMI calculator to check your monthly payments, rate of interest and tenure. If you have opted for pre-payment of an EMI, this calculator includes pre-payment towards the home loan payment and so comes with an added advantage.
Loan Against Property Calculator: If you want to fund your own wants, you can do so by making use of your own property. Utilizing an EMI calculator for such kind of an EMI will help to calculate your monthly payments by taking into consideration the rate of interest, loan amount and loan tenure among other things.
There are many different kinds of EMI calculators available on the internet, each for a different kind of loan you intend taking. Hence, depending on the type of loan you are going in for, you can choose an EMI calculator that will cater to your needs and calculations in a precise and systematic manner.