Smartphones are not only used to click amazing photos and downloading apps but they are also used for managing finances. Nowadays, every bank has its app including the App EMI Calculators. You can download the EMI Calculator App from the App Store and speculate the EMI on a certain amount of loan. All you need is the principal amount, tenure, and interest rate to find out the exact amount of EMI on your loan. Therefore, here in this article, you can explore the various benefits of the App EMI Calculator and see how easy it would be for you to speculate the EMI on the loan. Let’s throw some light on the undeniable features of the App EMI Calculators.
Top 5 Benefits of App EMI Calculator
Here are the top five benefits of calculating the EMI through an App rather than visiting the website of a particular bank or NBFC.
Accessibility and Speculation
As you have a smartphone, so downloading and accessing the App EMI Calculators becomes easier for you. You can download EMI Calculator App and check the EMI on a certain amount of loan at a particular interest rate. On the other hand, increasing or decreasing the tenure will also decrease and increase the amount of EMI. It will help you to speculate the expenses you might have to bear if you apply for any type of loan. Therefore, using an EMI calculator is the best option before you borrow any debt.
Now you don’t have to visit the website or open a laptop in order to calculate the EMI because the EMI Calculator App will do the task.
The App EMI Calculator calculates the EMI within seconds. As soon as you enter the Principal Amount, Interest Rate, and Tenure, the app shows the results in seconds. It shows the total interest that you will pay during the whole tenure on the loan. You can also check the interest amount payable every year on the loan.
Basic Information is Needed
You will need only three details to calculate the EMI on your loan. Enter the loan amount, rate of interest, and tenure to calculate the EMI. If you increase the tenure then the amount of EMI will reduce and vice versa. On the other hand, if you increase the rate of interest in the calculator then it will result in high EMIs.
The results displayed by these apps are accurate and they are no chance of any margin of error. It displays the principal amount plus interest payable every year on the loan amount with the EMIs. You can even enter the value of the part payment in the App see how your EMI is reduced if you are willing to make the part payment. The calculation of EMI after making the part payment can also be speculated once you make the EMI Calculator Download.
If you enter into the manual calculation of EMI then the process is too lengthy and a difficult formula is used. It will consume a lot of time and energy. Therefore, using the EMI Calculator App, you can make the EMI calculations in seconds without any error and speculate the EMIs.
So, you have seen that there are many benefits of using the EMI Calculator App. It will help you to plan your loan after viewing the EMI on different amounts of loans and different rates of interest. After evaluating the EMIs on different loan amounts it will become easy for you to decide the amount of loan you are willing to borrow from the bank or NBFCs.