If you recently have been looking for loans and are comparing interest rates and loan schemes, then the EMI calculator tool is definitely not new to you. Almost all major lending institutions provide this useful tool on their websites to help prospective loan applicants get an estimate of the EMI to be paid every month when they avail a particular loan amount.
This useful financial tool is of great help to loan seekers as well as for those who have availed a loan and are repaying their existing loan. Given below is a list of reasons why a loan calculator is of great use:
It provides precise and accurate results
In contrast to manual calculations, an EMI calculator provides accurate results for any loan, provided the inputs required are filled in correctly.
This free tool helps you save time as it is available for free use and with just a few clicks, it provides the EMI value.
Makes comparisons easy
When you have more than one loan option to choose from, an EMI calculator helps in comparing how much EMI you will have to pay for different loans.
EMI split up and other data
In addition to the EMI, this calculator provides details of the interest component and the principal component in the EMI throughout the repayment tenure.
Aman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management.