A Guide On Planning Your Loan Easily With An EMI Calculator

Calculating your EMI is an essential part of planning a loan, and an EMI calculator can help you do it easily and accurately. This digital tool is a go-to solution for repayment planning as it gives an estimate of the monthly instalment amount and the total payable amount. This enables you to plan your repayment in a way that does not disrupt your finances.

While there are different calculators for different loans, the Bajaj Markets: EMI Calculator App is a one-stop solution for all kinds of loans. Simply click on the loan-specific EMI calculator you are looking for and you can choose the best loan terms. Here’s how this calculator helps.

Compare Loan Offers

Choosing the right offer for any kind of loan is essential since the terms affect your repayment ease. The EMI that you need to pay depends upon your:

• Loan amount
• Interest rate
• Repayment tenure

With an EMI calculator, you can compare the EMIs based on different figures for each of these and choose an affordable one that meets your needs. Since the tool is free and has no limits on how many times you can use it, you can try as many combinations as needed.

Choose an Interest-Saving Offer

The rate of interest associated with a loan is a significant component that affects the borrowing cost. Opting for a loan plan with a lower rate of interest is a wise financial decision, which makes your loan pocket friendly. The interest you get depends on various factors, such as:

• Loan amount and tenure
• Chosen lender
• Financial profile

While you cannot change your financial profile to meet your borrowing needs, you can adjust other factors. Compare the rate from different lenders and once you pick a lender, you can try different amounts and tenure to get the most affordable funding.

Design an Ideal Loan Repayment Plan

While getting a loan gives you needed financing, it also comes with the responsibility of timely repayment. If not planned properly, you may end up paying penal interest on overdue amounts or not be able to meet other obligations, both of which are bad for your financial health.

If you opt for a longer tenure, the EMI may be lower, but repayment will take time since the total loan amount will be split across a many months. Conversely, choosing a shorter tenure leads to higher EMI but helps you repay the loan quickly and become debt-free earlier. You can use the EMI calculator to understand which tenure best suits your finances.

Additionally, the calculator gives an estimated amortisation schedule, which details the outstanding balance after each EMI. You can use this to understand when prepaying would be ideal and prepare for it accordingly.

Aids in Managing Monthly Budget

When you use an EMI calculator online, you get an estimate of your EMI. You can use this estimate to make necessary adjustments to your budget and ensure that it results in a comfortable experience. Doing so will help you repay on time and avoid the pitfalls of delayed or non-payment.

Features and Benefits of the Bajaj Markets: EMI Calculator

Here are some advantages that the tool offers:

• The tool provides the results within a few seconds, saving time and effort
• This calculator is available for use free of cost
• You can use it as many times as needed without any restriction
• This tool is accessible 24×7 with a stable internet connection and a mobile device
• It eliminates the chances of errors associated with manual calculations
• This tool is simple to use and requires just basic information to provide accurate results

Using the Bajaj Markets: EMI Calculator is simple. To get accurate estimates in an instant, just choose the loan type and enter the required details like the loan amount, interest rate and the chosen tenure. This way, you can opt for a loan option that meets your needs and plan its repayment efficiently.

Download the app from the Google Play Store or the App Store and start your borrowing journey today.