Whenever you apply for a loan, you need to repay it over the tenure. The loan amount is repaid in EMIs spread over the tenure and the EMI amount includes the principal amount and the interest component. Hence, when you apply for a loan, you need to be aware about the rate of interest applicable on the loan amount. A high interest rate means a high EMI and a low interest rate means a low EMI. You need to consider your monthly inflows and outflows when agreeing on an EMI amount. It is highly recommended to use a business loan calculator online before making the final decision.
The EMI calculator is available online for free and it is easy to use. The calculator uses the information given by you and gives an answer in no time. It is highly reliable and secure. Irrespective of the type of loan you are looking for, using the EMI calculator will help make a better decision. Here are a few top reasons to use the calculator.
Better decision making
There are different types of loan products available in the market today. Depending on the type of loan you are looking for, you need to shortlist the products and then approach a lender. When you use an EMI calculator, you can make the right choice by considering the EMI amount payable and the tenure on different loan types. The calculator gives an insight into the EMI payable on the loan amount and you will be able to make a well-informed decision.
If you try to calculate the EMI using Microsoft Excel or manually, there are bound to be some mistakes. Additionally, it will take up a lot of time and effort. You might have to recheck the entire calculation to ensure that you reach the optimal amount. Instead, using the calculator will give you quick results and you will be able to make a decision immediately.
Humans are bound to make an error when calculating the EMI manually or using an Excel spreadsheet. Even a minor difference in the result can make a huge difference to the monthly outflow and your EMI amount. Your borrowing decision will be based on the EMI amount and you cannot afford to make a mistake here. Using the calculator will ensure accuracy and you will be able to get the results within a few seconds.
Easy and convenient to use
The calculator is available online and it is easy and convenient to use. You only need to fill in the amount and tenure to get a quick estimate. Once you fill in the details, you need to click on Estimate EMI and you will get the results in no time. It is easy to change the inputs until you reach the ideal amount you can easily manage to pay.
Based on the results shown in the EMI calculator, you can make an ideal borrowing decision. Do not rush through this stage because using the EMI calculator online will make a huge difference to the loan product you choose and the monthly outflows you have to manage.