EMI stands for equated monthly installment that you have to pay in return of loan sanctioned by banks and financial institutions. One can easily calculate his or her emi with the help of an online emi calculator. Let us look at the various benefits of an emi calculator –
- Convenience – The ease with which calculations can be made with this online tool is incomparable to calculations done by hand with pen and paper. In a matter of milliseconds, you can make a decision about your loan proposal by taking advantage of online emi calculator.
- Accuracy – If you were to do calculations with a pen or paper , you can preety well do mistakes while entering rate of interest, tenure, loan amount etc.But, with online emi calculator, you can perform these calculations with hundred percent accuracy.
- Fast calculation – With pen and paper, you will take hours and hours to perform calculations related to your loan. But, with online emi calculator you can perform these calculations at a click of the mouse. You don’t have to check and recheck your calculations each time with these online emi calculators.
- Specific to each loan – Biggest advantage of an online emi calculator is that, it is specific to each type of loan that a borrower wants to extract information for. You will get information related to home loan only if you are using home loan emi calculator.
- Graphic representations – Most of the online emi calculators would not only provide information related to your loan. But, these calculators would also provide information in a graphical manner and present a pictorial representation of each and every data points like principal outstanding, time remaining, rate of interest etc.
- Ammortisation table – Ammortisation table is one of the most important information that an emi calculator will provide you with. It will also show you how the loan will progress over time.