Are you planning to buy the latest smartphone you have been eyeing for a long time? Or do you want to surprise your loved ones with their dream vacation? Well, the days of relying on their siblings or relatives for financial assistance are long gone. EMI Calculator
Nowadays, it is the time for a personal loan as it has proven to be quite a convenient financial tool to bridge these needs. However, before you actually dive into such applications, first understanding your Equated Monthly Installment (EMI) is crucial. This is where the Stashfin’s loan EMI calculator steps into the game.
What exactly is a loan EMI calculator? How does it work?
It is basically a simple tool that helps one estimate the monthly payments that should be done towards a personal loan. These tools, which are pretty trending and valuable, help one with an estimate idea and help a lot in personal financing and budgeting.
Here’s how it works:
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Input
Here, at the first stage, you are bound to give three critical pieces of information such as the amount of the loan, rate of interest as well as the tenure.
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Formula
This tool then uses a mathematical formula that considers these inputs to calculate the EMI. It involves the Principal Amount, Rate of Interest as well as number of emi instant loan installments.
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Calculation
Based on the formula, the calculations are done in order to know the EMI amount. It essentially figures out a fixed monthly payment that covers both the principal amount you borrowed and the interest amount accrued on it.
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Output
Lastly, it displays the estimated amount of the EMI along with the total interest payable. After seeing this output, the potential borrower makes the decision.
What are the advantages of using such tools?
From easy budgeting to transparency, this tool has endless benefits.
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Easy budgeting
Such calculations if done manually can be tedious and error-prone but when you opt for a loan calculator, you are in for a smooth ride. Simply input the desired figures and get an instant EMI estimate within the blink of an eye.
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Strategic Planning
The tenure of your loan significantly influences your EMI amount. Longer tenure can lower your EMIs, but it also spreads the interest cost over a longer period. However, shorter tenure with Stashfin results in no interest amount (t&c apply) but obviously higher EMIs.
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Transparent
Such tools like the Personal Loan Emi Calculator offer complete transparency regarding your loan repayment. It helps you get not just the amount but also the total interest payable over the tenure.
Why Stashfin?
Along with imparting interest-free loans, we are there for you at each step. Head to our website and faucet on “Calculate EMI” within the header. You also can get this facility on our software, that’s easily to be had on the Play Store (Android) and App Store (iPhone). Input all of the required details, like the amount of the mortgage, price of interest, and tenure, and you are precise to go.
Stashfin offers interest free loans. This means that you have to pay us back the same amount in the end which you initially borrowed from us.
Conclusion
These tools have become the need of the hour as aware citizens these days take every step with proper planning. A no cost emi personal loan helps you to assess your affordability and budget accordingly. So, be sure to consider it while finalizing your loan.