When planning big purchases or life goals like buying a new home, a car or funding personal projects, taking a loan often becomes necessary. But with loans come monthly commitments, which can sometimes be overwhelming. This is where an EMI (Equated Monthly Installment) calculator steps in as a game-changer, helping you manage your finances better by giving a clear picture of your repayment journey.
With the Bajaj Finserv Markets EMI Calculator App, understanding your loan repayment becomes simple, transparent, and precise. Here’s a comprehensive guide on using an EMI calculator to make informed borrowing decisions and manage your loans effectively.
Navigate through the article:
What is an EMI?
EMI stands for Equated Monthly Installment, the fixed monthly amount you pay to repay your loan over a specified tenure. Each EMI includes a portion of the principal amount and interest, with the interest portion higher at the beginning and gradually decreasing over the loan term.
Why Use an EMI Calculator?
An EMI calculator helps you determine your monthly loan repayment amount based on the loan amount, interest rate, and tenure. It simplifies complex calculations and provides an accurate picture of your loan affordability, helping you make smarter financial decisions without any manual effort.
How Does the EMI Calculator Work?
The EMI calculator uses a formula to calculate your monthly installment:
EMI = P × R × (1 + R)^N / [(1 + R)^N – 1]
- P = Loan Amount
- R = Monthly Interest Rate (annual rate divided by 12)
- N = Loan Tenure in months
The calculator computes the EMI instantly, offering you clarity on your monthly financial commitments.
How to Use the Bajaj Markets EMI Calculator App
Using the Bajaj Markets EMI Calculator App is easy and highly intuitive. Follow these steps to calculate your EMIs accurately:
- Download the Bajaj Markets EMI Calculator App from the Play Store or App Store.
- Select Loan Type: Choose the loan you’re interested in, whether it’s a personal loan, business loan, home loan, gold loan, professional loan or auto loan.
- Enter Loan Details: Provide the loan amount, select interest rate, and tenure.
- Instant EMI Calculation: The app calculates your EMI instantly, giving you a detailed breakdown of your monthly installment and an amortization table.
Key Features of the Bajaj Markets EMI Calculator App
The EMI Calculator App offers several unique features that enhance your financial planning experience:
1. Accurate and Instant EMI Calculation
With the Bajaj Markets EMI Calculator, you get precise EMI amounts instantly. The app eliminates errors that can arise from manual calculations, providing an accurate monthly payment schedule to ensure you budget effectively.
2. Compare Loan Offers Across Lenders
One of the most powerful features of the app is the ability to compare loan offers from multiple trusted lenders. Simply enter your loan details, make your calculation and then click on ‘ check offers.’ The app displays options from over 20 lending partners, that too just for personal loans, helping you select the loan that best matches your repayment capacity.
3. Flexible Scenario Testing
Adjust the loan amount, interest rate, or tenure to see how these changes impact your EMI. This flexibility allows you to explore different borrowing scenarios and choose the one that aligns with your financial goals, be it lower EMIs or a shorter repayment period.
4. Comprehensive Financial Planning Tools
The Bajaj Markets EMI Calculator App isn’t limited to just loans—it also helps calculate potential investment returns and insurance premiums. This feature enables you to plan beyond EMIs, supporting a well-rounded financial plan.
5. User-Friendly Interface
The app’s intuitive design ensures a hassle free experience, even for first-time users. It guides you through each step, making complex calculations feel easy and approachable.
Types of Calculators:
- Loan EMI Calculator: Bajaj Finserv Markets EMI Calculator App offers a wide range of loan calculation options to cater to different needs. From personal loans for immediate expenses to home and auto loans for big purchases, they also provide a business loan EMI calculator to strategise expansion goals. Whether you’re funding education, taking a loan against property or gold, there’s a loan calculator option to suit every requirement.
- Investment Calculator: The Bajaj Finserv Markets Investment Calculator helps estimate returns for various investment options like Fixed Deposits, Compound Interest, SIP, PPF, and NPS. It allows you to input key details like amount, tenure, and interest rate to project your earnings. This tool simplifies investment planning, helping you make informed decisions for your potential financial goals.
- Insurance Calculator: The Bajaj Finserv Markets Insurance Calculator helps you quickly estimate premiums for car, health, bike, and life insurance. By entering essential details, you can get accurate premium calculations customized to your coverage needs. This tool makes it easy to compare and select the best insurance plan for your budget and lifestyle.
- Other Calculators: Bajaj Finserv Markets offers additional calculators like BMI, GST, Gratuity, and Calories Calculator, allowing users to manage both their wealth and health in one place. These tools provide quick insights, from tracking taxes and retirement benefits to monitoring fitness and wellness. It’s a comprehensive platform for financial and personal health planning.
Conclusion:
In conclusion, the Bajaj Finserv Markets EMI Calculator App simplifies loan planning, investment tracking, and insurance premium calculations, making it a versatile tool for effective financial management. The app’s user-friendly interface offers precise EMI calculations, loan comparisons, and flexible scenario testing to suit individual borrowing needs. It goes beyond EMI calculations by offering investment and insurance calculators to estimate returns and premiums for various products like fixed deposits, SIP, PPF, NPS, and life and health insurance plans. Additionally, tools like the BMI, GST, Gratuity, and Calories Calculator support a holistic approach to both wealth and health management, providing a one-stop platform for comprehensive financial and wellness planning. Bajaj Finserv Markets doesn’t just help you calculate EMI, it helps you secure instant loans too with the Bajaj loan app.
Calculate with the EMI calculator app and avail loans, cards, insurance policies & invest with the Bajaj Finserv Markets App.
