Be it for a short-term personal loan, long-term home loan or any other form of credit, an EMI calculator plays a crucial role in planning your repayment. This handy digital tool gives you an estimate of your monthly repayment amount based on your loan terms.

Efficient planning can help you cut the cost in several ways, including lowering your interest amount. The Bajaj Markets: EMI Calculator App has loan-specific EMI calculators that you can use and plan your finances effortlessly.

Read on to learn 4 ways to use the Bajaj Markets: EMI Calculator App for smart financial planning.

#1 Estimate the Cost of Borrowing

Using an EMI calculator gives you an insight into how much interest you need to pay on the borrowed amount. You can adjust the loan amount, tenure and interest rate easily to try different figures to check the total cost of borrowing. On the Bajaj Markets: EMI Calculator App, you can also visualise the entire calculation in the form of a chart.

#2 Compare Interest Rates Across Lenders

In the current digital financial marketplace, lenders provide loans at competitive interest rates. By using the EMI calculator, you can decide which interest rate best suits your repayment capabilities.

Since the interest rate directly affects your EMI, it is ideal to opt for a lender providing the lowest rate as per your eligibility. Here is how your EMI will differ for variable interest rates if you borrow ₹40,000 for a tenure of 24 months.  [EW1]

Disclaimer: The rates and other details mentioned are for illustrative purposes. Actual values may vary.

#3 Plan Your Monthly Finances

It is important to understand that paying a higher EMI puts a bigger dent in your monthly finances. However, it can save you from increasing your interest outgo if you opt for a longer repayment timeline.

Thus, you can rely on an EMI calculator to try out the perfect combination that saves you the maximum while freeing up your budget for other necessities. This helps ensure that your monthly instalment fits well within your monthly budget.

#4 Choose a Comfortable Tenure

A shorter tenure can get you a lower interest rate, but you may have to pay a higher EMI. An EMI calculator helps you experiment with various tenure options, enabling you to make smart decisions.

The following table shows how EMI and total payable affect the tenure if you get a personal loan for ₹25,000 at an interest rate of 10.99% p.a.

Disclaimer: The rates and other details mentioned are for illustrative purposes. Actual values may vary.

Benefits of the Bajaj Markets EMI Calculator

Here are some pros of using the Bajaj Markets: EMI Calculator App:

•       This app is free to use and requires only a stable internet connection
•       There is no limit on how many times you can use the EMI calculator
•       You can avoid manual errors and save time
•       You can use these tools to make a well-informed and financially smart decision

The Bajaj Markets: EMI Calculator is free of cost and allows you to choose the best loan offer hassle free. Download the app from the App Store or the Google Play Store and start planning your loan today!