The article you linked to lists the following benefits of using an EMI calculator:
- Quick and easy way to compute loan EMIs. EMI calculators are a convenient way to calculate your monthly loan payments. You can simply enter the loan amount, interest rate, and term into the calculator, and it will instantly tell you how much your EMIs will be.
- Eliminates the need for manual calculations. Manually calculating EMIs can be time-consuming and error-prone. An EMI calculator can save you time and effort, and it will ensure that your calculations are accurate.
- Provides insight into the entire repayment process. An EMI calculator can show you how much interest you will pay over the life of the loan, as well as how much of your monthly payment goes towards principal and interest. This information can help you make informed decisions about whether or not to take out a loan, and how to choose the best loan terms for your needs.
- Helps compare offerings for affordability. EMI calculators can be used to compare different loan offers side-by-side. This can help you find the loan that offers the best combination of interest rate, term, and EMI amount.
In addition to the benefits listed in the article, I would also add the following:
- EMI calculators can help you budget for your loan payments. By knowing your monthly EMIs, you can factor them into your budget and make sure that you have enough money to cover them. This can help you avoid late payments and penalties.
- EMI calculators can help you track your loan repayment progress. Many EMI calculators offer amortization tables, which show you how much of your loan principal has been repaid over time. This information can help you stay on track with your repayments and see how close you are to being debt-free.
Overall, EMI calculators are a valuable tool that can help you make informed decisions about loans and manage your loan repayments. If you are considering taking out a loan, I encourage you to use an EMI calculator to get started.
