The various benefits of using an EMI Calculator.

The costs of properties have increased tremendously in recent years. Thus, there are a lot of people who find it difficult to buy a place of their own. But thanks to the home loans provided by banks and NBFCs (non-banking financial companies) people can make use of it and purchase their ‘dream house’. Other than that, people can also make use of these loans for home extension or to refurbish any of their existing property. One of the major benefits of the home loans provided by banks and NBFCs (non-banking financial companies) is that they charge lower interest rates when compared with traditional financiers and loan sharks. There are also a number of special discounts given on interest rates for women borrowers. They are offered home loans at 0.05% lower interest rates when compared with the interest rates of male borrowers. The financial institutions also offer an EMI Calculator to ease the repayment process.

There are a lot of benefits of making use of home loans. A few of them are here as follows:

1) The tenure time given for repayment of home loans is generally longer when compared with other types of loans. You can opt for a maximum repayment of 30 years, which is given by most of the banks and NBFCs (non-banking financial companies).

2) The repayment of these loans is done in the flexible form of EMIs (equated monthly installments); thus, you can easily plan and pay all of your future repayments. The banks and NBFCs (non-banking financial companies) have also started providing EMI Calculator on their online website. Thus, you can simply make use of it by having an online connection and a suitable electronic device (laptop, computer, tablet, etc.).

3) The financial institutions have also started offering transfer of balance option. Thus, people can make use of this feature and switch from one financial institution to another. This helps you to re-negotiate on the applicable interest rates.

But the best tool provided by financial institutions is indisputably an EMI Calculator. This calculator has got a number of benefits to making use of them.

A few of them are here as follows:

Free-of-cost: This calculator is free for your use. Meaning, you don’t have to pay any money to financial institutions for making use of them. There are a number of banks and NBFCs (non-banking financial companies) which have started providing this tool on their online website.

Easy to make use of: This calculator is extremely easy to make use of. Each and every person can use this calculator. You don’t have to be a technical wizard to make use of this tool. You only need a few details such as your principal amount, repayment tenure you wish to opt for, and you can get the desired results.

Multiple outcomes: The biggest benefit of making use of an EMI Calculator is that it gives out multiple results. Thus, you can get multiple variables by entering different principal amounts and tenure.

Thus, these are the following ways in which a calculator is useful. Hope this article will help you understand the various benefits of making use of an equated monthly installment calculator.