How can Mahindra Finance EMI Calculator be Useful to you? Be it personal loans or home loans, EMI payment is a must for both of them. A lot of questions related to EMIs start bothering us when we are about to take a personal loan or home loan. How much EMI will I be paying every month? How long will I have to pay the EMIs? How much percentage of my salary will the EMI payment be? Only one thing can answer these questions - Mahindra Finance EMI Calculator. A calculator? I know that’s just some normal stuff. Trust me, you wouldn’t ever call it normal after doing such complex calculations by yourself. Mahindra Finance EMI Calculator gives you the Equated Monthly Installment (EMI) figure within milliseconds. All you have to do is enter just three details. You might be thinking whether the personal loan calculator or the home loan calculator are the same. They are absolutely the same and work on the same principle. Why Should you Use the Mahindra Finance Home Loan EMI Calculator? Easy to Use: Imagine doing a calculation based on this formula, EMI = [P x R x (1+R)^N]/[(1+R)^N-1], by yourself. It’ll be so complicated and will lead to errors. With the Mahindra Finance Home Loan EMI Calculator, it’s all easy. It works just like your normal calculator. This EMI calculator takes three factors into consideration to determine the EMI. These are - Loan Amount, Tenure of the Loan and Rate of Interest. All you have to do is just enter these three details and the EMI results will flash on your screen within milliseconds. Enables Planning: If you know the EMI value well-in-advance, at least you’ll be clear about how to plan your monthly expenses. Home loan is the costliest debt that a person takes. It takes away 30-40% of your disposable income every month as EMI payment. Knowing the EMI will help you do a better evaluation of your needs and wants. During repayment of loans, you should always give preference to needs over wants. Servicing the debt is of prime importance. Bargaining Power: When you’ve access to some kind of knowledge, don’t you feel powerful? Similarly, when you’ve clarity about the EMI calculation, it helps you negotiate better with banks & NBFCs. Knowing the EMI and other calculations makes you feel confident and you can bargain easily with lending institutions. Interest & Principal Ratio: Mahindra Finance Home Loan EMI Calculator also shows how the home loan progresses over time. How the ratio between the interest and
principal amount change over time. Initially, the interest paid is higher than the principal amount. And as the loan closes in towards maturity, the principal amount is higher and the interest decreases. How to Use the Mahindra Finance Home Loan EMI Calculator? Don’t worry, this is not like some other technology that will give you anxiety. Using the Mahindra Finance EMI Calculator is not some rocket science. Infact, there is no science involved. All you have to do is just fiddle around with three sliders. These three sliders is what constitutes the EMI - Interest Rate, Tenure and Loan Amount. Just move the slider or enter the loan amount you desire. Then, choose the interest rate you want from the bank. Lastly, enter the tenure you will be able to repay the loan. Hit enter, and the result will flash on your screen within milliseconds. You can use the Mahindra Finance home loan EMI calculator on the official website of Mahindra Finance. Alternatively, you can log on to the website of some financial technology companies and check your EMIs.