Without a doubt, debit card EMI is one of the best and the most reliable payment options there is right now. It’s fast, secure, easy to use, and above all, very affordable. That’s not all! There is so much more to debit card EMI than most people realise.
One mistake that most people make is underestimating debit card EMI simply because it comes at a low cost and is easy to get. They end up making too many large purchases forgetting that they still have to pay for what they buy, whether it comes at a cost or not
You know what happens when you borrow more than you can handle – delayed and defaulted payments.
When using a POS machine with an EMI option, always remember that Debit card EMI is a loan just like any other; treat it like so. Make sure you plan for it to avoid any unnecessary financial burdens. To achieve that, you need to use a debit card EMI calculator.
A debit card EMI is an online tool that allows you to calculate the exact monthly instalment on your loan.
- Benefits of Using a Debit Card EMI Calculator
If you are reading this article, you probably already know what a debit card EMI calculator is, but not sure why you need to use it. Below are some reasons
- Ease of Use
Usually, your service provider should have their own debit card EMI calculator so, all you have to do is visit their website to calculate your card swiping machine price. After that, fill in the relevant fields such as loan amount, transaction charges, loan tenure, and loan interest rate. The calculator will complete the rest of the process automatically and display the results. It’s that easy!
- Saves You Time and Energy
Without the debit card EMI, you would have to do your loan calculations manually. How much time will it take you to complete one single computation? What about the energy you use? Manual calculations can be draining; they take so much time and energy from you, and they are not even accurate. A debit card calculator is fast and precise. Your transactions complete the moment you click the button. It’s more like how you blink an eye.
- Effective Loan Management
Before you embark on any loan application process, there are certain things you need to know to avoid unnecessary wastage of your time and energy. What is the debit card EMI eligibility criterion? Do you qualify? If yes, what is the loan amount? What is the EMI amount, and are you comfortable with it? And if you do not qualify, what are the reasons?
It would help if you considered such factors to manage your loan effectively and avoid financial stress. Luckily you can do all that in just a few clicks using a debit card EMI calculator. It allows you to play with numbers and even compare different bank loan offers to find that specific deal that works best for you.
- Graphic Representations
Although the numerical information you get from a debit card EMI calculator is so important, it is not adequate on its own. That is why most of these calculators provide graphic representations (pictures and graphs) and additional loan data such as
- Principal outstanding
- Interest rate
- Time remaining, etc.
This information comes in handy to maximise your benefits using a POS machine with an EMI option.
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- Improved Credit Rating
With a debit card EMI calculator online, you can
- Calculate your EMI
- Choose a loan amount and repayment period you are comfortable with
- Find out your debit card EMI eligibility before you apply
- Compare offers and so much more
That ensures you remain in control of your card swiping machine price and can manage your finances to prevent delays and defaulted payments. When you pay your loans on time, your credit rating goes up!
And now you know why a debit card EMI calculator is so important.