All About Mobile Phone Loan EMI Calculator

These days, the mobile phone is a must-have gadget for everyone. It has drastically changed how people stay connected to relatives, friends, and the world. From texting and calling to clicking photographs and browsing the internet, a smartphone lets you do everything on the go. However, the cost of good quality, feature-rich phones can be as high as Rs. 1 Lakh. 

Why pay the price upfront when you have a mobile phone loan to make the purchase? These days, NBFCs, including Hero FinCorp, provide small Personal Loans of up to Rs 3 Lakh you can use to purchase your favourite mobile phone. You can calculate the loan EMIs for mobile with an EMI calculator and conveniently adjust them in your monthly budget.   

What are Mobile Loans?

Mobile loans are popular credit products for purchasing a smartphone on EMIs. These unsecured Personal Loans offer substantial financial access at attractive interest rates and flexible repayment tenures. Since these loans have no end-use restrictions, you can use the loan amount to purchase any mobile phone or accessories as per your need.

You must meet the lender's eligibility criteria when obtaining such a loan. Even if your monthly income is Rs 15,000, you can purchase a mobile phone on EMIs with convenient repayment options. The interest rates are lower than credit cards, and the application process is 100% digital at Hero FinCorp.

What is a Mobile Loan EMI Calculator?

Since you have to repay the mobile loan within a pre-determined tenure, calculate your phone EMIs in advance. It is a free-to-use tool that helps reduce your financial stress and supports financial planning during the loan term. So before applying for a mobile loan, calculate your EMIs using a mobile phone EMI calculator and choose a loan term with budget-friendly EMIs.

How to Use a Mobile Loan Calculator for Calculating Your EMI?

As mentioned, before applying for a mobile phone loan, use an EMI calculator. It uses the following mathematical formula to calculate your EMIs:

EMI = [P x R x (1+R)^N]/[(1+R)^ (N-1)]

Here, P = Principal amount, R = Monthly rate of interest, and N = Loan repayment tenure in months. An EMI calculator for mobile phone loans shows your monthly installments as per entered values. Follow these steps to calculate your mobile loan EMIs with the EMI calculator:

• Visit the Hero FinCorp official website.
• Hover your mouse over the “EMI calculator” button on the top right corner.
• Enter the loan amount you want to borrow.
• Enter the interest rate.
• Enter the tenure in months.
• The tool will automatically calculate and display your EMI, interest amount, and total amount.

Based on the results, you can adjust your loan amount or repayment tenure to opt for a repayment plan with affordable EMIs.

Benefits of Using Mobile Loan EMI Calculator

Using an EMI calculator for a mobile phone loan offers the following advantages:

• Provides Accurate Results: Manually calculating the EMIs is an error-prone method. A Personal Loan EMI Calculator provides precise results automatically.
• Saves Time: Manual calculations also consume a lot of time. The online EMI calculator delivers instant results, saving valuable time, which you can use to make quick decisions.
• Allows Comparison: When applying for small Personal Loans, you might want to compare several offers from various lenders, each with unique tenures and interest rates. A mobile loan EMI calculator simplifies comparison, helping you select the best loan plan.
• Supports Effective Budgeting: Calculating your loan EMIs in advance can help you create a realistic budget. With a clear picture of your monthly commitments, you can plan your finances without overextending your budget.
• Ensures Informed Decision-Making: An EMI calculator for smartphones lets you make informed financial decisions regarding the loan amount, interest rate, and tenure, aligning with your financial goals.

Conclusion

If you plan to apply for a mobile phone loan, an EMI calculator on the Hero FinCorp website can help you make informed decisions regarding the loan amount and repayment tenure. By knowing your EMI amount in advance, you can plan your finances adequately and apply for a suitable loan plan. A Personal Loan from Hero FinCorp lets you purchase a mobile phone you desire on EMIs and repay conveniently over a tenure of up to 36 months.

Frequently Asked Questions

1. How is EMI calculated on the phone?

Use an online EMI calculator to enter your mobile loan amount, interest rate, and repayment tenure to calculate the monthly instalment amount. 

2. How does buying a phone on EMI work?

To buy a phone on EMI, you can borrow a Personal Loan from Hero FinCorp, use the loan amount to make the purchase and repay the borrowed amount in EMIs with interest.

3. How is EMI calculated on a loan?

The mathematical formula to calculate the instalments is EMI = [P x R x (1+R)^N]/[(1+R)^ (N-1)]. You can also use an online EMI calculator to calculate the EMIs automatically.

4. Is it safe to buy a phone on EMI?

Buying a phone on EMI is completely safe and beneficial. It distributes the phone's cost into easy instalments you can conveniently repay each month. 

5. Is it better to buy a phone on EMI or not?

Buying a phone on EMI is better, as it helps keep your savings intact and lets you repay the loan amount in easy installments.

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