EMI means an equated monthly instalment, and it would be the repayment that the Slice Card credit card borrower needs to make with Slice. Slice gives you the opportunity of EMI towards the loan that you have borrowed through your EMI. This choice would also be inclusive of other charges and the interest rate. The Slice Credit Card EMI calculator would assist you with calculating the EMI and the interest incurred on your initial borrowing with three basic steps.
The Slice Credit Card EMI Calculator is a web-based calculator that uses a formula box to calculate the EMI on your credit card debt. It's a calculator that also tells you how much interest you'll have to pay on your loan. You only need to enter some basic information, and the calculator will provide you with the results in seconds. The calculator will eliminate the need for manual EMI or interest computations.
The Slice Credit Card Calculator can help you figure out how much you'll have to pay in EMIs for your credit card and help you make an informed decision. You can use the EMI calculator as an interest calculator to figure out how much interest you owe on your credit card. To obtain your results, you would only need to enter three easy points. The calculator may be used to compare interest rates and payback terms for your loan.
The Slice Credit Card Calculator will assist you in making informed decisions about how much you may borrow as well as improved month-to-month financial management. You'll also use the calculator to help you manage your debt better. Manual calculations and the inaccuracies that occur during the process of manual calculations will also be eliminated by the calculator. The calculator is also very easy to use and is absolutely free.
The Slice Credit Card Loan Calculator is easy to use and does not require any technical knowledge. To use the Slice Credit Card EMI Calculator, follow these three simple steps:
The Principal Amount: The initial loan amount that you borrow from your credit card is known as the principal amount. It is proportionate to the EMIs on a one-to-one basis. The monthly instalments will be lower if the principal is lower, and vice versa.
The Tenure: This is the amount of time you have to pay back your loan. The monthly instalments are inversely related to the length of the Tenure; the longer the Tenure, the smaller the monthly instalments, and vice versa.
The Interest Rate: This is the interest rate that the lender will charge you on your loan. It's also proportionate to the amount of money you owe on your EMIs.
You'll see your results when you've submitted these three basic data sets. The monthly EMI and the interest on your initial loan are the outcomes. You can play around with the interest rates and principal to evaluate different credit card borrowing possibilities.
The Calculate Slice Credit Card EMI is straightforward to calculate, and it is based on the formula listed below.
Let's have a look at the formula for calculating EMIs on your credit card.
E=[P×R×(1+R) n] ÷ [(1+R) n-1]
E = This is the Amount that you would have to pay each month - the EMI.
P = This is the principal amount that you borrowed.
R = This is the rate of interest.
N = This is the time of the loan in months.
You can understand this better with an example.
If Mr Gokul is planning on borrowing Rs. 90,000 from the Slice credit card this month, for a tenure of 6 months, and at the rate of 6% - what would be the EMI and interest on the loan? It is explained below.
E=[P×R×(1+R) n] ÷ [(1+R) n-1]
P = Rs. 90,000
R = 6%
N = 6 months
Based on this formula, the result would be:
EMI Amount = Rs. 15,264
Interest Amount = Rs. 1,582
So, on your borrowing of Rs. 90,000 you will be repaying Rs. 91,582.
Using the Slice Credit Card EMI Calculator has a number of advantages, some of which are shown below:
It is an online financial tool that lets you calculate the monthly EMI on your credit card bill.
No, it is completely free of cost, and you do not need to sign up to use it.
You will need to enter the principal amount, the Tenure, and the interest rate.
You can enter different interest rates and tenures to compare different combinations.
Yes, you will know the interest amount that you will pay with the Slice Credit Card EMI Calculator.