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What is the Slice Credit Card EMI Calculator?
A credit card is an effective and simple way to fund purchases or pay bills when you don't have enough liquidity or money in your account. A credit card issued by a financial organization lets you borrow up to a certain pre-approved limit to make cashless transactions. A Slice Credit Card is one such card. You can shop for luxury items, meet hospital expenses, buy flight tickets, or purchase everyday essentials with credit cards. Slice may also provide personal loans based on credit cards if you meet their eligibility criteria.
Before getting a credit card loan from Slice, it is important to determine whether the monthly repayments would be affordable. You can use the Slice credit card EMI calculator on the Angel One website to compute the EMI beforehand and check whether it makes financial sense to you in the longer term. Simply enter the key variables in this calculator, and it will display your EMI, the total interest you will incur and the total repayment amount. You can use this free online Slice credit card EMI calculator on the Angel One platform to compare EMIs against different loan amounts. This will help you zero in on the right amount for you.
Using the Slice credit card EMI calculator, you can clearly understand the monthly repayments and budget better.
How Does the Slice Credit Card EMI Calculator Work?
To estimate the EMI, this calculator uses three major variables: the loan amount, loan duration, and interest rate.
By entering these values, the Slice credit card EMI calculator swiftly computes the EMI you must pay each month and enables you to make informed decisions about your credit card loan. The calculator also computes and displays the total interest amount you will incur along with the total amount to be repaid by the end of the tenure.
What is the Slice Credit Card EMI Calculator Formula?
The Slice credit card EMI calculator formula considers these three factors – the amount of loan, duration of loan, and interest rate.
Given below is the Slice credit card EMI calculator formula:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
P = Principal or loan amount
N = Duration or tenure
R = Rate of interest charged
How to Use the Online Slice Credit Card EMI Calculator?
It is easy to use the online Slice credit card EMI calculator by following the steps below:
- Visit the Angel One website and navigate to the Slice credit card EMI calculator
- Input the amount of loan you have in mind
- Select the rate of interest
- Input the duration or tenure of the loan
The Slice credit card EMI calculator will instantly show you the EMI you have to pay as well as the interest amount and the total repayment amount of the loan.
The following example will clarify the concept further. Say, you want to borrow Rs. 1,00,000 at an interest rate of 6% for 4 years. You need to follow these steps on the online Slice credit card EMI calculator to compute the monthly instalment, total interest, and total amount you need to repay:
- Enter Rs. 1,00,000 in the box designated for a loan amount
- Choose 6% as the interest rate
- Select 4 years as the loan duration
The calculator will display Rs. 2,349 as EMI, Rs. 12,728 as total interest, and Rs. 1,12,728 as the total repayment amount.
Benefits of Using the Slice Credit Card EMI Calculator
Using a credit card EMI calculator can help you in the following ways:
- Provides accurate results: It can be difficult to use the Slice credit card EMI calculator formula manually. You might get incorrect results. The online calculator is more accurate and precise, giving you data on your EMIs.
- Simple and free: You will find this online slice credit card EMI calculator for free on Angel One website. It is easy to use, requires no technical knowledge, and saves time.
- Eases financial planning: Using the Slice credit card EMI calculator is a simple way to decide on the loan amount or the EMI you can pay without upsetting your monthly budget. It will help you repay the credit card debt fast while meeting other expenses and making necessary investments.
- Simplifies decision-making: You can compare the EMI and total interest amount to pay in multiple scenarios by entering different values for the loan amount, tenure, and interest rate, in the calculator. This way, you can pick the most suitable terms and avail a credit amount that you can pay off comfortably.
The Slice credit card EMI calculator is an online tool where you enter key variables to compute the EMI, total interest amount, and repayment amount on your credit card loan. The calculator gives accurate results in seconds.
First, check the Angel One website for the Slice credit card EMI calculator page. Then you need to enter the loan amount, duration, and interest rate into the calculator. It will immediately display the EMI and the total amount for repayment.
The slice credit card EMI calculator is available for free on the Angel One website, and you don’t need to pay anything, irrespective of the number of times you use it.
The online Slice credit card EMI calculator uses this mathematical formula: EMI = [P x R x (1+R)^N]/[(1+R)^N-1]. Here, P is the amount of loan you take, R is the interest rate charged by Slice, and N is the loan duration in terms of months.
The final EMI on your credit card will include GST. However, the online calculator doesn’t include it. The result from the online Slice credit card EMI calculator is only an estimate, and you will have to pay GST over it.
Slice offers a unique credit card that allows you to repay all purchases in 3 EMIs interest-free. Repaying your Slice credit card debt in a maximum of 3 installments or EMIs is a good idea as you won’t need to bear any interest. However, it is best to borrow only what you can afford to pay back comfortably and in time.