Calculate your home loan EMI according to your loan tenure with Loanbaba’s EMI Calculator. Our EMI calculator helps you get a clear picture of the amount you will be shelling out every month in instalments during your loan period. Once, as an applicant, your repayment terms are clear, you are empowered to take the plunge with the best lenders in the industry.
Essentially, an EMI Calculator is an online device where you can put in your
a) desired loan amount,
b) interest rate and
c) the intended period in which you wish to repay (also called loan tenure).
Once you enter these details, the calculator will present the EMI amount to be borne by you with respect to the aforementioned factors. You can put loan tenure in months or years according to the type of loan you are considering. Users have the liberty to adjust the loan amount and period to suit their capacities. The EMI calculator will oblige in finding your new EMI amount swiftly so as to give you a real idea of the monetary numbers. EMI calculators are accurate and help greatly in deciding the type of term loans suited specifically for different borrowers.
EMIs are Equated Monthly Instalments borne by the loan borrower to repay the principal amount along with an interest rate charge by the lender. Hence, it is safe to say that EMIs include a part of the principal amount and interest rate. It is advisable to increase the tenure of your loan to improve chances of loan eligibility. However, increasing the loan tenure also ends up increasing your interest outgo amount on a month-on-month basis over the years.
Amortization tables placed below the EMI calculator indicate the amount of loan paid in interest and principal separately. A smooth progression of your loan is clearly showcased on the amortization table where you can understand how much amount is owed to the lender at different stages of your tenure. You can set the month and year of loan and the table will show you details along the following parameters:-
Loanbaba’s EMI calculator will do everything on its own once you type the exact amount you want to borrow as loan, the loan period and lastly the rate of interest. Note that this is excluding the processing charges levied by lenders. A formula is used to derive the EMI amount on an EMI calculator and it goes like this:
E = P x r x (1+r)^n/((1+r)^n – 1)
Using this simple formula, EMI calculators give out exact figures of EMI. Different banks have different policies when it comes to processing fees. However the standard processing charge is 1% to 3% of the entire loan amount. Loanbaba is a website where you can avail, compare loans from different banks and make an informed decision. All these facilities from the comfort of your home! Loanbaba’s EMI calculator is easy to use where you can gain more clarity related to your EMI amounts with respect to the loan amount, tenure and rate of interest charged by the lender. Ensure that you utilize the facility before applying for a loan from any lending institution as there are more chances of you picking the right loan in that case.