Loans are repaid through EMI or Equated Monthly Installment which is a set amount determined by the principal amount that is borrowed, the interest rate charged, as well as the repayment tenure chosen. The amount can be fixed or variable and will have to be paid by the borrower to the lender each month.
We understand that calculating the EMI amount might be confusing which is why the Money View Home Loan EMI calculator is designed to be extremely simple. All you will need to do is follow the steps given below -
Our personal loan interest rate calculator is tailored to be extremely user friendly. Follow the steps below to calculate your monthly EMI online and plan your finances effectively.
Enter the loan amount borrowed by using the slider to adjust
Enter the rate of interest that is imposed which can be adjusted by using the slider
Finally, enter the repayment period that is chosen in either years or months
That’s it! The EMI amount along with the repayment schedule will be displayed.
If quick and easy EMI calculation is what you’re looking for then the Money View EMI calculator is perfect. You will no longer have to worry about miscalculating the EMI amount or worry about the correct formula to use.
he formula for calculating EMI is as follows:
P x R x (1+R)N / [(1+R)^N-1]
Where P stands for the principal amount that is borrowed R represents the rate of interest imposed N is the tenure in number of months
For example, if Rs. 50,00,000 is the amount borrowed (P), 10% is the rate of interest imposed (R), and the 120 months is the tenure (n), the EMI to be paid using the above formula will be:
50,00,000 x 0.00833 x (1+0.00833)^120 / [(1+0.00833)^120-1] = Rs. 66,075
The rate of interest (R) is calculated monthly i.e. it is calculated as (Annual Rate of interest/12/100) in this case (10/12/100 = 0.00833)
Mudra Capital OnSpotFinecare in collaboration with India's Leading Banks and NBFCs offers you a range of Home Loans at attractive interest rates, flexible tenures, and easily affordable EMIs so that you can at last acquire a home that you envision without excessive debt burden.
Documents required for a Home Loan application are more or less the same, but may differ based on your Home Loan plan, the purpose of your loan, your individual credit profile, etc.
Identity Proof
Age Proof
Residence or Address Proof
Property Documents
