Calculate EMI, Affordability & Tenure
Formula for Home Loan EMI Calculation:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
E: Equivalent Monthly Installment,
P: Principal or total loan amount,
r: Interest rate per month (the annual interest rate is divided by 12 to get the monthly interest rate), and
n: Number of monthly instalments or loan tenure in months.
*This formula excludes the home loan processing fee charged by the bank.
Loan Amount Calculator / Loan Affordability Calculator
If you are planning to purchase your dream home or car, you must be wondering how much money you can afford to repay without overburdening yourself. It depends on how much EMI (i.e., monthly payment) you can pay and for how long. If you have an idea about how much EMI you can pay every month, then it will be easier for you to know how much you can afford. Enter the amount of EMI that you can pay every month, the interest rate charged by your bank and the preferred tenure, the loan amount calculator will tell you how much you can afford to borrow. Read more about factors that influence the amount you can borrow.
Loan Tenure Calculator
If you are planning to refinance your loan at a lower rate, you have the option to either reduce your EMI or loan tenure. In case you choose the latter option, you can quickly estimate how much time is required to repay your refinanced loan.
If you are planning to make a partial pre-payment on an existing loan, you can determine the remaining tenure on the outstanding principal amount using this calculator.