Calculating EMI with Mathematical Formula: EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
- P stands for Loan Amount
- R stands for Interest rate per month [(if the interest rate per annum is 11%, then the rate of interest will be 11/(12 x 100)]
- N stands for total number of Monthly Instalments
You can simply click here to calculate EMI on your Home Loan
EMIs, or Equated Monthly Instalments consists of Principal amount of the Home Loan with Interest rate applicable on that loan’s outstanding amount. Borrowers need to evaluate their long-term & short-term financial goals before finalizing their Home Loan deal. Bankers charge high EMIs for short loan tenures and low EMIs on long loan tenures. Borrowers can use the EMI Calculator and Home Loan Eligibility before shortlisting and finalizing property and Home Loan lender.
LoanCounsellor.com allows the borrowers to get the best deals on your home loan with the best interest rates in Mumbai. Loan Counsellors are well-known for educating their customers to select proper loan tenure and loan amount for their home loan with the use of EMI Calculator.
Why to use EMI Calculator on LoanCounsellor.com?
- Helps you in selecting appropriate Loan tenure for your Home Loan in Mumbai.
- It is quick, swift and interactive. It helps you understand Total Interest component applicable on your Home Loan.
- It is very simple and easy for anyone and everyone to use EMI Calculator on LoanCounsellor.com. You don’t need to be a financial expert to use and evaluate the EMI calculator’s results on LoanCounsellor.com
- Yes, EMI Calculator on LoanCounsellor.com is 100% free.
- Graphic Representation provided by EMI calculators helps one to understand EMI components in a much better manner.
Loan Counsellors provides their customers with the Amortization Chart, which is the most important information derived from the EMI Calculator. It helps in understanding the progress of the Home Loan over time. Amortization Chart provides detailed analysis of the repayment structure of the total interest component and principal amount applicable for the specific rate of interest, Home Loan amount & loan tenure.