What is an EMI?

Loan amount, tenure and interest rate are the three key parameters of a loan and these vary in case of different loan providers. EMI applicable to a loan varies according to all these three parameters. Therefore, before choosing a particular loan, it is very important to have an understanding of these three parameters and how do they relate to the loan EMI.

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Calculate Loan EMIs Online Using Loan EMI Calculator

There are different types of EMI calculators based upon the types of loan such as
1. Home loan
2. Personal loan
3. LAP
4. Transfer Home Loan
5. Transfer Personal Loan

How are Loan EMIs Calculated?

A sum of money borrowed from a financial institution or bank to purchase a Home. Home loans consist of only Floating Interest rate or fixed interest rate or fixed plus Floating Interest rate with Payment terms as per bank norms. You can avail home loans as per your requirement & needs. Loans mentioned below are as per segment and requirement.

Loan Amount 5 Year Loan 10 Year Loan 15 Year Loan 20 Year Loan
10 Lacs ₹ 19,683 ₹ 11,431 ₹ 8,794 ₹ 7,604
15 Lacs ₹ 20,925 ₹ 17,147 ₹ 13,191 ₹ 11,405
20 Lacs ₹ 39,367 ₹ 22,863 ₹ 17,587 ₹ 15,207
30 Lacs ₹ 59.050 ₹ 34.249 ₹ 26.381 ₹ 22.811

Rate Of Interest @7.75%.

Lender Interest Rate Processing Fee (Excluding GST)
SBI ₹ 1,640 7 years
HDFC Bank ₹ 2,149 5 years
Axis Bank ₹ 2,224 5 years
CitiBank ₹ 2,124 5 years
Indian Overseas Bank ₹ 2,164 5 years
Standard Chartered Bank ₹ 2,199 5 years
Kotak Mahindra ₹ 2,162 5 years
Union Bank of India ₹ 2,071 5 years

What is Transfer Home Loan

Loan against property or Mortgage Loan is a type of secured loan sanctioned against both commercial and residential properties owned by the borrower. The lender or the financial institution keeps this property as collateral till the loan is fully repaid.

Both salaried and non-salaried individuals are eligible for mortgage Loan The loan amount received under LAP can be used for various purposes like starting a business, buying a property, footing medical bills, meeting wedding-related expenses, paying education fees, etc. The loan to be repaid is distributed over a period in the form of Equated Monthly Instalment (EMI) so that repayment does not become a burden on the borrower.

What is Transfer Home Loan EMI?

An EMI is the fixed monthly amount, comprising the principal amount and the interest the borrower pays until the loan is fully repaid. Initially, a big portion of the EMI consists of the interest amount. An important factor that helps to decide the repayment amount is the interest Rates. The rate varies for different banks and NBFC.

Factors Affecting LAP EMI Calculation
EMI Calculators work on the basis of the following EMI Calculation Formula:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

In this formula,
EMI– Equated Monthly Instalment
P– Principal amount (amount borrowed as loan)
R– Applicable rate of interest (interest rate should be on a monthly basis)
N– Loan tenure or the number of EMIs to be paid (tenure should be in months)