Wanna know what would be your EMI, if you are going to avail Allahabad Bank Home Loan? If yes, all you need to know about Allahabad Bank Home Loan EMI Calculator. Yes, this magical tool with its smartest algorithms allows you to know the exact calculations of you monthly installments, interest outgo and total amount payable in a hassle-free manner. The device takes into consideration:
- Loan Amount
- Tenure
- Interest Rate
After feeding these values, the device starts calculating the monthly installments and gives you the results in a hassle-free manner. Just put the values straight into the tool and it will give you the results in the best way.
Allahabad Bank Home Loan EMI Calculator
For better understanding of the same, simply need to read the page below.
Suppose, Rakhi Aggarwal, a 32-year-old, Interior Designer by profession is looking for a home loan of INR 20 Lakh to buy a beautiful home in New Delhi. The bank has agreed to offer her the loan at an interest rate of 8.30% for a tenure of 20 years. But availing the loan, Rakhi wants to know the exact amount of monthly installments she needs to pay each month in order to repay her loan. So, without much ado, let’s find out the EMI and Interest calculations in Rakhi’s case.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
| Loan Amount | Interest Rate | Tenure | Monthly Instalment | Total Interest Amount | Total Amount |
|---|---|---|---|---|---|
| ₹ 20,00,000 | 8.30% | 1 | ₹ 1,74,254 | ₹ 91,053 | ₹ 20,91,053 |
| ₹ 20,00,000 | 8.30% | 2 | ₹ 90,728 | ₹ 1,77,483 | ₹ 21,77,483 |
| ₹ 20,00,000 | 8.30% | 3 | ₹ 62,950 | ₹ 2,66,196 | ₹ 22,66,196 |
| ₹ 20,00,000 | 8.30% | 4 | ₹ 49,108 | ₹ 3,57,183 | ₹ 23,57,183 |
| ₹ 20,00,000 | 8.30% | 5 | ₹ 40,841 | ₹ 4,50,433 | ₹ 24,50,433 |
| ₹ 20,00,000 | 8.30% | 6 | ₹ 35,360 | ₹ 5,45,932 | ₹ 25,45,932 |
| ₹ 20,00,000 | 8.30% | 7 | ₹ 31,472 | ₹ 6,43,664 | ₹ 26,43,664 |
| ₹ 20,00,000 | 8.30% | 8 | ₹ 28,579 | ₹ 7,43,610 | ₹ 27,43,610 |
| ₹ 20,00,000 | 8.30% | 9 | ₹ 26,349 | ₹ 8,45,745 | ₹ 28,45,745 |
| ₹ 20,00,000 | 8.30% | 10 | ₹ 24,584 | ₹ 9,50,046 | ₹ 29,50,046 |
| ₹ 20,00,000 | 8.30% | 11 | ₹ 23,155 | ₹ 10,56,485 | ₹ 30,56,485 |
| ₹ 20,00,000 | 8.30% | 12 | ₹ 21,979 | ₹ 11,65,032 | ₹ 31,65,032 |
| ₹ 20,00,000 | 8.30% | 13 | ₹ 20,998 | ₹ 12,75,654 | ₹ 32,75,654 |
| ₹ 20,00,000 | 8.30% | 14 | ₹ 20,169 | ₹ 13,88,317 | ₹ 33,88,317 |
| ₹ 20,00,000 | 8.30% | 15 | ₹ 19,461 | ₹ 15,02,985 | ₹ 35,02,985 |
| ₹ 20,00,000 | 8.30% | 16 | ₹ 18,852 | ₹ 16,19,619 | ₹ 36,19,619 |
| ₹ 20,00,000 | 8.30% | 17 | ₹ 18,324 | ₹ 17,38,178 | ₹ 37,38,178 |
| ₹ 20,00,000 | 8.30% | 18 | ₹ 17,864 | ₹ 18,58,623 | ₹ 38,58,623 |
| ₹ 20,00,000 | 8.30% | 19 | ₹ 17,460 | ₹ 19,80,909 | ₹ 39,80,909 |
| ₹ 20,00,000 | 8.30% | 20 | ₹ 17,104 | ₹ 21,04,992 | ₹ 41,04,992 |
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| Year | Principal | Interest | Balance Amount |
|---|---|---|---|
| 1 | ₹ 40,777 | ₹ 1,64,472 | ₹ 19,59,222 |
| 2 | ₹ 44,294 | ₹ 1,60,956 | ₹ 19,14,928 |
| 3 | ₹ 48,113 | ₹ 1,57,136 | ₹ 18,66,814 |
| 4 | ₹ 52,262 | ₹ 1,52,987 | ₹ 18,14,552 |
| 5 | ₹ 56,769 | ₹ 1,48,480 | ₹ 17,57,783 |
| 6 | ₹ 61,664 | ₹ 1,43,585 | ₹ 16,96,118 |
| 7 | ₹ 66,981 | ₹ 1,38,268 | ₹ 16,29,136 |
| 8 | ₹ 72,757 | ₹ 1,32,492 | ₹ 15,56,379 |
| 9 | ₹ 79,031 | ₹ 1,26,218 | ₹ 14,77,347 |
| 10 | ₹ 85,846 | ₹ 1,19,403 | ₹ 13,91,500 |
| 11 | ₹ 93,249 | ₹ 1,12,000 | ₹ 12,98,251 |
| 12 | ₹ 1,01,290 | ₹ 1,03,959 | ₹ 11,96,960 |
| 13 | ₹ 1,10,024 | ₹ 95,225 | ₹ 10,86,936 |
| 14 | ₹ 1,19,512 | ₹ 85,737 | ₹ 9,67,423 |
| 15 | ₹ 1,29,818 | ₹ 75,431 | ₹ 8,37,605 |
| 16 | ₹ 1,41,012 | ₹ 64,237 | ₹ 6,96,592 |
| 17 | ₹ 1,53,172 | ₹ 52,077 | ₹ 5,43,420 |
| 18 | ₹ 1,66,380 | ₹ 38,869 | ₹ 3,77,039 |
| 19 | ₹ 1,80,727 | ₹ 24,522 | ₹ 1,96,312 |
| 20 | ₹ 1,96,429 | ₹ 8937 | ₹ 0 |
Allahabad Bank Home Loan EMI Calculation Formula
In order to calculate an EMI, the calculator uses the below formula:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
where,
EMI = Equated Monthly Installment
P = Principal Loan Amount
R = Monthly Interest Rate
N = Number of Monthly Installments