EMI Calculator 2018 124 views
Imagine an online tool that not only calculates your monthly installments but also helps you in taking the calculative decision. Well, we are talking about a magical device known as Bank of Maharashtra Home Loan EMI Calculator. That’s Right! This time-saving tool with its smart algorithms lets you know about your EMI and Interest Outgo in just a few seconds.
|Monthly Instalment (EMI)|
|Total Interest Amount|
|Total Amount (Principal + Interest)|
This effective tool after taking into consideration-Loan Amount, Tenure and Interest Rate fetches the exact values in just a few seconds. It is available online 24×7, hence can be used anytime from anywhere.
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Bank of Maharashtra Home Loan EMI Calculator
Let’s just know more about the same with the help of an example below:
Suppose, Ankit Gupta, a 35-year-old, Interior Decorator by profession is looking for a home loan of₹25 Lakh to construct a beautiful home in Chennai. He has applied for the same and the best thing is that BOM has agreed to offer him the loan at an interest rate of 8.65% per annum for a tenure of 30 years. But Ankit was bit confused as he wants to know whether his EMIs are going to be pocket-friendly or not. Thus, he used a home loan EMI Calculator for the same. So, let’s find out what would the EMI and Interest Outgo in Ankit’s case.
Table Showing EMI, Interest Outgo, and Total Repayment Amount EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Total Interest Amount
Table Showing EMI, Interest Outgo, and Total Repayment Amount
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Bank of Maharashtra Home Loan EMI Calculation Formula
The calculator uses the below formula to calculate an EMI.
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
EMI = Equated Monthly Installment
P = Principal Loan Amount
R = Monthly Interest Rate
N = Number of Monthly Installments