EMI Calculator 20191142 views
Willing to buy a home loan but don’t know the exact amount of EMIs you need to pay to the lender? Well, if that is the case with you, all you need to know about a home loan EMI Calculator. That’s Right! Being a smart, time-saving and effective online tool, an EMI Calculator allows you to know the exact and accurate results related to your EMI, Interest Outgo and Total Amount Payable in the least time frame.
Loan Amount Interest Rate Tenure(Months) Monthly Instalment (EMI) Total Interest Amount Total Amount (Principal + Interest) Year Principal Interest Balance Amount
The device after taking into consideration:
- Loan Amount
- Tenure
- Interest Rate
Lets you know the exact calculations in the least time frame. When it comes to using the device for home loan calculations, it is absolutely easy to use the same and due to its online availability, you can use the same anytime.
Table of Contents
Central Bank of India Home Loan EMI Calculator
In order to have a better understanding of the same, let’s just take the help from an example below.
Suppose, Rajat Verma, a 28-year-old, PHP Developer by profession is looking for a home loan of₹30 Lakh. And, in order to avail the same loan amount, Rajat has applied in the Central Bank of India. After evaluating his profile, the lender has agreed to offer the said loan amount at an interest rate of 8.30% per annum for a tenure of 30 years. But before availing the loan, Rajat wants to be fully sure about the EMI and Interest Outgo. He wants to be fully sure, whether his monthly installments are going to be affordable or not. So, let’s just find out the same by looking at the table below.
Table Showing EMI, Interest Outgo, and Total Repayment Amount EMI, Total Interest Outgo, Total Repayment (Interest + Principal)Loan Amount Interest Rate Tenure Monthly Instalment Total Interest Amount Total Amount ₹ 30,00,000 8.30% 1 ₹ 2,61,382 ₹ 1,36,579 ₹ 31,36,579 ₹ 30,00,000 8.30% 2 ₹ 1,36,093 ₹ 2,66,225 ₹ 32,66,225 ₹ 30,00,000 8.30% 3 ₹ 94,425 ₹ 3,99,294 ₹ 33,99,294 ₹ 30,00,000 8.30% 4 ₹ 73,662 ₹ 5,35,774 ₹ 35,35,774 ₹ 30,00,000 8.30% 5 ₹ 61,261 ₹ 6,75,649 ₹ 36,75,649 ₹ 30,00,000 8.30% 6 ₹ 53,040 ₹ 8,18,898 ₹ 38,18,898 ₹ 30,00,000 8.30% 7 ₹ 47,208 ₹ 9,65,497 ₹ 39,65,497 ₹ 30,00,000 8.30% 8 ₹ 42,869 ₹ 11,15,414 ₹ 41,15,414 ₹ 30,00,000 8.30% 9 ₹ 39,524 ₹ 12,68,618 ₹ 42,68,618 ₹ 30,00,000 8.30% 10 ₹ 36,876 ₹ 14,25,069 ₹ 44,25,069 ₹ 30,00,000 8.30% 11 ₹ 34,733 ₹ 15,84,728 ₹ 45,84,728 ₹ 30,00,000 8.30% 12 ₹ 32,969 ₹ 17,47,548 ₹ 47,47,548 ₹ 30,00,000 8.30% 13 ₹ 31,497 ₹ 19,13,481 ₹ 49,13,481 ₹ 30,00,000 8.30% 14 ₹ 30,253 ₹ 20,82,476 ₹ 50,82,476 ₹ 30,00,000 8.30% 15 ₹ 29,192 ₹ 22,54,477 ₹ 52,54,477 ₹ 30,00,000 8.30% 16 ₹ 28,278 ₹ 24,29,428 ₹ 54,29,428 ₹ 30,00,000 8.30% 17 ₹ 27,487 ₹ 26,07,267 ₹ 56,07,267 ₹ 30,00,000 8.30% 18 ₹ 26,796 ₹ 27,87,934 ₹ 57,87,934 ₹ 30,00,000 8.30% 19 ₹ 26,190 ₹ 29,71,363 ₹ 59,71,363 ₹ 30,00,000 8.30% 20 ₹ 25,656 ₹ 31,57,488 ₹ 61,57,488 ₹ 30,00,000 8.30% 21 ₹ 25,183 ₹ 33,46,242 ₹ 63,46,242 ₹ 30,00,000 8.30% 22 ₹ 24,763 ₹ 35,37,555 ₹ 65,37,555 ₹ 30,00,000 8.30% 23 ₹ 24,389 ₹ 37,31,358 ₹ 67,31,358 ₹ 30,00,000 8.30% 24 ₹ 24,054 ₹ 39,27,579 ₹ 69,27,579 ₹ 30,00,000 8.30% 25 ₹ 23,754 ₹ 41,26,148 ₹ 71,26,148 ₹ 30,00,000 8.30% 26 ₹ 23,484 ₹ 43,26,991 ₹ 73,26,991 ₹ 30,00,000 8.30% 27 ₹ 23,241 ₹ 45,30,037 ₹ 75,30,037 ₹ 30,00,000 8.30% 28 ₹ 23,021 ₹ 47,35,214 ₹ 77,35,214 ₹ 30,00,000 8.30% 29 ₹ 22,823 ₹ 49,42,450 ₹ 79,42,450 ₹ 30,00,000 8.30% 30 ₹ 22,644 ₹ 51,51,673 ₹ 81,51,673 Year Principal Interest Balance Amount 1 ₹ 23,607 ₹ 2,48,115 ₹ 29,76,392 2 ₹ 25,642 ₹ 2,46,080 ₹ 29,50,750 3 ₹ 27,853 ₹ 2,43,868 ₹ 29,22,896 4 ₹ 30,255 ₹ 2,41,467 ₹ 28,92,640 5 ₹ 32,864 ₹ 2,38,858 ₹ 28,59,775 6 ₹ 35,698 ₹ 2,36,024 ₹ 28,24,076 7 ₹ 38,777 ₹ 2,32,945 ₹ 27,85,299 8 ₹ 42,121 ₹ 2,29,601 ₹ 27,43,178 9 ₹ 45,753 ₹ 2,25,969 ₹ 26,97,425 10 ₹ 49,698 ₹ 2,22,024 ₹ 26,47,726 11 ₹ 53,984 ₹ 2,17,738 ₹ 25,93,742 12 ₹ 58,639 ₹ 2,13,083 ₹ 25,35,103 13 ₹ 63,695 ₹ 2,08,027 ₹ 24,71,407 14 ₹ 69,188 ₹ 2,02,534 ₹ 24,02,219 15 ₹ 75,154 ₹ 1,96,568 ₹ 23,27,064 16 ₹ 81,635 ₹ 1,90,087 ₹ 22,45,429 17 ₹ 88,674 ₹ 1,83,048 ₹ 21,56,755 18 ₹ 96,321 ₹ 1,75,401 ₹ 20,60,433 19 ₹ 1,04,627 ₹ 1,67,095 ₹ 19,55,806 20 ₹ 1,13,649 ₹ 1,58,073 ₹ 18,42,157 21 ₹ 1,23,449 ₹ 1,48,273 ₹ 17,18,707 22 ₹ 1,34,094 ₹ 1,37,628 ₹ 15,84,613 23 ₹ 1,45,657 ₹ 1,26,065 ₹ 14,38,955 24 ₹ 1,58,218 ₹ 1,13,504 ₹ 12,80,736 25 ₹ 1,71,861 ₹ 99,861 ₹ 11,08,875 26 ₹ 1,86,681 ₹ 85,041 ₹ 9,22,194 27 ₹ 2,02,779 ₹ 68,943 ₹ 7,19,414 28 ₹ 2,20,265 ₹ 51,457 ₹ 4,99,149 29 ₹ 2,39,258 ₹ 32,464 ₹ 2,59,890 30 ₹ 2,60,046 ₹ 11,832 ₹ 0
Central Bank of India 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]
where,
EMI = Equated Monthly Installment
P = Principal Loan Amount
R = Monthly Interest Rate
N = Number of Monthly Installments