- How to use the DCB Bank Home Loan EMI Calculator efficiently?
- Know about all the important details that you will need to have with you so that you can calculate the monthly installments!
DCB Bank is one of the finest private banks in India that provides seamless home loan facility to the customers at an affordable rate of interest. This affordable interest rate helps an applicant repay the loan comfortably via Equated Monthly Installments (EMI).
There is this most common question that individuals ask about what will be the EMI amount that they have to pay every month in order to repay the loan? If you are also one of those, you need not to worry about it as you can know the same using the DCB Bank Home Loan EMI Calculator. With the help of this amazing tool from DCB Bank, you can easily have an early estimate about the EMI amount. When you have a certain figure about the EMI amount in advance, you can manage your finances efficiently. We are providing all the details about the DCB Bank Home Loan EMI Calculator below, if you want to know more about it, keep reading!
|Monthly Instalment (EMI)|
|Total Interest Amount|
|Total Amount (Principal + Interest)|
DCB Bank Home Loan Interest Rates
One of the main reasons why DCB Bank Home Loan is so popular among individuals is the affordable interest rates. However, the rate of interest will depend on several factors and the final interest rate may vary from one individual to another. Check out the table below to know the interest rate as well as details of DCB Bank Home Loan.
|Interest Rate||As Applicable|
|Loan Amount||INR 10 Lakhs - INR 5 Crores (Upto 90% of the Market Value of the Property)|
|Tenure||20 - 30 Years|
|Processing Fee||Upto 2% of the loan amount, with a minimum of INR 5,000, plus applicable GST charges|
How to Use the DCB Bank Home Loan EMI Calculator?
Now that you know the details of DCB Bank, you will find it easy to calculate the EMI using the EMI calculator. The most important thing that you must know about this EMI calculator is that this tool can be used by anyone with absolute ease and in a hassle-free manner. An individual just has to submit a few details and the EMI amount will be in front of him/her within a second. Other than the EMI amount, you can also know about the Interest Outgo and the Total Amount payable on your loan (Principal + Interest).
All you will need is to enter a few details in the DCB Bank Home Loan EMI Calculator. These details are – Loan Amount, Rate of Interest and Tenure. We are mentioning all about them below. Have a look.
This is the first and foremost thing that you need to feed into the calculator. While applying for a loan, you must have a certain figure in your mind about it. With the help of DCB Bank Home Loan, you can opt for a loan amount as low as INR 10 lakh to as high as INR 5 crore. But you need to remember that DCB Bank only provides a loan amount upto 90% of the overall property value. So, for example, if your property’s overall value is INR 60 lakh, you cannot get more than INR 48 lakh as the loan amount. This will be the maximum loan amount. Keep this fact in mind while choosing the loan amount.
Rate of Interest
DCB Bank Home Loan Interest Rate is the most important factor in the calculation of the EMI as it directly affects your EMI amount. Higher the rate of interest will be, the higher will be your EMI amount. The interest rates for DCB Bank home loans tend to vary from one individual to another as it depends on several factors such as your age, employment type, property value, property location, CIBIL score, etc.
Tenure is the third and last thing that an individual has to fill in the calculator. It is the number of months that you require to pay the loan back. DCB Bank provides a maximum of 20 years to repay the loan amount in easy installments according to your convenience. It is important you choose the tenure according to your repayment capacity and most importantly, your monthly income.
As soon as you will feed all these details into the DCB Bank Home Loan EMI Calculator, the tool will give you the exact EMI amount. You will need to pay this EMI amount every month. Other than this, you will also get to see the interest outgo and total amount payable over the loan tenure. Also, you can see the Amortization Table through which you can know the details about your principal amount, interest amount, and outstanding loan balance at different points in your tenure. The tool can be used as many times as you want by feeding different values.
Let’s understand this through an example. Suppose an applicant wants to opt for a DCB Home Loan of INR 50 lakh for a period of 15 years at interest rate of 9.50% per annum.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
|Loan Amount||Interest Rate||Tenure||Monthly Instalment||Total Interest Amount||Total Amount|
|₹ 50,00,000||9.50%||1||₹ 4,38,418||₹ 2,61,011||₹ 52,61,011|
|₹ 50,00,000||9.50%||2||₹ 2,29,572||₹ 5,09,739||₹ 55,09,739|
|₹ 50,00,000||9.50%||3||₹ 1,60,165||₹ 7,65,931||₹ 57,65,931|
|₹ 50,00,000||9.50%||4||₹ 1,25,616||₹ 10,29,553||₹ 60,29,553|
|₹ 50,00,000||9.50%||5||₹ 1,05,009||₹ 13,00,558||₹ 63,00,558|
|₹ 50,00,000||9.50%||6||₹ 91,373||₹ 15,78,889||₹ 65,78,889|
|₹ 50,00,000||9.50%||7||₹ 81,720||₹ 18,64,472||₹ 68,64,472|
|₹ 50,00,000||9.50%||8||₹ 74,554||₹ 21,57,226||₹ 71,57,226|
|₹ 50,00,000||9.50%||9||₹ 69,047||₹ 24,57,055||₹ 74,57,055|
|₹ 50,00,000||9.50%||10||₹ 64,699||₹ 27,63,853||₹ 77,63,853|
|₹ 50,00,000||9.50%||11||₹ 61,193||₹ 30,77,506||₹ 80,77,506|
|₹ 50,00,000||9.50%||12||₹ 58,319||₹ 33,97,887||₹ 83,97,887|
|₹ 50,00,000||9.50%||13||₹ 55,929||₹ 37,24,863||₹ 87,24,863|
|₹ 50,00,000||9.50%||14||₹ 53,918||₹ 40,58,291||₹ 90,58,291|
|₹ 50,00,000||9.50%||15||₹ 52,211||₹ 43,98,022||₹ 93,98,022|
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
|1||₹ 1,58,310||₹ 4,68,225||₹ 48,41,689|
|2||₹ 1,74,022||₹ 4,52,513||₹ 46,67,667|
|3||₹ 1,91,293||₹ 4,35,242||₹ 44,76,374|
|4||₹ 2,10,278||₹ 4,16,256||₹ 42,66,095|
|5||₹ 2,31,148||₹ 3,95,386||₹ 40,34,947|
|6||₹ 2,54,089||₹ 3,72,446||₹ 37,80,858|
|7||₹ 2,79,307||₹ 3,47,228||₹ 35,01,551|
|8||₹ 3,07,027||₹ 3,19,507||₹ 31,94,523|
|9||₹ 3,37,499||₹ 2,89,035||₹ 28,57,024|
|10||₹ 3,70,995||₹ 2,55,540||₹ 24,86,028|
|11||₹ 4,07,815||₹ 2,18,719||₹ 20,78,213|
|12||₹ 4,48,290||₹ 1,78,244||₹ 16,29,922|
|13||₹ 4,92,782||₹ 1,33,753||₹ 11,37,140|
|14||₹ 5,41,689||₹ 84,845||₹ 5,95,451|
|15||₹ 5,95,861||₹ 31,084||₹ 0|
What is the Formula for EMI Calculation?
If you are curious about how the EMI Calculator works, you can look at the formula mentioned below. You can also calculate your EMI amount manually by putting the value into this formula.
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