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How to calculate EMI on home loan?

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You can compute your home loan EMI using the EMI calculator online. It is an online device that estimates one’s loan installments using a mathematical formula. The loan calculator device calculates your home loan EMI using the formula [P x R x (1+R)^N]/[(1+R)^N-1]. You just need to insert the loan details inside the calculator to compute the EMI instantly. Details required for the EMI calculation are loan amount, interest rate and loan tenure.  Many banks and housing finance companies give access to the loan calculators to the customer for an easier loan calculation.

For instance, if you borrow a loan amount of INR 25 lakh at an interest rate of 15.6% for 25 years then the calculator will compute the loan EMI as [25×15.6x(1+15.6)^25]/[(1+15.6)^25-1]. The EMI for the given loan amount would be INR 32,021.

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Personal Loan Interest Rates September 2020
Fullerton India14.00% - 33.00%
HDFC Bank10.75% - 21.45%
ICICI Bank10.75% - 18.49%
IndusInd Bank11.25%
Kotak Bank10.99% - 20.99%
RBL17.50% - 24.00%
Standard Chartered Bank11.00% - 15.00%
Tata Capital10.99% - 18.00%
Home Loan Interest Rates September 2020
Axis Bank7.75% - 8.55%
Bank of Baroda7.00% - 8.40%
HDFC6.95% - 8.00%
ICICI Bank6.95% - 8.05%
Indiabulls Housing Finance Limited8.80% - 11.05%
Kotak Bank7.20% - 9.30%
LIC Housing6.90% - 7.90%
Piramal Capital & Housing Finance9.00% - 9.10%
PNB Housing Finance8.60% - 9.45%
Reliance Home Finance8.75% - 14.00%
State Bank of India/SBI6.95% - 7.60%
Tata Capital9.20% - 9.35%