EMI Calculator 2018356 views
- Check EMI Calculator to Compute Installments
- EMI Calculator - Draws Picture of Your Repayment Future
Table of Contents
About Karur Vysya Bank Home Loan EMI Calculator
One of the most important due diligence you need to do is to check the expected EMI on your home loan. Since the loan runs long, it makes sense to get an idea of the EMI in advance so as to make the necessary adjustments in your daily budget to repay comfortably. Say thanks to digitization that you can find EMI calculator online to compute the installments on a loan.
What is EMI?
- Loan Amount
- Interest Rate
- Loan Tenure
And if you believe, the EMI calculator is just for ascertaining the installments, you are in a myth. It goes beyond to compute the amount of interest a borrower would end up paying to Karur Vysya Bank.
EMI Calculation Formula
If you are good in mathematics, you can use the below formula to compute the EMI.
E = P . R . (1+R)^N/((1+R)^N – 1),
Where E = EMI
P = Principal Loan Amount
R = Interest Rate
N = Monthly Loan Tenure
However, an example would give a fair idea regarding the payout of EMI and interest on Karur Vysya Bank Home Loan.
Example – Ravi Chopra, a mid-level executive at a packaging firm in New Delhi, applied for a home loan of ₹35 lakh at Karur Vysya Bank. The bank, based on his eligibility, sanctioned him a loan at 9.90% interest rate for a period of 20 years. So what’s his EMI and interest outgo are going to be? Let’s find out.
Loan Amount Interest Rate Tenure(Months) Monthly Instalment (EMI) Total Interest Amount Total Amount (Principal + Interest) Year Principal Interest Balance Amount