Home Loan EMI Calculator1141 views
- Use EMI Calculator to know the repayment ahead
- EMI Calculator gives a clue of interest & principal repayments
Table of Contents
About Nainital Bank Home Loan EMI Calculator
Glancing at the EMI calculator is a prerequisite to planning a sound home loan repayment journey. Every lender, be it Nainital Bank, keeps the calculator on its website so that you can compute the indicative EMI and interest amount on a loan. Since the calculator shows a break-up of interest and principal amount for each year, it makes sense to glance at it to enjoy a solid home loan run with Nainital Bank.
What is EMI?
The EMI forms portions of both interest and principal repayments each month. So to calculate the same, you need to use Nainital Bank Home Loan EMI Calculator available online. All that the calculator needs to compute are loan amount, interest rate and tenure. The moment you enter all three in the calculator, the indicative installment amount and the total interest outgo would flash on the screen.
EMI Calculation Formula
Keen to test your mathematical acumen developed in your school days to compute the EMI through a formula? Then do that as the formula is written right below.
E = P x R x (1+R)^N/((1+R)^N – 1)
E = EMI
P = Principal Loan Amount
R = Rate of Interest
N = Monthly Loan Tenure
Well, there can be many wanting to read an example to understand the function of the EMI calculator, won’t they? They can thus take a look below.
Example – Ravi Sharma applies for a home loan worth ₹50 lakh at Nainital Bank for a 20-year tenure. The interest rate offered is 8.45% based on his eligibility. Now, what will be the EMI and interest liability in his case? Let’s find out now.
Loan Amount Interest Rate Tenure(Months) Monthly Instalment (EMI) Total Interest Amount Total Amount (Principal + Interest) Year Principal Interest Balance Amount