EMI Calculator 2018583 views
- Check OBC Home Loan EMI Calculator Now
- Compute installments entering loan amount, interest rate and loan tenure
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Oriental Bank of Commerce Home Loan EMI Calculator
Applied for a home loan at Oriental Bank of Commerce (OBC)? But don’t know the EMI and interest liability you would have over the loan tenure? The answer is hidden in Oriental Bank of Commerce Home Loan EMI Calculator, which is equipped with an algorithm to do so. The calculator is available online, making it easy for you to compute.
What is Home Loan EMI?
EMI, an abbreviated form of Equated Monthly Installment, is a sum of interest and principal amount payable every month till the expiry of the home loan tenure. So when you sit to compute the EMI using the calculator, all you need then is to enter the loan amount, interest rate and the tenure.
How to Calculate EMI Using a Formula?
Yes, the EMI can be calculated using a formula which is shown below.
E = P x R x (1+R)^N/((1+R)^N – 1),
Where E = EMI
P = Principal Loan Amount
R = Rate of Interest
N = Monthly Loan Tenure
It can be difficult for most to compute the EMI using the above. So, they can take the help of an example below to calculate the installment and the overall interest outgo.
Example – Sheetal Vidya has approached OBC for a 20-year home loan of ₹40 lakh. The bank, in turn, offers the loan at an interest rate of 8.45% per annum. What will be the EMI then? The below table will give an answer.
Loan Amount Interest Rate Tenure(Months) Monthly Instalment (EMI) Total Interest Amount Total Amount (Principal + Interest) Year Principal Interest Balance Amount