Want to know the exact calculations of your monthly installments? Don’t worry a home loan EMI calculator is here to help. This smart, time-saving and effective online tool works on a simple phenomena, wherein it takes into account:
- Loan Amount
- Tenure
- Interest Rate
Yes, these are the variables you need to feed into the device and soon after entering the same, this tool fetches the results for you in just a few seconds. This is the reason that this device has been widely used by many loan seekers as it gives a hassle-free experience.
Standard Chartered Bank Home Loan EMI Calculator
To have a better understanding of a home loan EMI Calculator, let’s just take the help of an example below.
Suppose, Akash Verma, a 32-year-old, SEO Manager by profession is looking for a home loan of ₹50 Lakh to buy a beautiful home in Mumbai. He has applied for the same loan amount and after evaluating his profile Standard Chartered Bank has agreed to offer him the loan at an interest rate of 8.51% per annum for a tenure of 25 years. But saying yes to the lender, he wants to be fully sure about his Standard Chartered Bank Home Loan EMIs,i.e. whether they are going to be pocket-friendly or not? Thus, to know the same, he used a home loan EMI Calculator. So, let’s just take a look at the table below to know the EMI and Interest Outgo.
Table Showing EMI, Interest Outgo, and Total Repayment Amount EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Loan Amount Interest Rate Tenure Monthly Instalment Total Interest Amount Total Amount ₹ 50,00,000 8.51% 1 ₹ 4,36,122 ₹ 2,33,465 ₹ 52,33,465 ₹ 50,00,000 8.51% 2 ₹ 2,27,301 ₹ 4,55,230 ₹ 54,55,230 ₹ 50,00,000 8.51% 3 ₹ 1,57,861 ₹ 6,82,991 ₹ 56,82,991 ₹ 50,00,000 8.51% 4 ₹ 1,23,265 ₹ 9,16,726 ₹ 59,16,726 ₹ 50,00,000 8.51% 5 ₹ 1,02,607 ₹ 11,56,405 ₹ 61,56,405 ₹ 50,00,000 8.51% 6 ₹ 88,917 ₹ 14,01,991 ₹ 64,01,991 ₹ 50,00,000 8.51% 7 ₹ 79,208 ₹ 16,53,436 ₹ 66,53,436 ₹ 50,00,000 8.51% 8 ₹ 71,986 ₹ 19,10,687 ₹ 69,10,687 ₹ 50,00,000 8.51% 9 ₹ 66,423 ₹ 21,73,681 ₹ 71,73,681 ₹ 50,00,000 8.51% 10 ₹ 62,020 ₹ 24,42,351 ₹ 74,42,351 ₹ 50,00,000 8.51% 11 ₹ 58,459 ₹ 27,16,619 ₹ 77,16,619 ₹ 50,00,000 8.51% 12 ₹ 55,531 ₹ 29,96,402 ₹ 79,96,402 ₹ 50,00,000 8.51% 13 ₹ 53,087 ₹ 32,81,613 ₹ 82,81,613 ₹ 50,00,000 8.51% 14 ₹ 51,025 ₹ 35,72,157 ₹ 85,72,157 ₹ 50,00,000 8.51% 15 ₹ 49,266 ₹ 38,67,932 ₹ 88,67,932 ₹ 50,00,000 8.51% 16 ₹ 47,754 ₹ 41,68,836 ₹ 91,68,836 ₹ 50,00,000 8.51% 17 ₹ 46,445 ₹ 44,74,757 ₹ 94,74,757 ₹ 50,00,000 8.51% 18 ₹ 45,304 ₹ 47,85,582 ₹ 97,85,582 ₹ 50,00,000 8.51% 19 ₹ 44,303 ₹ 51,01,195 ₹ 1,01,01,195 ₹ 50,00,000 8.51% 20 ₹ 43,423 ₹ 54,21,475 ₹ 1,04,21,475 ₹ 50,00,000 8.51% 21 ₹ 42,644 ₹ 57,46,299 ₹ 1,07,46,299 ₹ 50,00,000 8.51% 22 ₹ 41,953 ₹ 60,75,543 ₹ 1,10,75,543 ₹ 50,00,000 8.51% 23 ₹ 41,337 ₹ 64,09,079 ₹ 1,14,09,079 ₹ 50,00,000 8.51% 24 ₹ 40,787 ₹ 67,46,780 ₹ 1,17,46,780 ₹ 50,00,000 8.51% 25 ₹ 40,295 ₹ 70,88,516 ₹ 1,20,88,516
Year Principal Interest Balance Amount 1 ₹ 60,358 ₹ 4,23,182 ₹ 49,39,641 2 ₹ 65,700 ₹ 4,17,840 ₹ 48,73,940 3 ₹ 71,514 ₹ 4,12,026 ₹ 48,02,425 4 ₹ 77,844 ₹ 4,05,697 ₹ 47,24,581 5 ₹ 84,733 ₹ 3,98,808 ₹ 46,39,848 6 ₹ 92,231 ₹ 3,91,309 ₹ 45,47,616 7 ₹ 1,00,394 ₹ 3,83,146 ₹ 44,47,222 8 ₹ 1,09,279 ₹ 3,74,262 ₹ 43,37,943 9 ₹ 1,18,950 ₹ 3,64,590 ₹ 42,18,992 10 ₹ 1,29,477 ₹ 3,54,063 ₹ 40,89,515 11 ₹ 1,40,935 ₹ 3,42,605 ₹ 39,48,579 12 ₹ 1,53,408 ₹ 3,30,132 ₹ 37,95,171 13 ₹ 1,66,984 ₹ 3,16,556 ₹ 36,28,186 14 ₹ 1,81,762 ₹ 3,01,778 ₹ 34,46,423 15 ₹ 1,97,848 ₹ 2,85,692 ₹ 32,48,574 16 ₹ 2,15,358 ₹ 2,68,182 ₹ 30,33,216 17 ₹ 2,34,417 ₹ 2,49,123 ₹ 27,98,799 18 ₹ 2,55,162 ₹ 2,28,378 ₹ 25,43,636 19 ₹ 2,77,744 ₹ 2,05,796 ₹ 22,65,892 20 ₹ 3,02,324 ₹ 1,81,216 ₹ 19,63,567 21 ₹ 3,29,080 ₹ 1,54,461 ₹ 16,34,487 22 ₹ 3,58,203 ₹ 1,25,337 ₹ 12,76,284 23 ₹ 3,89,903 ₹ 93,637 ₹ 8,86,380 24 ₹ 4,24,410 ₹ 59,131 ₹ 4,61,970 25 ₹ 4,62,253 ₹ 21,571 ₹ 0
Standard Chartered Bank Home Loan EMI Calculation Formula
The calculator uses the below formula to calculate an EMI.
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]where,
EMI = Equated Monthly Installment
P = Principal Loan Amount
R = Monthly Interest Rate
N = Number of Monthly Installments