When i took Home Loan, one of the problems that i faced was to find a right EMI Calculator. The EMI Calculator available on the web are not compatible with Home Loans. There is no option to change Interest rate, EMI or add pre-payment amount during home loan tenure.
The EMI calculator can also be used to get a revised loan repayment schedule that includes business loan prepayment. simple interest Loan EMI Calculator. A simple interest loan EMI calculator can help you calculate the simple interest on a given loan amount for a specified loan tenure at the applied rate of interest. The tool is simple and easy.
What is the benefit of Home Loan Prepayment Calculator? The Auto Prepay calculator shows the increased EMI payment alongside the regular loan payment schedule so that you can compare both methods. The benefits of Auto Prepay are then clearly visible.
PREPAYMENT CALCULATOR. Your loan information. particulars (In Rs) Loan Current Balance. Interest Rate . Months Left to Pay Back . Current EMI. Click on one of the options below; Option A : I can afford to make larger payments each month.
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Remember, the interest rate and your loan tenure are the vital deciding factors for your loan EMI. To know how much will the EMI be on your home loan, use Axis Bank’s EMI calculator. Axis Bank’s Home loan EMI Calculator is an automatic tool that makes loan planning easier for you.
HDFC’s EMI calculators give a fair understanding about the ratio of the principal amount to the interest due, based on the effect of the tenure and interest rates. EMI calculator also provides an amortization table elucidating the repayment schedule. HDFC’s home loan calculator provides a complete break-up of the interest and principal amount.
Actual 360 Amortization Schedule Actual/360 vs. 30/360 Actual/360 – is the Excel default , in that the PMT formula automatically calulates payments using this method. 30/360 – is easy to accomidate, as the formula needs to be slightly adjusted to account for monthly compunding interest rather than yearly as it in the Actual/360. 30/360 Adjustment =PMT(rate/12,amortization period*12,loan amount)*12
Check out the Part Payment Calculator by the IDFC Bank, which helps you to find out how part payment will change your loan tenure & EMI.
Prepayment is early loan repayment. Simply put, it is an EMI installment payment before its due date and is usually a big amount. If you have a large sum of money, then you can give this amount to your lender, to repay part of your personal loan.This results in either a reduction in the EMI amount for the remaining tenor, or reduction in tenor with the same EMI amount.