Andhra Bank Home Loan EMI Calculator: A Magical Device with Impeccable Features

How about using an online tool that lets you know the exact and accurate calculations of your monthly installments? Well, this online tool not only lets you know the EMI values but also there to help you in taking a calculative decision ahead. That is why, this device has been in demand and is widely used by many loan borrowers. However, one thing that needs to be mentioned here is the fact that a home loan EMI calculator online is one such amazing tool that is having the well-designed algorithms, which allows you to know the exact credentials in the least time frame. Without giving a second thought, let’s just come to the point straight by letting you know about the things which make this device truly unique.

Read below to have a better understanding of the device:

In order to use this device effectively, you simply need to feed a few credentials into the device:

• Loan Amount
• Tenure
• Interest Rate

Soon after feeding these credentials into the device, it starts functioning and fetches the accurate values for you in the least time frame. One of the best things about using this tool is the fact that it results and helps you to plan your future expenses smartly.

Let’s know more about its functioning below:

Suppose, Akash Gulati, a 26- year-old, Software Developer by profession is looking for a home loan of Rs.20 lakh. After sending her loan application to get the same amount, the lender got agreed to offer him the loan at an interest rate of 8.50% per annum for a tenure of 20 years. But before going for the loan, Akash wants to know whether his monthly installments are going to be pocket-friendly or not.

Thus, in order to know more about the same, he used the Andhra Bank home loan EMI calculator online that lets him in knowing whether his EMIs are going to be affordable or not.

So, after using the device, the calculations of his monthly installments and Interest Outgo came out to be: ₹17,356 and ₹21,65,552 respectively.

Now just imagine the scenario, what would be the case, if this calculator wasn’t there. Well, you won’t be able to know the exact values of your monthly installments, which can further allow you to take a smart decision.

So, it would not be wrong to say that this online device with its wide presence is here to make your home loan journey memorable, allowing you to take a smart financial step.

For your better understanding, let’s just tell you about the EMI calculation formula which this device uses:

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

The device makes things easier and simpler for you by letting not to involve in this complex formula. Yes, you surely don’t need to use this formula so as to know the exact values.

Hope, this article was worth reading for you!