Using a loan EMI calculator not only helps in being prepared for the future, it also is a guiding principle to decide suitability. Especially for home loans which continues up to 30 years, it is important that you calculate your EMIs in advance. Axis Bank gives you the option to choose the tenure as per your comfort so that you can repay the loan as per your capacity. In this article, we have focused on both – advantages of using a loan EMI calculator and example of showing the functioning of this tool.
Benefits of using Axis Bank Home Loan EMI Calculator
- Accurate results– One of the main advantages of using an EMI calculator is that it gives you accurate results, unlike manual calculation where the possibility to make mistakes is more.
- Time-Saving- As soon as you mention, the amount, the interest rate and the tenure you have been offered, you get the details of all the payments within few seconds.
- Flexible Adjustable- You will be surprised to know that you are free to use the calculator n number of times. Y
- Easy Comparisons- With the help of the calculator, you can compare all the offers available in the market and then choose the best one for yourself.
- More than EMI- The calculator gives the information more than the monthly installments like the total interest outgo and the total amount (principal+interest).
- Suits your Budget- When you check the installments in advance, you can see if you will be able to manage that particular amount without affecting your other financial liabilities.
How does Home Loan EMI Calculator work
A home loan EMI calculator is also popular with the name interest calculator. It is the tool that is used to calculate the monthly installments of the loan. Other than the accuracy, you get the total interest outgo and the total amount (principal+interest). This tool takes into account the following details:
- Loan amount
- Interest rate
For instance, if you are taking a home loan with the below details:
Loan amount- ₹20 lakhs
Interest rate- 8.50% p.a.
Tenure- 20 years
The payment details will be as follows:
Monthly EMI- ₹17,356
Total Interest Outgo- ₹21,65,552
Total Amount (Interest + Principal)- ₹41,65,552
Home Loan Eligibility Calculator
The home loan eligibility calculator helps the applicant know his/her loan eligibility. The eligibility calculator takes into account the following details:
- Type of employment
- Monthly salary
After you will fill up the above details, you will get the list of options that you are eligible for. You can check your eligibility with the help of the home loan eligibility calculator as per your convenience and profile in just a few seconds.
With the above details and example of EMI calculator and eligibility calculator, benefits of using Axis Bank Home Loan EMI Calculator and an example showing the results for a random value, it is expected that you will now be able to use it.