₹35,005
17.00% interest rate per annum
Total Interest
₹10,033
Total Amount
₹2,10,033
Loan Amount: ₹200,000
Total Interest: ₹10,033
At finance vaastu, get Mortgage loans up to Rs. 10 lakh to purchase two-wheelers, both new and used. Here’s how you can get one easily -
Sign up using your mobile number
Enter necessary information and check your eligibility
Upload the necessary documents
Select the loan amount and tenure
Get the loan disbursed within a few hours!
If you want to know the formula for calculating an EMI, then you can check it below-
E = P x R x (1+R)^N
————————
[(1+R)^N-1]
P - the principal amount that is borrowed
R - the rate of interest imposed
N - tenure in the number of months
Let’s say Ms. Priya has borrowed a sum of Rs. 80 Lakhs (P) with a 9% rate of interest (R), and she has chosen a repayment tenure of 240 months (N). She can calculate her EMI using the following formula:
80,00,000 x 0.0075 x (1+0.0075)^240 / [(1+0.0075)^240-1] = Rs. 70,309
Please note that the interest rate is calculated monthly by using the formula given below:
Annual Rate of Interest/12*100
So, to calculate it for this case, it will be (9/12*100 = 0.00875)
This formula is not specific to a Mortgage loan calculator and can be used to calculate EMIs for all types of loans.
A higher credit score typically results in a lower interest rate. Lenders view borrowers with good credit histories as lower risks, which can lead to more favorable loan terms, ultimately reducing your EMI.
Your location can impact the interest rates offered by lenders. Urban areas may have different lending policies compared to rural regions, which can affect the overall loan cost and EMI.
Different types of loans may come with varying interest rates and terms. For example, a secured loan (backed by collateral) may offer lower interest rates compared to an unsecured loan, affecting the EMI amount.
The size of your down payment can significantly influence your loan amount and EMI. A larger down payment reduces the principal amount borrowed, leading to lower EMIs. Conversely, a smaller down payment may result in higher EMIs.
The total amount borrowed directly affects the EMI. A higher loan amount will lead to a higher EMI, while a smaller loan will result in a lower EMI. It's essential to choose a loan amount that aligns with your financial capacity.
The duration over which you choose to repay the loan affects the EMI. A longer repayment tenure will result in lower EMIs but may increase the total interest paid over the loan term. Conversely, a shorter tenure will lead to higher EMIs but lower overall interest costs.
Explore our wide range of financial services, from CIBIL score improvement to personalized loan options. Simply fill out the form, and we’ll connect you with the best solutions for your needs—whether it’s enhancing your credit or finding the perfect loan.
