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What is a Home Loan EMI Calculator and How to Use it?

Calculating EMIs using this formula, however, might prove to be a tedious task. This is exactly where a home loan EMI calculator comes in handy, as it processes the entire calculation in a few simple steps.

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What is a Home Loan EMI Calculator and How to Use it?

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  1. What is a Home Loan EMI Calculator and How to Use it?

  2. About Home Loan EMI Calculator A house EMI calculator is an easy-to-use tool that allows a potential borrower to calculate home loan EMIs easily in an instant. This, in turn, helps the borrower to make an informed decision regarding the home loan amount to be availed. ‹#›

  3. Home Loan EMI Calculator Formula: EMI= [P x R x (1+R) ^N]/ [(1+R) ^N-1] Here, P is the principal amount, or the loan amount borrowed, R denotes the home loan interest rate applicable on a monthly basis, N represents the number of monthly instalments. Calculating EMIs using this formula, however, might prove to be a tedious task. This is exactly where a home loan EMI calculator comes in handy, as it processes the entire calculation in a few simple steps. ‹#›

  4. How to check EMIs Using a Home Loan Calculator? The steps to use a house loan calculator in India are as follows - • Step 1: Enter the home loan amount to be borrowed. • Step 2: Fill in the rate of interest applicable. • Step 3: Provide the loan tenor over which the loan would be repaid. ‹#›

  5. Benefits of Using a Home Loan EMI Calculator The several benefits of using a housing loan EMI calculator are as follows - • Accurately and instantly displays the payable EMIs. • It is an online tool that can be accessed from anywhere. • Allows a borrower to select the ideal loan tenor. • Helps a borrower to make an informed decision on the loan amount. • Offers assistance regarding repayment planning. • Loan comparing becomes easier. ‹#›

  6. Any Question? You can visit Bajaj Finserv official website Website:-https://www.bajajfinserv.in/home-loan-emi-calculator ‹#›

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