What is Loan Repayment?
Loan repayment is the process of paying back the borrowed amount to the bank.
The payment happens via a series of scheduled payments, also known as EMIs, which cover both principal and interest.
These installments are the amount of funds that is repaid to the bank each month.
Basically, it’s made up of two parts, The principal money and the interest on the principal money, paid to the bank on a fixed date every month till the total funds due is paid up over the loan tenure.
Let’s discuss the Loan Repayment Calculator India.
Loan Repayment Calculator India
With colorful charts and instant results, our Calculator is simple to use, instinctual to understand, and is speedy to perform.
Enter the following details in the Loan Repayment Calculator.
- Existing Principal loan amount in rupees.
- Loan term (months).
- Rate of interest (percentage).
- Existing Loan amount – Stands for the total amount that has been borrowed the individual.
- Interest rate – Stands for the rate at which the interest is charged on the amount borrowed.
- Tenure – Stands for the agreed loan repayment time frame between the borrower and the lender.
A pie chart and line chart representing the break-up of total repayment (i.e., total principal vs. total interest payable) is also presented.
It shows the percentage of total interest vs principal amount in the sum total of all payments made against the loan.
The repayment schedule table displaying payments made each month for the entire loan period is displayed along with a chart.
it’s displaying interest and principal components paid every year.
Here’s the formula to calculate Repayment:
E is EMI
P is Existing Principal Amount
r is the rate of interest calculated on monthly basis.
n is the loan term.
The term of the loan is expressed as a number of months.
- 60 months = 5 years
- 120 months = 10 years
- 180 months = 15 years
- 240 months = 20 years
- 360 months = 30 years
Also Read Home Loan Transfer to SBI | Process | Interest Rates | Truth | Documents 2021