Thursday, March 10, 2011

Axis bank EMI calculator

An equated monthly
installment (EMI) is the fixed
monthly payment made by a
borrower to the lender each
calendar month. The amount
of the EMI depends upon the
loan amount, interest rate
charged for the loan and the
duration in which the loan is
to be repaid. The EMI is made
up of two parts, the principal
amount and the interest on
the principal amount divided
across each month in the loan
tenure. The EMI is always paid
up to the lender on a fixed
date each month until the
loan is paid off in full at the
end of the tenure. The benefit
of an EMI for borrowers is that
they know precisely how much
money they will need to pay
toward their loan each month,
making the personal budgeting
process easier.
Amortization Tables and Why
They Are Useful
Now, you might assume that
the EMI is applied in equal
parts towards the principal
and the interest every month,
however this not the case.
During the initial years the
interest component repaid is
higher and during the latter
years of repayment the
principal component is higher.
While a portion of every
payment is applied towards
both the interest and the
principal balance of the loan,
the exact amount applied to
principal each time varies (with
the remainder going to
interest). An amortization
schedule reveals the amount
applied towards interest, as
well as the amount paid
towards the principal balance,
with each payment. Initially, a
large portion of each payment
is devoted to interest. As the
loan matures, larger portions
go towards paying down the
principal. In addition to
breaking down each payment
into interest and principal
portions, an amortization
schedule also reveals the
remaining principal balance on
each payment date.
Articles you may find useful:
EMI explained
EMI is an oft repeated term
that is associated with any loan
taken. Let us understand how
EMI works and what are the
different aspects associated
with EMI. The EMI facility helps
the borrower plan his budget.
The EMI is calculated taking
into account the loan amount,
the time frame for repaying
the loan and the interest rate
on the borrowed sum. read
more
Taking a home loan? Beware
of these facts
Sameer Tiwari, a Pune based
mechanical engineer, thought
he had made a "prudent
decision" by opting for a fixed
rate EMI when he took his
home loan five years ago from
a reputed national bank.
Three years after the date of
disbursement, Sameer received
a letter, which said it was time
for renewal of his loan and
that the interest on his fixed
home loan had been increased
by 0.5 per cent. Though this
did not mean a change in the
actual EMI he paid, this would
however reflect first on his
loan tenure, which would be
increased to accommodate the
interest change. On checking
with the bank, he learned that
there was a clause in the
agreement that said the fixed
rate was only for a period of
three years and not for the
entire loan tenure! read more
Home loan rates - Beware of
arithmetical jugglery
The term 'rest' comes into the
picture only for reducing
balance loans. In a reducing
balance loan with each EMI
paid, the outstanding loan
amount is recalculated. A 'rest'
is the period in which the bank
recalculates the loan amount
outstanding based upon the
amount of loan paid back
through Equated monthly
installments, i.e. EMIs. Note
that this is also the periodicity
of compounding. read more
Factors that influence the loan
rate
Banks have something called
the benchmark prime lending
rate, which is a reference
interest rate that is used as a
benchmark to determine the
interest rate that is passed on
to the customer. This will
accordingly reflect in the EMI
the borrower has to shell out
to repay his loan. The interest
rate that is finally passed on to
the customer is X% plus or
minus this benchmark prime
lending rate and will
correspondingly increase or
decrease his EMI or loan
tenure, at the time of applying
for his loan. read more
Switch home loan, save Rs 8
lakh
I had taken a home loan of Rs
9 lakh from ICICI bank in
November 2004, at a 7 per
cent floating interest rate for
20 years. Since then, interest
rates have gone up
considerably. Now, my
Equated Monthly Installment
(EMI) has also increased and I
have a remaining tenure of 23
years. I am planning to shift
my loan to State Bank of India
(SBI). They have offered
almost the same EMI and for a
15 year tenure. Should I shift?
-- Tanmay Shastri When
interest rates increase, either
loan tenure or EMI (or both in
some cases) go up. See if
another lender offers you a
considerably lower EMI or
tenure, with other aspects
being more or less constant. If
yes, then you stand to gain
with a switch.

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  27. emi calculator most probably used to know precisely monthly rate including the interest and principal amount.Axis emi calculator also same as like the others which easy to calculate the amount.emi calculator revises the amount after the payment and get result of outstanding balance including the interest for remaining month.emi calculator for car loan

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