How to Use Bank of Maharashtra Home Loan EMI calculator

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How to Use Bank of Maharashtra Home Loan EMI
calculator
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What is Home Loan EMI?

• An equated monthly installment (EMI) is a fixed
  monthly payment provided by a borrower to a
  creditor on a set date, each month. EMIs apply to
  both interest and principal each month, and the
  loan is paid off in full over some years.

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What is Home Loan EMI Calculator?

• A home loan EMI calculator is an online tool that
  lets you calculate your monthly loan installment
  amount for your home loan/housing loan.

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Bank of Maharashtra Home Loan EMI Calculator

• Bank of Maharashtras home loan EMI calculator is
  a user friendly online automatic tool to
  ascertain how much will be your EMI (Equated
  Monthly Installment) outgo.

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How to Use Bank of Maharashtra Home Loan EMI
Calculator

• Login to official website www.bankofmaharashtra.in
  /
• Click calculators tab.

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• You will reach a page where you have the option
  to use different loan EMI calculators, i.e. home
  loan, personal loan, car loan etc.
• Click on the Home Loan EMI calculator tab.

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How to Use Home Loan EMI Calculator

• Enter the details like,
• Principal amount you wish to avail
• Interest rate of home loan(p.a)
• Loan term(years)
• Then click Show EMI
• Use slider to adjust the values or type values
  directly.

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How EMI is Calculated?

• EMI is calculated using the mathematical formula,
• EMI P x R x (1R)N/(1R) (N-1),
• Where,
• EMI equated monthly installment
• P principal or the amount that is borrowed as a
  loan
• R rate of interest that is levied on the loan
  amount
• N tenure of repayment of loan

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Use of Bank of Maharashtra Home Loan EMI
Calculator

• Helps you plan your monthly budget.
• Accurate result
• Anytime access
• Save you from time consuming complex calculation

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• Subsequent to completion of the EMI calculation,
  you have the option to check your home loan
  eligibility, get the best loan quotes based upon
  your eligibility and requirements and also apply
  for the Bank of Maharashtra home loan online.