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Calculate EMI for all types of loans and compare interest rates from 15+ top Indian banks. Find the best loan deals and make informed financial decisions.
EMI is calculated using the formula: EMI = [P ร R ร (1+R)^N] / [(1+R)^N-1], where P = Principal loan amount, R = Monthly interest rate, N = Number of monthly installments.
Currently, Bank of Baroda and SBI offer some of the lowest home loan rates starting from 8.40% - 8.50% per annum. However, rates vary based on credit profile, income, and other factors.
Loan EMI depends on three main factors: Principal amount, Interest rate, and Loan tenure. Higher principal and interest rate increase EMI, while longer tenure reduces EMI but increases total interest paid.
Yes, most banks allow loan prepayment. Part-prepayment reduces the principal amount, which can significantly reduce the total interest paid. However, some banks may charge prepayment penalties.
Fixed rates remain constant throughout the loan tenure, providing EMI stability. Floating rates change with market conditions - they may go up or down, affecting your EMI. Floating rates are usually lower initially.