This calculator is available on our website for your convenience. Enter the amount you wish to borrow along with the interest rate and tenure to determine your EMI tentatively. Interest rates offered by different banks may vary and you will be able to quickly determine your monthly payment under all scenarios tentatively.
It is also important to understand the Loan APR (Actual Percentage Rate) concept before using these calculators. Banks charge more than just the interest rate on loans. When obtaining a loan, lenders charge various kinds of non-refundable fees including processing fees and documentation charges. The loan APR factors in these one-time costs associated with borrowing. Loan APR, which is expressed as a yearly percentage rate, represents the true cost of your loan after taking into account the loan interest rate plus the fees & charges that you pay when getting a loan. Loan APR is a more complete measure that reflects the net effective cost of your loan on a yearly basis. For the banks, it represents their internal rate of return (IRR) on the loan.