AU Small Finance Bank Home Loan EMI Calculator
The AU Small Finance Bank Home Loan EMI Calculator is a powerful tool designed to simplify the loan planning process. All you need is to enter details such as the loan amount, interest rate, and tenure, to quickly calculate their Equated Monthly Installments (EMIs). AU Small Finance Bank home loan EMI calculator is a user-friendly tool that provides instant clarity on expected monthly payments, helping individuals make informed decisions about their financial commitments. It serves as a valuable resource for comparing different loan scenarios and adjusting parameters to find the most suitable repayment plan. Let us read more to understand all about the AU Bank home loan EMI calculator.
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Break up of Total Payment
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Principal Amount
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Total Interest
How to Calculate AU Small Finance Bank Home Loan EMI?
To calculate home loan EMI for AU Small Finance Bank, first gather the principal loan amount, the interest rate, and the loan tenure. Enter these details into the bank's online EMI calculator. The calculator will automatically compute the monthly EMI, helping you understand your repayment schedule and plan your finances accordingly.
AU Small Finance Home Loan EMI Calculator Formula
The AU Small Finance Home Loan Calculation Formula helps you efficiently determine your Equated Monthly Installment (EMI).
The formula used is EMI = [P x R x (1+R)^N] / [(1+R)^N-1], where P stands for the principal loan amount, R is the monthly interest rate, and N is the loan tenure in months.
The calculator provides an accurate estimate of your monthly repayments by inputting these variables. This tool aids borrowers in planning their finances and managing their home loans effectively. It ensures clarity and helps in making well-informed financial decisions.
Factors Affecting AU Small Finance Bank Home Loan EMI
Several factors can affect the housing loan monthly repayment instalments. Read further to understand in detail about the three main AU Small Finance Bank Home Loan criteria that can impact your housing loan EMI:
Interest Rate: Picture this as the weather of your financial journey. A sunny low-interest rate day brightens your EMI outlook, whereas stormy high rates can dampen your monthly budget. In short, a higher rate of interest means higher monthly repayments.
Principal Loan Amount: Think of this as the size of your dream home—bigger homes come with heftier EMIs, while cosy nests mean more manageable payments. Now, replace the size with the extent of the loan amount you take from the lender.
Tenure: This is the story's length—shorter tales have high-octane EMIs, while epic sagas spread the cost over many chapters, reducing each month's burden. Now, replace the story with the time for which you take the home loan.
Benefits of Using AU Small Finance Home Loan Calculator
Listed below are the main benefits of AU Small Finance Home Loan Equated Monthly Installments calculator that will convince you to try it:
Accurate and Transparent: The first advantage of using the online EMI tool is that it provides 100% accurate results that are transparent ensuring you have a clear understanding of your financial obligations before committing to a loan with a lender.
Time-Saving: Instead of manual calculations, online EMI tools such as the one available at the BASIC Home Loan website: EMI delivers instant results, saving time and effort in understanding your borrowing capacity and repayment schedule.
Comparison Tool: The online EMI tool allows you to compare different loan scenarios, such as varying loan amounts or tenures, to find the most suitable option that fits your financial goals. It is free to use and can be used multiple times to help the borrower compare different variations of the loan terms.
AU Small Finance Bank Home Loan Interest Calculator Formula
The AU Small Finance Bank Home Loan Interest Calculator uses a simple formula to estimate your monthly EMI. It considers the principal loan amount, interest rate, and loan tenure.
The formula is
Total Interest = (P X R X T) / 100, where P is the principal, R is the monthly interest rate, and N is the number of installments.
This helps borrowers plan their finances effectively. By inputting these values into the calculator, borrowers can quickly determine their monthly repayment obligations. This tool ensures transparency and aids in making informed financial decisions.
AU Small Finance Home Loan Eligibility Criteria
The AU Small Finance Home Loan Eligibility Calculator helps potential borrowers determine their loan eligibility based on various factors. By entering details such as income, existing liabilities, age, and loan tenure, users can get an estimate of the loan amount they might qualify for. This tool simplifies the application process by providing a clear picture of borrowing capacity. It aids in better financial planning and ensures that applicants meet the necessary criteria before applying. Utilising this calculator can save time and enhance the overall loan application experience.
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Comparison of AU Small Finance Home Loan EMI with other Popular Banks
Comparing AU Small Finance Home Loan EMI with other popular banks helps borrowers identify the most cost-effective loan option. It provides insights into different interest rates, loan tenures, and repayment terms, ensuring the best financial decision. This comparison can lead to significant savings and better financial management over the loan tenure. So, here is your chance to compare AU Small Finance Bank Home Loan Monthly Instalments with other 5 lenders for a 10 year loan tenure:
| Bank Name | Rate of Interest | Rs. 10 lakhs | Rs. 20 lakhs | Rs. 30 lakhs | Rs. 40 lakhs | Rs. 50 lakhs |
|---|---|---|---|---|---|---|
| AU Small Finance | 8.00% p.a. onwards | Rs. 12,133 | Rs. 24,266 | Rs. 36,398 | Rs. 48,531 | Rs. 60,664 |
| Federal Bank | 8.80% p.a. onwards | Rs. 12,560 | Rs. 25,119 | Rs. 37,679 | Rs. 50,238 | Rs. 62,798 |
| Shriram Housing Finance | 9.50% p.a. onwards | Rs. 12,940 | Rs. 25,880 | Rs. 38,819 | Rs. 51,759 | Rs. 64,699 |
| Jana Bank | 9.75% p.a. onwards | Rs. 13,077 | Rs. 26,154 | Rs. 39,231 | Rs. 52,308 | Rs. 65,385 |
| Shubham Housing Finance | 9.90% p.a. onwards | Rs. 13,160 | Rs. 26,320 | Rs. 39,479 | Rs. 52,639 | Rs. 65,799 |
| Piramal Housing Finance | 11.00% p.a. onwards | Rs. 13,775 | Rs. 27,550 | Rs. 41,325 | Rs. 55,100 | Rs. 68,875 |
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AU Small Finance Home Loan Amortization Schedule
The AU Small Finance Home Loan Amortization Schedule outlines the repayment plan, detailing each EMI's principal and interest components over the loan tenure. It helps borrowers understand how their loan balance reduces with each payment. This schedule provides clarity on interest versus principal repayment, aiding in better financial planning. It ensures transparency and helps borrowers track their loan repayment progress efficiently.
Steps to Calculate AU Small Finance Home Loan Amortization Schedule
Step 1: Begin by dividing the interest rate on the AU Small Finance home loan by the number of EMIs you will pay per annum. For example, if you have an 8.00% p.a. rate of interest and you decide on monthly repayments, then you divide 8.00% by 12 = 0.0067
Step 2: Up next, calculate the monthly interest payable by multiplying this number you got in step one with the outstanding loan amount. For example, if your loan balance is Rs. 5,000,000, the interest for the 1st month would be 5,000,000 x 0.0067 = Rs. 33,500
Step 3: In the next step, subtract the interest you pay per month you calculated just now from your monthly installment and you will receive the principal payable in the 1st month. For eg. if your monthly EMI is Rs. 47,783, then you are expected to pay Rs. 47,783 - Rs. 33,500 = Rs. 14,283 as the principal loan amount, and the same will be reduced from your outstanding home loan balance to calculate the principal payable for the subsequent months
Step 4: Keep repeating the same steps to calculate the principal, interest, and outstanding loan amount for the rest of the months
| Year/Month | Principal Amount | Interest | Loan | EMI |
|---|---|---|---|---|
| 2024 | Rs. 179,897.28 | Rs. 393,498.72 | Rs. 5,000,000.00 | Rs. 573,396.00 |
| 1st Month | Rs. 14,449.67 | Rs. 33,333.33 | Rs. 5,000,000.00 | Rs. 47,783.00 |
| 2nd Month | Rs. 14,546.00 | Rs. 33,237.00 | Rs. 4,985,550.33 | Rs. 47,783.00 |
| 3rd Month | Rs. 14,642.97 | Rs. 33,140.03 | Rs. 4,971,004.34 | Rs. 47,783.00 |
| 4th Month | Rs. 14,740.59 | Rs. 33,042.41 | Rs. 4,956,361.36 | Rs. 47,783.00 |
| 5th Month | Rs. 14,838.86 | Rs. 32,944.14 | Rs. 4,941,620.77 | Rs. 47,783.00 |
| 6th Month | Rs. 14,937.79 | Rs. 32,845.21 | Rs. 4,926,781.91 | Rs. 47,783.00 |
| 7th Month | Rs. 15,037.37 | Rs. 32,745.63 | Rs. 4,911,844.12 | Rs. 47,783.00 |
| 8th Month | Rs. 15,137.62 | Rs. 32,645.38 | Rs. 4,896,806.75 | Rs. 47,783.00 |
| 9th Month | Rs. 15,238.54 | Rs. 32,544.46 | Rs. 4,881,669.13 | Rs. 47,783.00 |
| 10th Month | Rs. 15,340.13 | Rs. 32,442.87 | Rs. 4,866,430.59 | Rs. 47,783.00 |
| 11th Month | Rs. 15,442.40 | Rs. 32,340.60 | Rs. 4,851,090.46 | Rs. 47,783.00 |
| 12th Month | Rs. 15,545.35 | Rs. 32,237.65 | Rs. 4,835,648.07 | Rs. 47,783.00 |
FAQs
An AU Small Finance Bank Home Loan borrower can reduce the EMI by opting for a longer loan tenure or by making prepayments.
Yes, you can pay more than EMI in a home loan at AU Small Finance Bank as prepayments to reduce your regular EMIs.
In case a borrower, fails to repay the AU Small Finance Bank home loan, it will impact the credit score negatively and the borrower may be charged with a penalty. At the worst, it could lead to a legal action or loan foreclosure.
Calculating the AU Small Finance housing loan EMI in advance helps plan your finances better. It gives you a clear idea of how much you need to set aside each month for loan repayment.
The AU Small Finance Bank Home Loan repayment tenure ranges between 1 to 30 years.
Visit the official website of the BASIC Home Loan to use the online EMI calculator for your AU Small Finance Bank home loan repayment calculations. This tool will instantly generate your monthly repayments, helping you plan your monthly budgets well.