A helping tool for the customers is designed to make their loan payments smooth. And using UCO Bank home loan EMI calculator, you can make your EMI affordable and save on the interest as well. This tool allows the borrower to look into their future loan payments. And it generates the EMI using your loan details. Read this article and know more about the EMI tool.
The EMI will be generated in just a few seconds. You don’t have to wait any long. How to use the UCO Bank home loan EMI calculator? Follow the steps below.
- Visit the UCO Bank official website
- Select home loan from the products
- Click to EMI calculator
- A page will open where you need to insert loan amount, interest rate and repayment period.
- After all that is done click the ‘calculate’ button
How the EMI tool works
UCO Bank home loan EMI calculator functions in mathematical expression of EMI = P × r × (1 + r)n/((1 + r)n – 1). In the formula, P denotes the principal amount you borrow from UCO Bank for the purchase of house, construction of house or renovation. And r is the rate of interest which the bank charges on your loan amount that can range from 7.15%-7.25% per annum. At last in the repayment period that can be up to 30 years.
How does UCO Bank home loan EMI calculator help?
With the EMI tool, you can choose a suitable tenure and save on your interest payment and get an affordable EMI that fits in your monthly budget. See example below to know how the tool helps on your loan repayment.
Suppose you borrowed a UCO home loan of INR 50 lakh to construct a house and the rate of interest is 7.20% per annum. And now you don’t know which tenure should be chosen to maintain your monthly budget without increasing the interest payout. Check out the table below and know how the UCO Bank home loan EMI calculator solves your problem.
|Loan amount||Interest rate||Tenure||EMI amount||Interest outgo||Total payment|