Buying a home is one of the most important and expensive purchases you make in your life. Though banks or financial institutions offer home loans to buy a house, you must be financially prepared to include the monthly EMI in your budget. This is where a home loan calculator comes in handy. If you are looking into home loan options from UCO Bank, check out the UCO Bank home loan EMI calculator to evaluate your loan payments.
The UCO Bank home loan EMI calculator on the Angel One website is a financial calculator which is user-friendly and provides instant results.
The online UCO Bank home loan EMI calculator on the Angel One website is very comfortable to use and effortless. The online financial calculator takes the loan amount, interest rate and tenure of the loan. It computes the monthly EMI, total interest and total loan, including the interest. All these details are provided in less than a minute.
The UCO Bank home loan EMI calculator formula to calculate your monthly EMI is as follows, –
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
P is the amount of money you borrow from the bank
R is the rate of interest per month charged by the bank
N is the tenure by which the loan has to be repaid (in months)
The home loan EMI calculator formula to calculate the EMI manually can be complex and make errors. Here’s where the online UCO Bank home loan EMI calculator on Angel One comes in handy and makes your job easy. The usage of this calculator is very simple as follows: –
- Open the Angel One UCO Bank home loan EMI calculator
- Enter the loan amount
- Enter the interest rate
- Enter the tenure of the loan
The online UCO Bank home loan EMI calculator computes the EMI on a loan along with the total interest and total amount payable in seconds.
Let us consider an example to understand the home loan EMI calculator usage.
If you plan to get a loan of Rs. 10,00,000 at the interest rate of 10% for 10 years tenure, enter the values in the online calculator. The online UCO Bank home loan EMI calculator on Angel One will compute the values are gives the results as follows:
- Monthly EMI: Rs. 13,215
- Principal amount: Rs. 10,00,000
- Total interest: Rs. 5,85,809
- Total amount: Rs. 15,85,809
- Plan finances: The online UCO Bank home loan EMI calculator helps you in evaluating the monthly EMI on the home loan. This will help you plan your monthly budget accordingly.
- Check affordability: Using the online home loan calculator, you can also see how much loan you can avail and decide the tenure of the loan as well as per your other financial commitments.
- Error-free: The calculator helps you in getting accurate results instantly. You can avoid miscalculations or errors while evaluating your home loan EMI.
- Free of charge: The calculator is free and can be used anytime and anywhere.
There are 3 different types of home loans offered by UCO Bank, which are as follows:
- UCO Home Loan
This is a customised home loan scheme designed to suit your requirements and offer finance to buy a house.
- UCO Pre-Approve Home Loan
This is a scheme offered by UCO Bank where the home loan applicants are provided in-principle sanction of the home loan even before a property is finalised based on the applicant’s income.
- UCO Top-Up Loan
The top-up home loan from UCO Bank helps in meeting various financial requirements like home repairs. This is an extended mortgage offered if you have an existing home loan at the UCO Bank.