Indian Overseas Bank (IOB) provides various home loan products for which EMI has to be paid on a monthly basis at a fixed monthly date for a fixed amount (unless there is a change in the interest rate and related loan terms) until the end of the loan repayment tenure. The amount of EMI is decided based on the loan amount, tenure and rate of interest.
Therefore, it is considered prudent to calculate IOB loan EMI prior to availing of the loan so as to plan your monthly budget properly and understand how much would have to be paid via EMI on a monthly basis over the term of the loan granted.
Calculating IOB loan EMI is easier than before due to the availability of the online IOB home loan EMI calculator made available which functions on mathematical algorithms and provides accurate results within no time.
Why should I use the IOB loan EMI calculator?
- Helps calculate EMI for various loan tenures. With IOB offering the lowest EMI per lakh, going in for the loan calculator helps to compare different loan EMIs, interest rates and tenure offered by the bank, before making the final loan choice.
- Helps in comparing IOB Home Loan EMI with that of other leading banks in India for the same loan amount and tenure. This helps the borrower to evaluate various interest rates offered by different banks.
- A detailed amortization schedule is available which helps a borrower to calculate the total EMIs broken down into interest and principal repayment on their loan at different periods throughout the tenure of the loan. The online tool is much faster than manual EMI calculation.
- Helps in calculating the outstanding balance at any period of the loan tenure. This helps a borrower to change their loan terms or take a home loan transfer to other banks if such banks allow home loan at low rates.
- If you know the EMI is more than your monthly budget then you have the chance to apply for a lower loan amount to suit your budget requirements
- Can go for pre-payment of loan, when you have surplus amount with you.
Benefits of the IOB Loan EMI Calculator
- Online tool which gives instant results
- Calculating and comparing multiple EMIs for the different loan amounts, interest rates and tenure can be done easily
- Help compare IOB loans with that of other leading banks for the same loan amount and tenure
- Eliminates the need to calculate the EMI manually
Points to Remember:
- Calculating IOB home loan EMI will help the borrower to manage their finance prudently
- EMI calculation will help the borrower to choose the home loan most appropriate to their requirements and repayment capability