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IOB offers its customers digital banking facilities to enhance the whole customer banking experience. The bank now allows its customers to calculate their EMIs online through the IOB home loan EMI calculator.
The IOB Home Loan EMI calculator allows one to easily calculate their home EMI instantly by entering the loan amount and tenure. EMI calculator has been developed based on mathematical algorithms that provide accurate results instantly on entering key loan details.
How To Calculate IOB Home Loan EMI?
IOB Home loan EMI calculation is as follows:
E = [P x R x (1+R)^N]/[(1+R)^N-1] where
‘E’ relates Equated Monthly Instalments
‘P’ implies Principal Amount of Loan
‘N’ relates to the number of monthly instalments of the loan
‘R’ is the interest rate for the loan per month
It has to be noted that the tenure of the loan has an inverse relationship with the EMIs to be paid. A shorter loan repayment tenure will have higher EMIs and vice-versa.
Use the IOB Home Loan EMI Calculator to find your EMI
The IOB Home Loan EMI Calculator helps home loan customers understand how much EMI would be required to be paid on a monthly basis for a specified loan amount, interest rate and tenure.