Since its inception, Mahindra Finance has been serving the customers with its amazing range of financial products. Started as primarily as the vehicle financing group, now it has become a one-stop solution solving all kinds of financial problems. Whether you want to buy a new two-wheeler or you want funds for your child’s education, Mahindra finance solves all your problems. But the home loan facility by Mahindra Finance is one of the most demanding financial products among the customers because of the affordable interest rate and the overall hassle-free process of it.
You can take the home loan facility for a myriad of purposes such as renovation, construction, home improvement, and purchase. Now you must be thinking about how will you repay the loan and what will be the amount that you will be paying every month in order to repay the loan amount? Well, all these calculations can be done by the Mahindra Finance home loan EMI calculator in an effortless way. In this article, we will be telling you what is the EMI, how can you use the Mahindra Finance EMI calculator, and why it is important to use it in the first place. Keep reading to know all of this!
What is an EMI for a Home Loan?
EMI, abbreviated for Equated Monthly Installments, is the amount that you will pay every month in order to repay the loan amount. Since any kind of loan is a big amount, and it would be very difficult for individuals to pay the full amount in one go so it’s better to pay via easy EMI. It is generally made up of a part of the principal amount and a part of the interest amount. In the initial period of loan tenure, the interest part in your EMI will be on the higher side, while in the twilight period of your loan, the principal amount will share the large portion of your EMI. To calculate the EMI amount, we use the Mahindra Finance Home Loan EMI calculator.
Why it is important to use the EMI Calculator before opting for a loan?
As I’ve told you before that home loan is generally a big amount and when you will decide to opt for it, there will be a definite portion of your monthly income that will go towards paying your home loan EMI. And to get a clear picture of that amount to be set aside every month, you need to have an estimate of the EMI amount for your loan. For this purpose, we use the Mahindra Finance home loan EMI calculator. When you will have a certain EMI amount in your mind, you could easily manage your finances.
What are the details that you will need to use the EMI Calculator?
Like every other calculator, you will need a certain set of inputs in order to use the Mahindra Finance home loan EMI calculator. Without them, the calculator will be of no use to you. There are mainly three details that you will need to have at your disposal - Required loan amount, rate of interest and desired tenure(number of years that you will need). As soon as you will feed all these details into the calculator, you will get the EMI amount. Apart from that, you will also get the interest outgo and total repayable amount for your loan.
If the outcome EMI fits with your repayment capability, then you can move forward with it by applying for the loan, otherwise, you can use it for as many times as you want with different sets of values.