UCO Bank Home Loan EMI Calculator
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Highlights
- Compare your EMIs with a loan EMI calculator.
- Choose a suitable EMI on your home loan.
A home loan is often the most affordable type of loan, yet it's crucial for you as a borrower to secure a rate that's manageable for your budget. UCO Bank provides flexible repayment options for home loans and allows borrowers to compare EMIs for different loan amounts and tenures at the bank's given rates. This ability to compare helps you make an informed decision, ensuring you can comfortably repay the loan. In this article, we will dive into how a home loan EMI calculator works. Let’s begin!
How to Use Wishfin UCO Bank Home Loan EMI Calculator?
You can check your monthly installment on the loan with the help of the Wishfin loan EMI calculator by mentioning the loan amount, interest rate, and tenure. You also get to know the total interest outgo and the total repayment amount on your loan in the amortization schedule.
At UCO Bank, the maximum tenure available for home loans is 30 years and it is available with flexible options. You can choose the tenure accordingly before finalizing your home loan so that your other financial liabilities remain unaffected.
Below is an example showing the payment details to give you an idea about the payments you will have to make if you avail a home loan from UCO Bank.
UCO Bank Home Loan EMI Calculation Formula
The calculator uses the below formula to calculate an EMI.
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
where,
EMI = Equated Monthly Installment
P = Principal Loan Amount
R = Monthly Interest Rate
N = Number of Monthly Installments
For instance, consider a borrower who takes out a loan of ₹48,00,000 at an annual interest rate of 10.5% for a term of 25 years. Here's how the calculation is done:
Principal Amount (P): ₹48,00,000
Annual Interest Rate (R): 10.5%, (which translates to 10.5/12/100 = 0.00875 per month)
Loan Tenure (n): 25 years, or 300 months
[48,00,000 x 0.00875 x (1 + 0.00875) ^ 300]/[(1+0.00875 ^300 -1] = 45,321
So, the monthly EMI required to be paid is ₹45,321
UCO Bank Home Loan Amortisation Schedule
Suppose, Ankita Sharma, a 30-year-old, PHP Developer by profession is looking for a home loan of INR 30 Lakh. The one thing is that after studying his profile, UCO Bank has agreed to offer the loan at an interest rate of 8.35% for a tenure of 10 years. Before availing the UCO Bank hom loan, Ankita wants to know what would be the exact amount of his monthly installments that he needs to pay each month to a lender. Thus, she used this online calculator and finally decided whether her EMIs were pocket-friendly or not. So, without any further delay, let’s just take a look at the calculations below.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
| Loan Amount | Interest Rate | Tenure | Monthly Instalment | Total Interest Amount | Total Amount |
|---|---|---|---|---|---|
| ₹ 30,00,000 | 8.35% | 1 | ₹ 2,61,451 | ₹ 1,37,412 | ₹ 31,37,412 |
| ₹ 30,00,000 | 8.35% | 2 | ₹ 1,36,161 | ₹ 2,67,870 | ₹ 32,67,870 |
| ₹ 30,00,000 | 8.35% | 3 | ₹ 94,494 | ₹ 4,01,792 | ₹ 34,01,792 |
| ₹ 30,00,000 | 8.35% | 4 | ₹ 73,733 | ₹ 5,39,167 | ₹ 35,39,167 |
| ₹ 30,00,000 | 8.35% | 5 | ₹ 61,333 | ₹ 6,79,976 | ₹ 36,79,976 |
| ₹ 30,00,000 | 8.35% | 6 | ₹ 53,114 | ₹ 8,24,200 | ₹ 38,24,200 |
| ₹ 30,00,000 | 8.35% | 7 | ₹ 47,283 | ₹ 9,71,812 | ₹ 39,71,812 |
| ₹ 30,00,000 | 8.35% | 8 | ₹ 42,946 | ₹ 11,22,783 | ₹ 41,22,783 |
| ₹ 30,00,000 | 8.35% | 9 | ₹ 39,603 | ₹ 12,77,077 | ₹ 42,77,077 |
| ₹ 30,00,000 | 8.35% | 10 | ₹ 36,955 | ₹ 14,34,656 | ₹ 44,34,656 |
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| Year | Principal | Interest | Balance Amount |
|---|---|---|---|
| 1 | ₹ 2,00,524 | ₹ 2,42,941 | ₹ 27,99,475 |
| 2 | ₹ 2,17,924 | ₹ 2,25,541 | ₹ 25,81,551 |
| 3 | ₹ 2,36,833 | ₹ 2,06,632 | ₹ 23,44,717 |
| 4 | ₹ 2,57,384 | ₹ 1,86,082 | ₹ 20,87,333 |
| 5 | ₹ 2,79,717 | ₹ 1,63,748 | ₹ 18,07,615 |
| 6 | ₹ 3,03,988 | ₹ 1,39,477 | ₹ 15,03,627 |
| 7 | ₹ 3,30,366 | ₹ 1,13,099 | ₹ 11,73,260 |
| 8 | ₹ 3,59,032 | ₹ 84,433 | ₹ 8,14,228 |
| 9 | ₹ 3,90,185 | ₹ 53,280 | ₹ 4,24,042 |
| 10 | ₹ 4,24,298 | ₹ 19,423 | ₹ 0 |
The Minimum EMI Offered by UCO Bank on Home Loans
Here are the monthly EMI payments for various home loan amounts from UCO Bank, calculated with interest rates of 8.35% and 10% over a 20-year period:
|
Interest Rate of 8.35% |
Interest Rate of 10% |
|---|---|
|
10 lakh loan amount - ₹8,584 p.m. |
10 lakh loan amount - ₹9,650 p.m. |
|
12 lakh loan amount - ₹10,300 p.m. |
12 lakh loan amount - ₹11,580 p.m. |
|
15 lakh loan amount - ₹12,875 p.m. |
15 lakh loan amount - ₹14,475 p.m. |
|
17 lakh loan amount - ₹14,592 p.m. |
17 lakh loan amount - ₹16,405 p.m. |
|
20 lakh loan amount - ₹17,167 p.m. |
20 lakh loan amount - ₹19,300 p.m. |
The Main Benefits of Using UCO Bank Home Loan EMI Calculator
Using the UCO Bank Home Loan EMI Calculator offers several key advantages:
-
The calculator gives a clear picture of the loan's financial implications, including the total interest payable and the overall cost of the loan.
-
By calculating the EMI for different combinations of loan amount, interest rate, and tenure, you can assess your repayment capacity and choose a loan structure that is affordable.
-
The UCO Bank loan calculator can be accessed 24x7 from anywhere using a computer or mobile device connected to the internet.
-
UCO Bank's home loan EMI calculator is absolutely free to use, so you can utilize it multiple times without any charges.
- You can get reliable EMI estimates in just a few seconds to help make informed decisions.
UCO Bank Home Loan Eligibility
Here are the eligibility requirements for a UCO Bank Home Loan:
- Minimum Age: Applicants must be at least 21 years old at the time of the loan application.
- Maximum Age: Applicants should not exceed 75 years at the time of loan maturity.
- Nationality: The loan is available to Resident Indians, Non-Resident Indians (NRIs), and Persons of Indian Origin (PIOs).
Factors Affecting UCO Bank Home Loan EMIs
Several factors influence the EMIs for a UCO Bank home loan:
- Loan Amount: The principal amount borrowed directly affects the EMI; a larger loan amount leads to higher EMIs and vice versa. UCO Bank provides home loans covering up to 90% of the property's value.
- Interest Rate: A higher interest rate entails higher EMIs. UCO Bank's home loan interest rates start from 8.35% for scores of 800 and above. The bank offers both floating and fixed-rate options.
-
Loan Tenure:
The duration over which the loan is repaid also determines the EMI. A longer tenure will lower the EMI, while a shorter tenure increases the monthly payments, though the total interest outgo is reduced.
-
Property Factors:
Aspects like property location, construction stage, occupancy status, and age of the property affect the loan-to-value ratio offered by the bank. This impacts the loan amount and consequently the EMI.
- Income and obligations: The borrower's income and existing debt obligations influence the loan eligibility and EMI affordability. UCO Bank calculates the EMI to income ratio to ensure the borrower has sufficient repayment capacity after factoring in other deductions.
UCO Bank Home Loan Fees and Charges
Here are the charges and fees related to UCO Bank home loans:
|
Particulars |
Applicable Charges |
|---|---|
|
Processing Fee |
|
|
Prepayment Charges |
Nil |
|
Documentation Charges |
Nil |
|
CIBIL – Report Pulling Charges |
Nil |
|
Inspection Charges |
Nil |
Limitations of Using UCO Bank Home Loan EMI Calculator
Here are the main disadvantages of using the UCO Bank home loan EMI calculator:
-
Does not account for registration fees, stamp duty, or legal fees.
-
May not include property insurance or loan protection premiums.
-
Provides general estimates without factoring in specific loan product complexities.
-
Does not offer personalized advice on optimal loan terms based on financial goals.
- Does not consider the borrower's credit score, which can affect the actual interest rate.
Frequently Asked Questions (FAQs)
How can I pay my UCO Bank home loan EMI online?
Can we pay more than the EMI amount on a UCO Bank home loan?
What happens if a UCO Bank home loan EMI is missed?
Is it possible to renegotiate the interest rate on my UCO Bank home loan?
Can I make prepayments on my UCO Bank home loan?
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