In general, your monthly installments are affected by 3 major factors.
Loan amount or sanction: These terms refer to the same thing. It directly affects the EMI amount, thus choosing to borrow more money would result in higher EMI payments.
Interest rate: For the duration, this is the interest rate applied to the principal amount. A higher rate would entail a greater EMI, therefore you must work to obtain the lowest mortgage loan rates possible.
Tenure: The payback period is 15 years. In contrast to the sanction or interest rate, lengthening the tenure lowers the EMI payment. This is so that your monthly payments are lower because you have more time to pay back your debts. You will, however, have to pay interest for a longer time. Similar to this, choosing a shorter tenure raises your EMI payment while lowering your interest-only obligation.
Loan Amount is
No. of Month is
Rate of Interest (ROI) is
There are three methods for calculating Loan Against Property’s EMI, each with a different level of complexity and work required.
The simplest, quickest, and most straightforward approach to figure monthly installments is to utilize a LAP loan interest rate calculator, often known as a LAP loan EMI calculator. All you have to do here is enter the values for the three major components, and the outcome is created automatically in seconds.
Microsoft Excel: This approach is straightforward, although there is an opportunity for error. In this section, enter the 'PMT' formula into the Excel software. Once selected, correctly enter loan data into the following fields.
‘Rate’: It refers to the monthly rate of interest
‘NPER’: It denotes loan tenure in months
‘PV’: It refers to the loan amount or principal value
After feeding these details, make sure to leave the values for ‘FV’ and ‘Type’ as 0 and 1, correspondingly.
Manual method: This is considered the hardest way to calculate LAP loan EMI as it involves a manual calculation based on the following formula.
EMI = [P x R x (1+R) ^ N] / [(1+R) ^ (N-1)]
‘P’ refers to the principal amount
‘N’ means tenure in months
‘R’ refers to the monthly interest rate applicable
The best method to ensure that your repayment journey is comfortable is to plan your secured loan as well as possible. You can estimate the amount you may qualify for using a Loan Against Property calculator before you apply for the loan. Using the LAP EMI calculator, you can compute your monthly installments by adding three factors: interest rate, loan amount, and loan tenure
There are a few ways to reduce the professional loan EMI amount.
Before trying any of these tactics, be sure to use a professional loan calculator and conduct a thorough cost-benefit analysis.
You are doing an awesome work as team. Faster service with immediate response is quite amazing. Will recommend to everyone in need, faster documents processing …….Keep up the good work
Amazing. Dedicated. Professional. I came through a reference from my Aunt. I was getting a personal loan for the first time. I was nervous. But they made me sail through the loan application process. Good work. Definitely recommend
Folks, they are very quick with their services. I actually didn't know there were so many conditions for getting a loan. My documents weren't proper as well. They really helped me pick up my profile. Also, they give you helpful suggestions regarding which banks should I opt for.
Excellent service from all team members. All are supportive. Its different from others NBFCs. Now and in future, My Mudra is my first choice for financial needs.
The service provided by My Mudra is great, everything is seamless and very convenient. Its one of the very best experiences, I’ve had with any loan provider.
I was in dire need of funds for a medical emergency. Due to my low CIBIL score, I didn’t much get support from other lenders. This is when I submitted a personal loan application on My Mudra. Fortunately, I got the amount, and that too at lower interest rates. Thanks to My Mudra. The entire application was very smooth.
I have had a wonderful experience with My Mudra. The process was exceptionally seamless when I applied for a loan. I also liked how their people interacted with me. It is the best solution to the month-end cash issue. Also, I can use it to pay off my credit card dues.
To realize my business plans, I decided to take My Mudra Business loan and my decision was perfectly alright. It assured me of fast money and the entire process was transparent. No surprise loan charges helped me plan my working capital and manage my business activities efficiently.
I was in need of INR 2 lakh. I visited the My Mudra website and found out that there is a personal loan offer for me. It was a great experience. I got an awesome deal on my loan application. The process involved only a few documents. The amount transferred to my account was faster than promised and the interest rate and other charges were also not too high
I wanted quick fund disbursal and one of my friends suggested me to apply for a personal loan from My Mudra. He had a great experience. I agree with him. The application and approval process were smooth. They offer fast money transfers to my bank. I was asked to choose the repayment period. I am happy with the services. Their agents are also polite and helpful.
We collaborate with the best and biggest in the banking & financial world to get you relevant products at great rates.Apply Now
We employ best-in-class security practices and procedures to keep your information secure every time.
From taking regular backups to using stronger passwords, we strictly prohibit any kind of unauthorized access of your crucial data, corruption, or theft throughout its life cycle.
We identify all the different ways your privacy could be at risk and have prepared safeguards to help you protect yourself online with us. Your privacy is important to us.
We are ISO 27001:2013 and SOC2 Type 2 compliant which instills trust into the hearts of our customers. We are secured with SSL and a certified GSP (GST Suvidha Provider).
Our blogs are where you get the latest news along with insights from industry experts.