Standard Chartered Home Loan EMI Calculator
A British Multinational Company, Standard Chartered Bank (SCB) is a prominent name in the Indian banking industry, operating for over 160 years with more than 100 branches spread across 42 Indian cities. The bank has been catering to people's financial needs, including offering home loans to eligible applicants at easy and affordable interest rates starting at 8.65% per annum. Borrowers of SCB home loans can estimate the monthly EMIs of their home loans using the Standard Chartered EMI calculator. This is a freely available online tool that can be used indefinitely to get an accurate EMI as per the borrower's requirement. Here, let us understand all about Standard Chartered home loan calculators, how to use them, benefits, and more.
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Break up of Total Payment
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Principal Amount
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Total Interest
How to Calculate Standard Chartered Home Loan EMI?
Before embarking on the journey of buying your dream home by availing a Standard Chartered home loan, it is important to calculate the monthly EMI using the Standard Chartered Home Loan EMI calculator. Although you have the option of calculating EMI manually, it is highly recommended to use the home loan EMI calculator online to get the most accurate and error-free calculations. All you need to do is to fill in some details like the principal loan amount, interest rate, and loan tenure to the calculator to estimate the EMI.
Standard Chartered Home Loan EMI Calculator Formula
The EMI calculator is primarily used to estimate a borrower's monthly EMI against a home loan. This calculation helps in estimating the monthly expenses of the borrower. With the Standard Chartered home loan calculator online, you can most conveniently check the EMI you are expected to pay monthly to repay your home loan. Below is the Standard Chartered home loan calculation formula for your understanding:
EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
Here,
P implies Principal Amount
R suggests the Rate of Interest
N connotes the Total Monthly Repayment Installments
Factors Affecting Standard Chartered Home Loan EMI
Your Standard Chartered Home Loan EMI is influenced by several factors. Let us take a look at a few such Standard Chartered Home Loan criteria that affect your monthly EMIs:
Tenure of Loan: Tenure of loan determines the duration for which your home loan is offered. It is a key factor that affects your EMI. If you avail of the loan for a shorter duration, the EMI may be high, while it may be low if the duration of the loan tenure is longer.
Loan or Principal Amount: The loan amount is the total money offered by the lender to the borrower of a loan. EMIs are likely to be higher if the principal amount is high and vice versa.
Interest Rate: Interest rate is another prominent factor that affects the EMI of your home loan. If the interest rate is high, the EMI is likely to be higher. Similarly, lower interest rates might attract lower EMIs.
Benefits of Using Standard Chartered Home Loan Calculator
There are numerous benefits of using an EMI calculator online. Not only are they hassle-free and comfortable to use, but they are also fast in getting you the results. Below are the top benefits of the Standard Chartered home loan EMI calculator:
Swift and Easy Results: Online home loan calculators are swift in getting you results of EMI estimations, which might otherwise take a lengthy procedure if done manually. These calculators help in saving your time and effort. Simply visit the official portal of BASIC Home Loan at EMI to use the calculator on the website.
Accuracy: By using online calculators to calculate EMIs, you can guarantee to receive the most accurate monthly payments of EMIs. The same calculations, when done manually, may leave scope for errors.
Informed Decisions: The estimations received on monthly EMIs using the online EMI calculator help borrowers make informed decisions on buying their dream home. With the right knowledge of the monthly amount required to pay the loan, borrowers can easily plan their monthly finances accordingly.
Standard Chartered Home Loan Interest Calculator Formula
The formula for the Standard Chartered home loan interest rate calculator is utterly simple and uses three key components: loan tenure, principal amount, and interest rate. Take a look at the home loan interest formula below:
Total Interest = (P X R X T) / 100
Here,
P implies Principal Amount
R implies the Rate of Interest
T implies the number or length of monthly installments
Standard Chartered Home Loan Eligibility Criteria
Getting a home loan is easy, however, you have to prove your eligibility before you are offered a home loan. To ensure that your eligibility status to qualify for a home loan is accurate, you can use the Standard Chartered home loan eligibility calculator. This online calculator determines your eligibility based on your age, credit score, income, employment status, etc.
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Comparison of Standard Chartered Home Loan EMI with other Popular Banks
It is always advisable to compare EMIs of SCB with other lenders while opting for a home loan from Standard Chartered Bank. This will help you make an informed decision and compare EMIs offered by SCB with those of its competitors. The table below compares the EMI of SCB with 6 other eminent banks and NBFCs for a 10-year tenure:
| Bank Name | Rate of Interest | Rs. 10 lakhs | Rs. 20 lakhs | Rs. 30 lakhs | Rs. 40 lakhs | Rs. 50 lakhs |
|---|---|---|---|---|---|---|
| Standard Chartered Bank | 8.65% p.a. onwards | Rs. 12,479 | Rs. 24,958 | Rs. 37,437 | Rs. 49,916 | Rs. 62,395 |
| Kotak Mahindra Bank | 8.70% p.a. onwards | Rs. 12,506 | Rs. 25,012 | Rs. 37,517 | Rs. 50,023 | Rs. 62,529 |
| Tata Capital | 8.70% p.a. onwards | Rs. 12,506 | Rs. 25,012 | Rs. 37,517 | Rs. 50,023 | Rs. 62,529 |
| Federal Bank | 8.80% p.a. onwards | Rs. 12,560 | Rs. 25,119 | Rs. 37,679 | Rs. 50,238 | Rs. 62,798 |
| Aditya Birla Housing Finance | 8.85% p.a. onwards | Rs. 12,587 | Rs. 25,173 | Rs. 37,760 | Rs. 50,346 | Rs. 62,933 |
| ICICI Bank | 9.00% p.a. onwards | Rs. 12,668 | Rs. 25,335 | Rs. 38,003 | Rs. 50,670 | Rs. 63,338 |
| Axis Bank | 9.00% p.a. onwards | Rs. 12,668 | Rs. 25,335 | Rs. 38,003 | Rs. 50,670 | Rs. 63,338 |
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Standard Chartered Home Loan Amortization Schedule
If you want to understand the repayment schedule of your home loan, you can use the Standard Chartered Home Loan Amortization Schedule. For those who are unaware, the Amortization Schedule is a table that presents the systematic breakdown of home loan components to outline the repayments to be done over the loan tenure. This way, the borrowers get clarity on their monthly loan repayment journey.
Steps to Calculate Standard Chartered Home Loan Amortized Interest
Step 1: Divide the interest rate of your Standard Chartered Home Loan by the total EMIs calculated for a year. Let's say the interest rate is 8.65% p.a., and you are paying the EMIs every month. Hence, you would divide 8.65% by 12 = 0.007208
Step 2: Multiply the number you got in Step 1 with your outstanding loan, and you will get the monthly interest payable. For instance, if your loan balance is Rs. 5,000,000, your first month's interest would be 5,000,000 x 0.007208 = Rs. 36,040
Step 3: Deduct the monthly interest calculated in Step 2 from your fixed EMI to know the principal payable in the 1st month. For instance, if your fixed monthly EMI is Rs. 49,678, you will pay Rs. 49,678 - Rs. 36,040 = Rs. 13,638 as the principal amount, and this amount will be deducted from your outstanding loan to calculate the outstanding for the subsequent month
Step 4: Repeat these steps to calculate the interest, principal amount, and outstanding loan balance for each month
| Year/Month | Principal Amount | Interest | Loan | EMI |
|---|---|---|---|---|
| 2024 | Rs. 170,281.92 | Rs. 425,854.08 | Rs. 5,000,000.00 | Rs. 596,136 |
| 1st Month | Rs. 13,636.33 | Rs. 36,041.67 | Rs. 5,000,000.00 | Rs. 49,678 |
| 2nd Month | Rs. 13,734.63 | Rs. 35,943.37 | Rs. 4,986,363.67 | Rs. 49,678 |
| 3rd Month | Rs. 13,833.63 | Rs. 35,844.37 | Rs. 4,972,629.04 | Rs. 49,678 |
| 4th Month | Rs. 13,933.35 | Rs. 35,744.65 | Rs. 4.958.795.41 | Rs. 49,678 |
| 5th Month | Rs. 14,033.79 | Rs. 35,644.21 | Rs. 4,944,862.06 | Rs. 49,678 |
| 6th Month | Rs. 14,134.95 | Rs. 35,543.05 | Rs. 4,930,828.27 | Rs. 49,678 |
| 7th Month | Rs. 14,236.84 | Rs. 35,441.16 | Rs. 4,916,693.32 | Rs. 49,678 |
| 8th Month | Rs. 14,339.46 | Rs. 35,338.54 | Rs. 4,902,456.49 | Rs. 49,678 |
| 9th Month | Rs. 14,442.82 | Rs. 35,235.18 | Rs. 4,888,117.03 | Rs. 49,678 |
| 10th Month | Rs. 14,546.93 | Rs. 35,131.07 | Rs. 4,873,674.21 | Rs. 49,678 |
| 11th Month | Rs. 14,651.79 | Rs. 35,026.21 | Rs. 4,859,127.27 | Rs. 49,678 |
| 12th Month | Rs. 14,757.41 | Rs. 34,920.59 | Rs. 4,844,475.48 | Rs. 49,678 |
FAQs
You can use the Standard Chartered home loan calculator as many times as you want with different amounts and varying details.
The Standard Chartered home loan EMI calculator does not consider prepayments or part-payments. It's best to refer to their official website or contact their customer service for accurate information regarding prepayments or part-payments.
Yes, we can estimate the Equated Monthly Installment (EMI) after capitalization of the pre-EMI interest. This involves adding the accrued interest during the pre-EMI period to the loan principal, and then calculating the EMI based on the new principal amount.
Depending on the plan you select, your home loan EMI may remain the same or change over the loan tenure. If you have opted for a fixed-rate plan, the EMI may remain fixed, and if you have selected a floater-rate plan, your EMI might fluctuate as per the market conditions.
Prepayment helps in lowering principal amounts and interest rates of EMIs in the subsequent months.
Yes, the Standard Chartered home loan EMI calculator is accurate as well as quick.
Calculating home loan EMIs in advance allows the borrower to plan prepayment to lower their interest payments and pay off their home loan soon.