South Indian Bank Home Loan EMI Calculator

The South India Bank was one of the first amongst the private sector banks in the State of Kerala to turn into a scheduled bank in the year 1946. Also, this is the very first bank in the country to open a currency chest on behalf of the RBI. Along with these two, it is the first bank in India to have an NRI branch.

The South India Bank is the bank of many firsts. It is also a renowned bank for its varied sets of products and services. Among these, the bank can also give you home loans. 

These home loans do not have to be repaid in bulk; rather, they can be repaid through EMIs. Yet, the EMIs will be fixed and need to be paid on a specific date without fail.

If you are confused about how much EMI you would happen to pay if you applied for a home loan in the South India Bank, you can simply use the South Indian Bank Home Loan Calculator.

Meaning of the SIB Home Loan Calculator

The South Indian Bank Home Loan Interest Rate Calculator is an online tool that anyone can use. This tool provided by Groww has a formula box that can be used in order to calculate the required values from the minimal data provided by the user.

It can be used from anywhere and at any time through Groww. The users of this calculator will not be charged anyway, and the calculator can be used as many times as wanted.

How Does the South Indian Bank Home Loan EMI Calculator Work?

The South Indian Bank Housing Loan Interest Rate calculator works on an algorithm of a standard formula box, and this allows it to give you instant results on the EMI amounts and the interest amount of home loans from the South Indian Bank.

Here are the steps to follow in order to use the South Indian Bank home loan calculator.

Step 1

You will have to provide the principal amount.

Step 2

You would then have to provide the tenure of the loan.

Step 3

Finally, you will have to enter the rate of interest that the South Indian Bank is offering you for the home loan.

After these details have been provided, you will be displayed the total interest amount and the EMI amount that you would have to be paying over your home loan. 

How Will the South Indian Bank Home Loan EMI Calculator Help You?

There are several benefits to using the South Indian Bank home loan calculator, and some of the major advantages of using this calculator are:

• You can use this as a tool to compare different values and tenures, and this will make sure that you could afford to pay the EMI each month over your monthly expenditure.
• You will not be facing any sort of human error from manual calculations as the calculator will give you instant results with 100% accuracy. 
• You can also know the EMI amount beforehand to know if you are making the right choice at the right time.
• You would not have to rely on third-party assistance or executive favours in order to use this calculator, and you can use it by yourself without any technical knowledge.

What Formula Does the South Indian Bank Home Loan Calculator Use?

The South Indian Bank home loan calculator uses the below-mentioned Formula:

This Formula can better be explained through an example, and that is -

Ms Geetha plans to take out a loan from South Indian Bank in July 2022. The bank is offering her an interest rate of 7.3% for the principal amount of Rs. 60 lakhs. She chooses to repay the loan in a tenure of 11 years. The details of her loan are as follows:

P = Rs. 60 lakhs

R = 7.3%

N = 11 Years

EMI = Rs. 66,252

The Amortization Table of the South Indian Bank Home Loan

From the example that was spoken about above, here is a detailed amortization table to show the details of the loan repayment: