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Tamilnad Mercantile Bank(TMB) Home Loan EMI Calculator

Loan amount
Rate of interest (p.a)
%
Loan tenure
Yr
Monthly EMI
Principal amount
Total interest
Total amount
Principal amount
Interest amount

The Tamilnad Mercantile Bank was established in the year 1921, with its headquarters in Thoothukudi, Tamil Nadu. The bank was initially known as Nadar Bank, but later the name of the bank was changed.

This bank offers its customers varied sets of products and services, and along with that, the bank is also known to offer the customers robust and varied home loans. These home loans have an easy repayment method through equated monthly installments. They are known as EMIs because they consist of the particular amount that is paid each month in the term of clearing out the borrowed loan.

Therefore, you can pay off the loan in smaller amounts each month through the monthly budget. But, if you want to know how much this EMI would come up, you can always use the TMB Home Loan Calculator, which can do the job for you.

What is the TMB Home Loan EMI Calculator?

This is an online and automated tool that works on the small inputs of the TMB home loan details that you provide. The TMB Housing Loan EMI Calculator is based online, and you can gain access to it through the portal of Groww for free.

This can also show you the total interest that will incur on your loan and perform as the TMB Home Loan Interest Rate Calculator.

Who and How to Use the TMB Bank Home Loan Interest Rate Calculator?

Anyone who wants to know their EMI from a housing loan borrowed from TMB or anyone who wants to borrow a loan from the bank can use the TMB Bank Housing Loan EMI Calculator. The steps to use the TMB Home Loan Repayment Calculator are simple and easy.

Steps to Use the TMB Home Loan Repayment Calculator:

Step 1

Firstly, you will have to provide the principal amount that you require from the TMB Bank.

Step 2

Secondly, you will be given the interest rate that the Tamilnad Mercantile Bank is providing over a housing loan.

Step 3

Lastly, you can provide the tenure for which you want to repay the loan, and it can range anywhere up to the period of thirty years.

After these details have been provided, you can easily view your monthly EMI and interest amount of the house loan from Tamilnad Mercantile Bank.

How Will the Tamilnad Mercantile Bank Home Loan Calculator Help You?

This calculator can help you in several ways, and some of the main ways that it can benefit you are:

  • You will not have to provide any personal details or register in order to use the Tamilnad Mercantile Bank home loan calculator.
  • You can use this calculator for free, anywhere, and at any time as long as you have access to the internet.
  • You can get instant results without wasting any time on manual calculations and much more.
  • You can get 100% accurate results.
  • You can use the Tamilnad Mercantile Bank home loan interest calculator as a tool of comparison.

What Formula does the TMB Home Loan Calculator Use?

The Tamilnad Mercantile Bank home loan calculator uses:

The Formula Used:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

P = The Principal Amount

R = The Rate of Interest

N = The Tenure of the Loan

We can also look at this Formula through an example.

Mr. Ramesh wants to buy a house in the city, and he wants a house loan from Tamilnad Mercantile Bank in July 2022. The details of the loan are mentioned below.

Principal Amount = Rs. 98 lakhs

Tenure = 15 Years

Interest = 6.5%

EMI = Rs. 85,369

Amortization Table

Based on the example that has been mentioned above, we can look at an amortization that shows the repayment scheduled for a home loan from the Tamilnad Mercantile Bank:

Year

Interest

Principal

Total Payment

Outstanding Loan

2022

3,15,857

1,96,353

5,12,210

96,03,647

2023

6,12,098

4,12,325

10,24,423

91,91,321

2024

5,84,483

4,39,939

10,24,422

87,51,382

2025

5,55,020

4,69,404

10,24,424

82,81,979

2026

5,23,584

5,00,841

10,24,425

77,81,139

2027

4,90,042

5,34,383

10,24,425

72,46,757

2028

4,54,252

5,70,171

10,24,423

66,76,587

2029

4,16,067

6,08,357

10,24,424

60,68,231

2030

3,75,323

6,49,097

10,24,420

54,19,132

2031

3,31,851

6,92,569

10,24,420

47,26,562

2032

2,85,470

7,38,954

10,24,424

39,87,609

2033

2,35,982

7,88,443

10,24,425

31,99,168

2034

1,83,177

8,41,245

10,24,422

23,57,923

2035

1,26,837

8,97,585

10,24,422

14,60,338

2036

66,724

9,57,697

10,24,421

5,02,640

2037

9,572

5,02,640

5,12,212

0

 

Tamilnad Mercantile Bank(TMB) Home Loan EMI Calculator - FAQs

Q1. What are the charges to use Groww's Tamilnad Mercantile Bank home loan calculator?

There are no charges to use this calculator.

Q2. Do I have to apply offline for a home loan from Tamilnad Mercantile Bank?

No, you can also apply online for home loans on Tamilnad Mercantile Bank.

Q3. Is there a limit to the number of times that I use this calculator?

There are no such restrictions in using this calculator.

Q4. What are the eligibility criteria for home loans from Tamilnad Mercantile Bank?

The eligibility for different home loan schemes from Tamilnad Mercantile Bank can vary, and therefore you will need to look into the specific home loan scheme from the bank.

Q5. How long do I have to wait to know the EMI of the home loan from Tamilnad Mercantile Bank through the calculator?

You can instantly know the EMI amount; you would not have to wait.

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