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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.

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 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.