Standard Chartered Bank Home Loan Calculator

The Standard Chartered Bank home loan calculator is an AI-powered self-help tool that allows users to compute the monthly EMI on their Home loan. The calculator features a straightforward interface that allows even  first-time users to perform the calculation with minimal effort. The Standard Chartered Bank Home loan calculator is a tool offered by one of the most renowned brands in the banking industry.

What are Standard Chartered Bank Home Loans EMI Calculator Features and Benefits?

The Standard Chartered Bank Home loan EMI calculator is an online tool that offers its users the following features and benefits.

• The Standard Chartered Bank Home loan calculator is available online and can be accessed by even first-time users without any glitches. The user must mention the amount they want to borrow and the repayment tenure.
• The Standard Chartered Bank home loan calculator is an AI-powered tool that leaves minimal scope for any inconsistency or error. It provides a better alternative than manual calculations. 
• The home loan calculator is the tool that allows the user to mention multiple values in the calculations and reach the EMI amount that compliments their budget. It will help the user to plan the repayments of their loan better.

How Standard Chartered Bank Home Loan Calculator Works & Formula?

The Standard Chartered Bank Home loan calculator offers a convenient avenue for users to calculate their EMI payments on their home loans. The user must mention the loan amount they want to borrow from the bank and the loan tenure. After successfully mentioning these values on the calculator, one can review the following almost instantaneously.

EMI Amount: Refers to the monthly EMIs the borrower has to pay on the home loan.

Interest Component: Refers to the total interest amount the borrower has to pay on the home loan throughout the tenure.

Total Outflow: Refers to the total amount repaid against the home loan. It is the sum of principal and interest.

The Standard Chartered Bank Home Loan calculator employs the following formulae to compute the value of EMI against the provided values:

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

Where,

• P is the Principal Amount
• R is the Rate of Interest
• N is the tenure of the Home Loan

For a better understanding let’s take an example. Suppose you want a home loan of Rs 40 Lakhs from Standard Chartered bank. The interest rate charged on loan is 8.65% per annum. And the repayment tenure is 15 years. So by applying the formulae mentioned above:

EMI Amount = 40,00,000*8.65*(1+8.65)^15/[{1+8.65)^15-1],

 The EMI on loan would be 39,742

How does EMI Calculation Help in Planning a Home Purchase?

The Standard Chartered Bank home loan calculator assists the user in deriving the EMI amount on the home loan from the comfort of their home. It helps the user in the following ways. For example,

• The calculator enlightens the user of the complete repayment process as it provides a detailed breakdown of the EMIs regarding the composition of the principal and interest at different stages throughout the tenure.
• The EMI calculation done for the home loan is facilitated through a sophisticated system. That is a better alternative than performing manual calculations, which are time-consuming and prone to errors and inaccuracies.
• The EMI calculation helps the borrower to plan the repayment of the loan and map out their repayment strategy. One can easily compare the varying interest rates, loan tenures and amounts to find the one that complements their budgetary goals.
• The EMI loan calculator allows the user multiple input values to find the best deal available. This is a crucial feature as it allows users to find the most budget-friendly option among the varying tenures and schemes.

Factors Affecting Standard Chartered Bank Home Loan EMI 

The following factors affect the home loan EMIs offered by Standard Chartered Bank:

• Needless to say, the loan amount and EMI amount on the Standard Chartered Bank Home loan EMI share a directly proportional relationship. A substantial loan amount will increase the EMI payments.
• The interest rate is the fee the bank charges against the home loan. A higher interest rate would increase the cost of the loan. The loan applicant must select a scheme that offers lucrative interest rates to reduce the loan cost.
• The loan tenure is also an essential factor that impacts the EMI of the home loan. A lengthy tenure spreads out the repayment and minimises the cost of the EMI. One can select a long tenure to make the EMIs more manageable. 

Standard Chartered Bank Home Loan Amortisation Schedule

The table below showcases the repayment schedule of the loan amount of Rs 15 Lakhs. The interest rate charged for the loan is 6.70% per annum, and the repayment tenure is set at ten years.

Year	Opening Balance	EMI (Annual)	Interest (Annual)	Principal (Annual)	Closing Balance
2023	15,00,000	1,58,785	98,676	60,109	14,39,891
2024	14,39,891	1,58,785	94,523	64,262	13,75,629
2025	13,75,629	1,58,785	90,083	68,702	13,06,927
2026	13,06,927	1,58,785	85,336	73,449	12,33,478
2027	12,33,478	1,58,785	80,261	78,524	11,54,953
2028	11,54,953	1,58,785	74,835	83,950	10,71,003
2029	10,71,003	1,58,785	69,034	89,751	9,81,252
2030	9,81,252	1,58,785	62,833	95,952	8,85,300
2031	8,85,300	1,58,785	56,203	1,02,582	7,82,718
2032	7,82,718	1,58,785	49,115	1,09,670	6,73,048
2033	6,73,048	1,58,785	41,537	1,17,248	5,55,800
2034	5,55,800	1,58,785	33,436	1,25,349	4,30,450
2035	4,30,450	1,58,785	24,775	1,34,011	2,96,440
2036	2,96,440	1,58,785	15,515	1,43,270	1,53,170
2037	153,170	1,58,785	5,616	1,53,170	0

Standard Chartered Home Loan EMI for ₹ 10 Lakh

The following table showcases the EMI amount for Rs 10 lakhs at different tenures:

Loan Amount	Interest Rate	Tenure	EMI
10,00,000	8.65%	10	Rs 12,478.9
10,00,000	8.65%	15	Rs 9.935
10,00,000	8.65%	20	Rs 8,773

Standard Chartered Home Loan EMI for ₹ 20 Lakh

The following table showcases the EMI amount for Rs 20 lakhs at different tenures:

Loan Amount	Interest Rate	Tenure	EMI
20,00,000	8.65%	10	Rs 24,957
20,00,000	8.65%	15	Rs 19,871
20,00,000	8.65%	20	Rs 17,546

Standard Chartered Home Loan EMI for ₹ 25 Lakh

The following table showcases the EMI amount for Rs 25 lakhs at different tenures:

Loan Amount	Interest Rate	Tenure	EMI
25,00,000	8.65%	10	Rs 31,197
25,00,000	8.65%	15	Rs 24,838
25,00,000	8.65%	20	Rs 21,993

Standard Chartered Home Loan EMI for ₹ 30 Lakh

The following table showcases the EMI amount for Rs 30 lakhs at different tenures:

Loan Amount	Interest Rate	Tenure	EMI
30,00,000	8.65%	10	Rs 37,346
30,00,000	8.65%	15	Rs 29,806
30,00,000	8.65%	20	Rs 26,320

Standard Chartered Home Loan EMI for ₹ 50 Lakh

The following table showcases the EMI amount for Rs 50 lakhs at different tenures:

Loan Amount	Interest Rate	Tenure	EMI
50,00,000	8.65%	10	Rs 62,394
50,00,000	8.65%	15	Rs 49,667
50,00,000	8.65%	20	Rs 43,867

Comparison of Standard Chartered Bank Home Loan EMI with other Banks

The following table showcases a comparison between Standard Chartered Bank Home Loan Interest Rates with other lending institutions:

Bank	Interest Rate
Standard Chartered Bank	8.65% Onwards
Union Bank of India	8.25% Onwards
HDFC Bank	8.60% Onwards
SBI Bank	8.70% Onwards
ICICI Bank	8.65% Onwards
Axis Bank	8.65% Onwards