How To Use The UCO Bank Home Loan EMI Calculator in An Efficient Way?

There are a number of people out in our country who will tell you about their experience of bad repayment behavior and default in paying their home loan EMI. When you will go to the base of this matter, you will find that they didn’t factor in the EMI Calculation part before opting for the loan facility. When you take any kind of home loan facility, it’s important to have a pre-estiamte about the EMI amount that you will be paying for your repayment period. UCO Bank is one of the leading public sector banks of our country that provide a range of banking products to the customers.

Home Loan facility is one of the most amazing services given by them because of the affordable rate of interest and easy repayment methods exclusively for you. For an early estimate about the EMI amount, you can use the UCO bank home loan EMI calculator. In this article, we will be telling you about the details that you will need to function this and also the benefits of it that you can enjoy with this. So keep reading!

What are the details that you will need to use EMI Calculator by UCO Bank?

You must have used the simple calculator in your childhood. Now you must be using that one in your smartphone itself. So you must know that a calculator works on the inputs that you provide to them. Same as that, the UCO bank home loan EMI Calculator also needs a few details as inputs by which it can give you the EMI amount as the primary output. Apart from this, it also gives the interest outgo and total amount payable over your loan repayment period. Here are the details that you will need to fill in the calculator.

Required Loan Amount: When you want to buy a house or going to repair/renovate the house, there must be an amount that you have in your mind. The maximum loan amount that you can get is 75% of the property value if it’s above 75 lakhs as the loan amount. Choose this amount according to your repayment capability and financial needs and fill it in the UCO bank home loan EMI Calculator.

Rate of Interest: Earlier, UCO bank used to fix the rate of interest on the basis of MCLR (Marginal Cost of Lending Rate) but now you can choose the UCO Bank Float Rate which is linked to the Repo Rate based lending rate. Your interest rate will be determined by your CIBIL score. If it’s 750 or above then you will get the 8.05% per annum and if it’s below that, then it will be 8.15% per annum.

Tenure: With the help of the UCO Bank home loan, you can opt for the home loan for a maximum period of 30 years within which you can easily repay the home loan. On choosing a short term, you may have to pay a higher EMI amount, while the EMI amount will be lesser on choosing a higher repayment period. Choose what your pocket allows to do.

On filling all these details into the calculator, you will get the exact EMI amount within a second. This calculator is pretty quick in processing and as soon as you the calculate button, it gives results in a flash. By the resultant EMI amount, you can easily plan your future finances.