Refinance Loan EMI Calculator

Refinance Loan is a pre-approved loan given to existing LTF Customers. It allows farmers to avail additional funds on a closed L&T Finance New Tractor Loan. You can get quick access to funds to meet all your financial needs.

Key Benefits of Refinancing

1. Lower Interest Rates:
Helps reduce the overall interest burden.

2. Reduced Monthly EMIs:
Improves cash flow by spreading repayments over a longer tenure.

3. Consolidation of Debts:
Allows merging multiple loans into a single, manageable repayment.

4. Access to Additional Funds:
Some refinance options provide a top-up loan for extra financial needs.

The Refinance Loan EMI Calculator is a digital tool designed to help borrowers determine the financial benefits of Refinance Loan. It calculates the new EMI and total interest payable on your Refinance Loan.

How It Works?

1. Enter details of your current loan, including outstanding balance, interest rate, and remaining tenure.

2. Input the details of the Refinance Loan, such as the new interest rate and tenure.

3. The calculator displays the revised EMI and highlights the potential savings in interest and monthly outflow.

The EMI (Equated Monthly Installment) for a Refinance Loan is calculated using a standard formula:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]​

Where:

p = Principal loan amount (outstanding balance on the current loan).

r = Monthly interest rate (annual rate divided by 12).

n = Loan tenure in months.

Example Calculation

Current Loan Balance: ₹ 10,00,000

Current Interest Rate: 10% annually (0.0083 monthly)

Remaining Tenure: 5 years (60 months)

After Refinancing:

New Interest Rate: 8% annually (0.0066 monthly)

New Tenure: 5 years (60 months)

The Refinance EMI Calculator offers several benefits:

1. Clarity on Savings:
Provides a clear picture of potential savings from reduced EMIs or interest rates.

2. Comparison Tool:
Enables easy comparison between the terms of your current loan and the best Refinance Loans available.

3. Time-Efficient:
Generates instant results, eliminating the need for manual calculations.

4. Enhanced Financial Planning:
Helps you make informed decisions about loan restructuring.

5. User-Friendly:
Intuitive interface ensures accessibility for borrowers of all backgrounds.