1. What is the EMI Calculation?

The EMI (Equated Monthly Installment) calculation helps determine the fixed monthly payment amount for a loan from One Bank in Bangladesh. It includes both principal and interest components.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

• \( P \) — Principal loan amount (BDT)
• \( R \) — Monthly interest rate (annual rate ÷ 12 ÷ 100)
• \( N \) — Number of monthly installments (loan term in years × 12)
• \( EMI \) — Equated Monthly Installment (BDT)

Explanation: The formula calculates the fixed monthly payment that pays off the loan principal and interest over the specified term.

3. Importance of EMI Calculation

Details: Accurate EMI calculation helps borrowers plan their finances, understand their repayment obligations, and choose the right loan term and amount that fits their budget.

4. Using the Calculator

Tips: Enter the principal amount in BDT, annual interest rate in percentage, and loan term in years. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the typical interest rate for One Bank loans?
A: Interest rates vary by loan type and customer profile. Check with One Bank for current rates.

Q2: Can I prepay my loan?
A: Most banks allow prepayment, but there may be prepayment charges. Check with One Bank for their specific policy.

Q3: What factors affect my EMI amount?
A: Principal amount, interest rate, and loan term are the three main factors that determine your EMI.

Q4: Is there a maximum loan term available?
A: Maximum loan terms vary by loan type but typically range from 5-20 years for most personal and home loans.

Q5: Are there any hidden charges in the EMI?
A: This calculator shows the principal and interest components. Additional charges like processing fees or insurance may apply separately.