1. What is EMI?

EMI (Equated Monthly Installment) is the fixed payment amount a borrower pays to a lender at a specified date each calendar month. For Landbank salary loans, this includes both principal and interest components.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

• \( P \) — Principal loan amount (PHP)
• \( r \) — Monthly interest rate (annual rate divided by 12 months)
• \( n \) — Loan term in months

Explanation: The formula calculates the fixed monthly payment that would pay off the loan with interest over the specified term.

3. Understanding Loan Terms

Details: Landbank salary loans typically have competitive interest rates and flexible repayment terms. The actual terms may vary based on your employment status and salary.

4. Using the Calculator

Tips: Enter the principal amount in PHP, annual interest rate (without the % sign), and loan term in months. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the typical interest rate for Landbank salary loans?
A: Interest rates vary but typically range from 6% to 12% per annum depending on loan terms and borrower qualifications.

Q2: What is the maximum term for Landbank salary loans?
A: Loan terms typically range from 6 to 36 months, depending on the loan amount and borrower's repayment capacity.

Q3: Are there any processing fees?
A: Landbank may charge a service fee, typically 1% of the loan amount. Check with your branch for exact fees.

Q4: Can I prepay my loan?
A: Yes, Landbank generally allows prepayment, though terms may apply. Early repayment can reduce your total interest cost.

Q5: How accurate is this calculator?
A: This provides an estimate. Actual loan terms may vary based on Landbank's current policies and your specific qualifications.