Bank of India Personal Loan Emi Calculator
Searching for a personal loan from Bank of India? Understanding the constraints of your EMI-Equated Monthly Instalment might help you manage your budget with greater efficiency. It is a set monthly payment that includes both the loan balance and interest. The Bank of India personal loan EMI calculator will assist you in successfully distributing your money, so let's look at its features and how it can play an important role in your financial path.
Bank of India Personal Loan EMI Calculator
Loan Amount
₹
Rate of Interest
%
Loan Duration
Months
EMI Payment Schedule
What is the Bank of India Personal Loan EMI Calculator?
Bank of India's personal loan EMI Calculator is an online tool that allows potential personal loan borrowers to calculate the loan payment amount that they must pay each month. The EMI amount for a personal loan may vary depending on their personal loan interest rate, loan amount, and repayment period selected by the borrower.
Additionally, loan borrowers can even use LiveMint's https://www.livemint.com/loans/personal-loan-emi-calculator for calculating the monthly repayment amount and interest rate. This will help them to easily compare the prices and choose the best option for themselves.
Prerequisites for using the Bank of India Personal Loan Calculator
To use the Bank of India personal loan Calculator, you simply need to provide three simple details:
How to Choose Rate of Interest for Bank of India Personal Loan EMI Calculator?
The Bank of India personal loan EMI Calculator allows you to choose ROI from a variety of interest rates. Prospective borrowers can get particular EMIs for various loan amounts, interest rates, and repayment periods. However, the ultimate interest rate granted for a personal loan would be determined by Bank of India personal loan Eligibility, which is based on a number of variables such as monthly income, age, credit score, age, repayment ability, occupation profile, and so on.
Factors affecting Bank of India Personal Loan EMI Calculator
- Loan repayment tenure:Bank of India offers personal loans with repayment terms of up to three years. Consumers would pay cheaper EMIs if they took out a personal loan with a longer payback period, and vice versa. However, the total interest cost of their personal loan may climb.
- Personal loan amount:Applicants can get a Bank of India personal loan for up to ₹20 lakh. The EMI and total cost of interest will be higher as the loan amount increases. It is critical to understand that the eligibility for a personal loan amount is mostly determined by repayment capacity and loan repayment tenure.
- Interest rate: Bank of India personal loan interest rates start at 10.85%. Consumers who take out personal loans at lower interest rates will pay lesser EMIs and interest costs. Consumers would have to pay higher EMIs and interest expenses if they took out higher-interest personal loans.
Formula of Bank of India Personal Loan EMI Calculator
The Bank of India personal loan Calculator uses a basic formula to calculate the EMI amount of a personal loan from the Bank of India, the formula is:
E=(1+R)N−1P×R×(1+R)N
Where:
- E = EMI (Equated Monthly Instalment)
- P = Principal amount
- R = Rate of interest
- N = Loan repayment tenure
After entering the details, the calculator will provide you with the specific amount to be paid by the loan borrower monthly. This will help the applicant to distribute their financial budget in a precise manner
Amortisation Table of Bank of India Personal Loan EMI Calculator
Amortisation Table
| Year | Principal Repaid | Interest Repaid | Outstanding Balance |
| 1 | 71778 | 67242 | 928221 |
| 2 | 78929 | 62091 | 851291 |
| 3 | 82449 | 56571 | 768841 |
| 4 | 88366 | 50655 | 680475 |
| 5 | 94707 | 44314 | 585768 |
| 6 | 101503 | 37518 | 484264 |
| 7 | 108786 | 30234 | 375478 |
| 8 | 116592 | 22428 | 258885 |
| 9 | 124959 | 14062 | 133926 |
| 10 | 133992 | 5095 | 0 |
(Source - https://housing.com/home-loans/bank-of-india/emi-calculator)
Bank of India Personal Loan Interest Rate 2024
The Bank of India provides a variety of personal loan interest rates customised to different borrower profiles and needs. The interest rate for unsecured personal loans is fixed at 14.85%. If the loan is secured through tie-up arrangements, the interest rate is slightly lower, at 13.85%. Senior persons aged 60 and over who apply for loans of more than ₹50,000 might benefit from a 12.85% interest rate, and to fulfil the eligibility.
Bank of India Personal Loan Eligibility Criteria
The eligibility criteria for personal loan in BOI, is depending upon the types of loans they are offering as there are specific terms and conditions for all kinds of personal loans. The BOI offers different types of loans to working individuals and pensioners, and offers a variety of terms and conditions. Other than that, BOI may also consider the applicant's monthly income and credit score as part of the eligibility assessment, similar to other banks and financial institutions.
Personal Loan EMI Calculator from Other Banks
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Benefits of using Bank of India Personal Loan EMI Calculator
Budget Management:
Because the EMI amount for personal loans acquired at fixed interest rates remains constant during the duration of the loan, borrowers can use the Bank of India Personal Loan EMI Calculator to know the precise amount they have to repay.
Healthy credit score:
Personal loan applicants who utilise the Bank of India Personal Loan EMI Calculator to calculate their monthly instalments would be better prepared to manage their money for loan repayment within the specified time frame. Such candidates are also less likely to default on their EMIs, which helps enhance or preserve their credit scores.
Quick and accurate results:
The Bank of India personal loan EMI Calculator will help you compute difficult EMI calculations in seconds, saving you a lot of time. It would also help to reduce the likelihood of errors that occur during hand calculations with complex formulas.
Improve Your Personal Loan Eligibility:
Banks/NBFCs typically approve personal loan applications from persons whose overall EMI commitments, including the proposed personal loan EMI, do not exceed 50-60% of their monthly income. Using the Bank of India personal loan EMI Calculator will help prospective loan applicants understand their EMIs. As a result, applicants who surpass the indicated maximum will be able to reduce their EMI when applying for a personal loan. Furthermore, this will help prospective candidates boost their chances of receiving personal loan approval.
How to Use the LiveMint EMI Calculator
Applicants can even use the Mint’s personal EMI calculator, for calculating their monthly repayments and rate of interest. By just following three simple steps applicants can use the calculator effortlessely:
- Input loan amount: Enter the total amount you wish to borrow.
- Select rate of interest: Choose the applicable interest rate for your loan.
- Choose loan duration: Select a repayment period that suits your financial needs.
After filling the required details, the calculator will calculate the estimated amount of repayments monthly. This tool will help you to compare and choose the best deal according to your preference.
https://www.livemint.com/loans/hdfc-bank-personal-loan-emi-calculator.
Advantages of Using the LiveMint EMI Calculator
The LiveMint https://www.livemint.com/money/loan/personal-loan. EMI calculator is the right tool for you, which can help you to calculate the monthly repayments in a few easy steps. It can help you create a financial plan. Whether you have already taken a loan or are considering taking one, our calculator can help you determine what your financial liabilities will be and for how long. You can experiment with different loan tenures, loan amounts, and interest rates to find a suitable EMI amount. Mint is the ultimate place for all of your personal money requirements.
- The calculator calculates the EMI and total interest on your personal loan, providing you a better understanding of your financial situation.
- Using the calculator helps you avoid frequent mistakes and errors in manual calculations, which will help you to gain accurate results.
- You can rapidly compare different principal amounts and tenures to discover an EMI that is according to your preference.
- You can use the calculator as many times as you need as the tool is free for all users, allowing you to test your estimates until you discover the best option.
- You can estimate your EMI and interest at home, avoiding the need to visit banks or financial institutions.
Bank of India Personal Loan EMI Calculator FAQs
Q1. What details do I need to fill in the Bank of India Personal loan EMI calculator?
The details that need to be filled in the EMI calculator by the applicant are: the principal amount, the tenure of the loan, and the interest rate of the personal loan.
Q2. How many times can I use the Bank of India Personal Loan EMI Calculator?
You can use the calculator multiple times, as it’s a free tool.
Q3. Do we need to sign up and fill necessary details, to use the Bank of India Personal Loan EMI Calculator?
No, there is no need to sign up or fill in any personal details.