Bank of India Personal Loan EMI Calculator

When considering a personal loan to cover an emergency or a short-term financial need, it's imperative to understand the monthly financial commitment involved. Knowing the monthly EMI (Equated Monthly Installment) you'll need to pay is essential for determining the loan amount you can afford and for planning your budget accordingly.

With this in mind, many banks, including the Bank of India, offer a personal loan EMI calculator . This handy tool can quickly show you the EMI you'll need to pay each month, making it easier to plan ahead. Isn’t it helpful to know exactly what your monthly payments will be for the loan you're considering?

How to Use Wishfin Bank of India Personal Loan EMI Calculator?

This well-designed tool with its simple algorithms calculates the EMI, Interest and Total Amount Payable towards a personal loan in a hassle-free manner. All you need to do is input the following details:

• Loan Amount
• Tenure
• Interest Rate

The device starts to function and gives the exact and accurate results in just a few seconds. This is the reason that this device is widely used by the loan-seekers today. However, because of its online availability 24×7, it would not be wrong to say that this tool is easy to access anytime to know the exact EMI calculations.

Example of Bank of India Personal Loan EMI Calculation

If you are curious to know more about this device, simply take a look at the example below to have more clarity on the same.

Suppose, Akhil Aggarwal, a 32-year-old, Senior Manager in a reputed Company is looking for a personal loan of ₹5 Lakh to renovate his home. He has applied to avail the same loan amount and the bank has approved his loan applications, agreed to offer the loan at an interest rate of 11.80% per annum for a tenure of 5 years. But Akhil wants to be fully sure about the EMIs, i.e. whether his monthly installments are going to be pocket-friendly or not?Thus, he used a personal loan EMI Calculator to find the answer of the same. So, let’s take a look at the table below and know wants happens in Akhil’s case.

Table Showing EMI, Interest Outgo, and Total Repayment Amount

Bank of India Personal Loan EMI Calculation Formula

The calculator uses the below formula to calculate an EMI.
EMI=[P x R x (1+R)^N]/[(1+R)^N-1]
where,
EMI=Equated Monthly Installment
P=Principal Loan Amount
R=Monthly Interest Rate
N=Number of Monthly Installments

If the principal amount is ₹ 2.5 lakh with a rate of interest at 12% p.a. and tenure of 5 years, the EMI will be as given below:

• Principal Amount (P): ₹2,50,000
• Interest Rate (R): 12% per annum (which is 12/12/100 = 0.01 per month)
• Loan Tenure (n): 5 years, or 60 months

Here’s how to calculate it:

[2,50,000 x 0.01 x (1 + 0.01) ^ 60]/[(1+0.01) ^60 -1] = 5,561.11

The EMIs you will be required to pay is ₹ 5,561.11

Bank of India Personal Loan Amortisation Schedule

Here is the amortization schedule for the example provided above, to assist you further:

What is the EMI of a 1 Lakh Personal Loan in Bank of India?

Below, we have calculated the EMI for a 1 lakh Bank of India personal loan over a tenure of 5 years. This calculation is based on the lowest and highest interest rates charged by Bank of India on their personal loans.

What is the EMI of a 3 Lakh Personal Loan in Bank of India?

Below, we have calculated the EMI for a 3 lakh Bank of India personal loan over a tenure of 5 years. This calculation is based on the lowest and highest interest rates charged by Bank of India on their personal loans.

The Lowest EMI Provided by Bank of India on Personal Loans

Here are the monthly payments (EMIs) for various loan amounts with Bank of India Personal Loans, calculated using interest rates of 11.40% and 18.75% over a five-year term:

Advantages of Using Bank of India Personal Loan EMI Calculator

Using the Bank of India Personal Loan EMI Calculator offers several advantages that can significantly benefit potential borrowers. Here are the key benefits:

1. Quick and Accurate Results: The EMI calculator provides instant and precise calculations. This saves time and reduces the risk of errors associated with manual computations. Also, the users get accurate EMI amounts quickly.
   
2. Improved Loan Eligibility: By using the EMI calculator, prospective loan applicants can better understand their EMI obligations. This helps them ensure that their total EMI commitments do not exceed 50-60% of their total monthly income, thereby improving their chances of loan approval.
   
3. Better Financial Planning: The calculator helps users plan their finances more effectively by providing a clear picture of their monthly EMI payments. This allows them to adjust their monthly budgets to accommodate the loan repayment and ensure better financial management.
   
4. Healthy Credit Score: Using the EMI calculator helps borrowers plan their repayments more efficiently, reducing the likelihood of defaults. Timely repayments contribute to maintaining or improving the borrower’s credit score.
   
5. No Need for Personal Details: The Bank of India Personal Loan EMI Calculator does not require users to provide personal details or register, ensuring privacy and convenience.
   
6. Free and Accessible: The calculator is available online for free and can be used anytime. This makes it a convenient tool for anyone considering a personal loan from the Bank of India.

Eligibility Criteria for Bank of India Personal Loan

Here are the eligibility criteria when planning to apply for different types of personal loans offered by the Bank of India:

BOI Star Personal Loan Eligibility

• For Salaried Employees and Professionals : This includes permanent salaried employees, professionals, and individuals with high net worth.
• For Bank of India Staff : This covers staff members and retired Bank of India employees.
• For Pensioners : Regular pensioners or family pensioners who receive their pension from the Bank of India.

For Star Suvidha Express Personal Loan :

• For Salaried Individuals : Those who have salary accounts with the Bank of India.
• For Home Loan Borrowers : Existing salaried individuals who have a home loan with the Bank of India.
• The maximum age limit for loan maturity is 75 years.

For Doctors :

• Medical practitioners must be qualified, registered, and have been practicing for at least 3 years in any branch of medical science recognized by DCI/MCI or other regulatory/statutory authorities in India.
• Applicants must be at least 25 years old.
• The loan should be fully repaid by the time the applicant reaches 75 years of age.

Factors Impacting Bank of India Personal Loan EMI

Here are some key factors that influence the EMI for a Bank of India personal loan:

• Loan Amount: The higher the loan amount, the higher the EMI. Essentially, the total amount of money you borrow has a direct impact on your monthly payments.
  
• Interest Rate: The interest rate Bank of India charges on your personal loan significantly affects your EMI. Higher rates increase the EMI, while lower rates decrease it.
  
• Loan Tenure: The length of time you choose to repay the loan also affects your monthly payments. Longer loan terms mean lower EMIs but more interest paid over time, while shorter terms result in higher EMIs but less total interest paid.
  
• Credit Score: Your credit score can influence the interest rate you are offered. A higher credit score could help you secure a lower interest rate, which would reduce your monthly EMI.
  
• Additional Fees and Charges: Any extra fees associated with the loan, like processing fees, application charges, or prepayment penalties, can also affect the overall cost of your loan and, consequently, your monthly EMI.

How to Improve Your Chances of Getting a Bank of India Personal Loan?

Here’s how to improve your chances of getting a personal loan from Bank of India with good terms:

• Check and Improve Your Credit Score: Make sure there are no fraudulent transactions on your credit report. Correcting any inaccuracies can significantly boost your credit score. Pay your loan EMIs and bills on time and on a consistent basis to make sure your credit score improves. Also, ensure that credit card utilization is below 30%.

• Manage Your Debts: Pay down existing debts to improve your debt-to-income ratio. Lenders prefer a lower ratio as it indicates better financial health and repayment capacity.Do not apply for multiple loans simultaneously, as this can negatively impact your credit score and make you appear desperate for credit.

• Maintain Stable Employment: Lenders prefer applicants with stable employment histories. If you have been with your current employer for a significant period, it enhances your credibility. Ensure your income is consistent and sufficient to cover the loan EMIs. Higher and stable income levels improve your loan eligibility.

• Prequalify Before Applying: Use prequalification tools to check your eligibility without affecting your credit score. This helps you understand the loan amounts and interest rates you might qualify for.

Fees and Charges for Bank of India Personal Loan

Here are the fees and charges related to the personal loan offered by Bank of India:

Limitations of Using Bank of India Personal Loan Calculator

Here are a few disadvantages of using Bank of India personal EMI calculator:

• Does not account for personal financial details like credit score or existing debts.
• Assumes a constant interest rate, not accounting for possible variations in variable rate loans.
• Often does not include fees like processing charges or prepayment penalties, potentially underestimating the true cost of the loan.
• Relies on user-provided data; inaccuracies in input can lead to incorrect EMI calculations.
• Offers calculations without personalized financial advice or alternative scenarios.