Want to know the exact calculations of your personal loan EMIs? If yes, all you need to know about a magical and smart device called 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. This online tool after taking consideration:
|Monthly Instalment (EMI)|
|Total Interest Amount|
|Total Amount (Principal + Interest)|
- Interest Rate
- Loan Amount
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.
Bank of India Personal Loan EMI Calculator
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
|Loan Amount||Interest Rate||Tenure||Monthly Instalment||Total Interest Amount||Total Amount|
|₹ 5,00,000||11.80%||1||₹ 44,378||₹ 32,532||₹ 5,32,532|
|₹ 5,00,000||11.80%||2||₹ 23,490||₹ 63,762||₹ 5,63,762|
|₹ 5,00,000||11.80%||3||₹ 16,559||₹ 96,140||₹ 5,96,140|
|₹ 5,00,000||11.80%||4||₹ 13,118||₹ 1,29,658||₹ 6,29,658|
|₹ 5,00,000||11.80%||5||₹ 11,072||₹ 1,64,305||₹ 6,64,305|
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
|1||₹ 77,989||₹ 54,871||₹ 4,22,010|
|2||₹ 87,706||₹ 45,154||₹ 3,34,303|
|3||₹ 98,634||₹ 34,226||₹ 2,35,668|
|4||₹ 1,10,924||₹ 21,937||₹ 1,24,744|
|5||₹ 1,24,852||₹ 8116||₹ 0|
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]
EMI = Equated Monthly Installment
P = Principal Loan Amount
R = Monthly Interest Rate
N = Number of Monthly Installments
Frequently Asked Questions
1. How is the Bank of India Personal loan EMI calculated?
The Bank of India personal loan EMI is calculated based on the loan tenure, principal loan amount, and interest rate. What you need to do is to just enter all this information in order to calculate the Bank of India Personal Loan EMI.
2. How can I pay Bank of India Loan EMI?
You can pay your Bank of India Personal loan EMIs by NEFT or RTGS payments, demand draft, cheque, cash, netbanking, using the BOI application. You can also pay your EMIs by visiting the bank branch.
3. What is the formula to calculate Personal loan EMI?
The formula to calculate your Personal loan EMIs of Bank of India will be –
EMI = P x R x (1+R)^n/((1+R)^n-1) where P denotes the Principal Loan Amount, R denotes the Rate of Interest per month and n denotes the loan tenure or loan period.
4. What factor affects Bank of India Personal Loan EMI?
The factors affecting your Bank of India personal loan EMIs are the loan amount, the loan tenure and the rate of interest on the loan. Changing any of the three factors will affect your EMI amount.
5. What is the best way to calculate EMI for a Bank of India Loan?
The best way to calculate EMIs for a Bank of India personal loan is to use the Bank of India personal loan EMI calculator to recognize your EMIs in a convenient way. You will have to enter your loan amount, loan tenure and rate of interest to know the EMIs quickly without getting involved in heavy and time consuming calculations.