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:
Loan Amount Interest Rate Tenure(Months) Monthly Instalment (EMI) Total Interest Amount Total Amount (Principal + Interest) Year Principal Interest Balance Amount
- 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.
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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 EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
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 Year Principal Interest Balance Amount 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
Table Showing EMI, Interest Outgo, and Total Repayment Amount
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
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