Bank of Maharashtra Personal Loan EMI Calculator Feb 2023 - Wishfin

# Bank of Maharashtra Personal Loan EMI Calculator

Calculate your monthly installments via personal loan EMI Calculator and make your personal loan journey a hassle-free experience. The device with its fastest algorithms allows you to know the exact calculations of your EMI, Interest Outgo and Total Amount Payable in a hassle-free manner. This online tool after taking into account:

EMI Calculator for Personal Loan
Loan Amount (₹)
Interest Rate (%)
Tenure (Month)
Results
 Loan Amount Interest Rate Tenure(Months) Monthly Instalment (EMI) Total Interest Amount Total Amount (Principal + Interest)
YearPrincipalInterestBalance Amount
• Interest Rate
• Tenure
• Loan AmountAllows you to know the accurate and precise results of your personal loan in just a few seconds. Yes, within few seconds, the device starts to function and gives the values without any hassle.

## Bank of Maharashtra Personal Loan EMI Calculator

Suppose, Neha Gupta, a 30-year-old, Senior Content Writer by profession wants to apply for a personal loan of ₹1 Lakh. She has applied in BOM and the lender has approved her loan application after verifying her profile. The lender is ready to offer her the same loan amount at an interest rate of 11.65% per annum for a tenure of 3 years. So, let’s find out the EMI and Interest Outgo in Neha’s case.

Table Showing EMI, Interest Outgo, and Total Repayment Amount

Loan AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
₹ 1,00,00011.65%1₹ 8869₹ 6422₹ 1,06,422
₹ 1,00,00011.65%2₹ 4691₹ 12,584₹ 1,12,584
₹ 1,00,00011.65%3₹ 3305₹ 18,971₹ 1,18,971

EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

YearPrincipalInterestBalance Amount
1₹ 29,551₹ 10,105₹ 70,448
2₹ 33,184₹ 6472₹ 37,263
3₹ 37,295₹ 2393₹ 0

### Bank of Maharashtra 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