| RESULTS | |
|---|---|
| Loan Amount | ₹₹ 2,50,000 |
| Interest Rate | 10.99%% |
| Tenure(Months) | 224 |
| Monthly Instalment (EMI) | ₹₹ 2,631 |
| Total Interest Amount | ₹ ₹ 3,39,334 |
| Total Amount (Principal + Interest) | ₹₹ 5,89,334 |
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:
- Loan Amount
- Tenure
- Interest Rate
Allows 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
Let’s just know more about this magical device with the help of an example below.
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 AMOUNT | INTEREST RATE | TENURE | MONTHLY INSTALMENT | TOTAL INTEREST AMOUNT | TOTAL AMOUNT |
|---|---|---|---|---|---|
| ₹ 1,00,000 | 11.65% | 1 | ₹ 8869 | ₹ 6422 | ₹ 1,06,422 |
| ₹ 1,00,000 | 11.65% | 2 | ₹ 4691 | ₹ 12,584 | ₹ 1,12,584 |
| ₹ 1,00,000 | 11.65% | 3 | ₹ 3305 | ₹ 18,971 | ₹ 1,18,971 |
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| YEAR | PRINCIPAL | INTEREST | BALANCE 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