Bank of Maharashtra Personal Loan EMI Calculator

If you are considering applying for a loan from the Bank of Maharashtra, their personal loan EMI calculator can be incredibly helpful. It lets you see potential monthly payments before committing to the loan. This helps you make informed borrowing decisions and ensures you can manage your loan repayments easily with your other expenses.

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

Calculate your monthly installments via the Wishfin Bank of Maharashtra Personal Loan 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 takes into account:

• Loan Amount
• Tenure
• Interest Rate

Once you add the details,  you get the accurate and precise results of your personal loan in just a few seconds. Yes, within a few seconds, the device starts to function and gives the values without any issues.

Example of Bank of Maharashtra Personal Loan EMI Calculation

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

Bank of Maharashtra Personal Loan EMI Calculation Formula

The calculator makes use of 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 you take out a loan of  ₹3,00,000 at an interest rate of 12% for a period of 5 years, the EMI calculation would be as follows:

• Principal Amount (P): ₹3,00,000
• 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:

[3,00,000 x 0.01 x (1 + 0.01) ^ 60]/[(1+0.01) ^60 -1] = 6,673.33

The EMIs you will be required to pay is ₹ 6,673.33

Bank of Maharashtra Personal Loan Amortisation Schedule

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

What is the Lowest EMI Offered by Bank of Maharashtra on Personal Loans?

Here are the monthly installment amounts for different loan amounts with Bank of Maharashtra Personal Loans, calculated for a term of five years at interest rates of 10% and 14.20%.

Advantages of Using Bank of Maharashtra Personal Loan EMI Calculator

Here are the key benefits of using the personal loan EMI calculator by the Bank of Maharashtra:

• Clear budget planning: The calculator shows you your exact monthly payment. This helps you budget effectively, making sure the loan payments fit well within your financial plans.
  
• Fast results: You can quickly find out your monthly payments. This will help you save time and effort when making manual calculations. This instant feedback is especially useful for comparing different loan scenarios in real time.
  
• Prevents overborrowing: By providing a clear idea of the monthly dues, the calculator helps prevent borrowing more than you can afford. This can protect you from financial strain in the future.

• Compare loan options: You can change the variables, such as loan amount, interest rate, and tenure, to compare different loan options and choose the one that suits your needs the best.
  
• Enhances loan decision-making: With all the details about your potential loan payments at your fingertips, you can make more informed decisions about whether or not to proceed with a loan.

Bank of Maharashtra Personal Loan Eligibility Criteria

Listed below are the eligibility details of the Maharashtra Bank personal loan scheme:

Factors Affecting Bank of Maharashtra Personal Loan Eligibility

Here are the factors that affect the personal loan eligibility from Bank of Maharashtra:

• Age of the applicant: To qualify for a personal loan, applicants must be under 60 years old at the end of the loan term. Applications will be rejected if the applicant is older than this age limit at that time.
  
• CIBIL score: Applicants need a good credit score to qualify, specifically a score above 750, for the Maha Bank personal loan scheme.
  
• Annual income: The Bank of Maharashtra considers an applicant's annual income when determining eligibility. Corporate salaried individuals must have an annual income of at least Rs.3 lakh to qualify for the personal loan.
  
• Relationship with the bank: Corporate salaried individuals must have been associated with the Bank of Maharashtra for at least one year to apply for a personal loan.
  
• EMI/NMI ratio: The total monthly installments and deductions shouldn't exceed 60% of an applicant's net monthly income to be eligible for the personal loan.

Fees and Charges Associated with Bank of Maharashtra Personal Loan EMI

Disadvantages of Using Bank of Maharashtra Personal Loan Calculator

Below, we have listed a few limitations of utilizing Bank of Maharashtra personal loan EMI calculator:

• The EMI calculation doesn't include processing fees or other charges that might be part of the real loan.
  
• The calculator doesn't consider your credit score, which can greatly affect the interest rate you actually get.
  
• It doesn't check if you're eligible for the loan, which depends on your income, debts you already have, and your credit history.
  
• The calculator assumes the interest rate doesn't change, which isn't always true for loans with variable rates.