Bank of India Personal Loan EMI Calculator

Bank of India Personal Loan EMI Calculator

Planning to take a personal loan from the Bank of India? Use this free and easy EMI calculator to determine your monthly repayment amount. It helps you make informed decisions by estimating your EMIs based on the loan amount, tenure, and interest rate.

What is a Personal Loan EMI?

EMI (Equated Monthly Installment) is the fixed amount you pay each month to repay your personal loan. It includes both the interest and principal components. Knowing your EMI in advance helps you manage your monthly finances efficiently.

How the Bank of India Personal Loan EMI Calculator Works

This calculator uses the standard EMI formula:

EMI = [P × R × (1 + R)^N] / [(1 + R)^N – 1]

• P: Principal loan amount
• R: Monthly interest rate (annual interest rate ÷ 12 ÷ 100)
• N: Loan tenure in months

The calculator instantly computes your EMI as you adjust the inputs, eliminating the need for manual calculations.

Key Inputs Required

• Loan Amount: The amount you plan to borrow from the Bank of India (e.g., ₹50,000 to ₹10 lakh).
• Interest Rate: The applicable rate for Bank of India personal loans. As of Q1 FY 2024–25, it ranges from 10.85% to 12.50% p.a. (subject to eligibility and loan terms).
• Loan Tenure: Duration over which the loan will be repaid, typically between 12 to 60 months.

Benefits of Using This Calculator

• Instant EMI results
• No manual calculations
• Helps in financial planning
• Free and accessible 24/7
• Compare scenarios by adjusting inputs

Example Calculation

Suppose you take a ₹2 lakh personal loan for 3 years at 11.50% annual interest:

• Monthly EMI: ₹6,604
• Total Interest Payable: ₹37,736
• Total Amount Repayable: ₹2,37,736

This helps you understand the full cost of the loan before applying.

Disclaimer : The results given by the above calculator are for illustration purpose only. They are often based on a number of assumptions. The results given are in no way any guarantee of the returns that will be given. Investments in stock markets and securities markets are subject to market risks and other risks. There is no guarantee of the return that will be actually given. Investment in other financial products may also be subject to market risks and other risks. There is no guarantee of the returns that will be given by them. The calculator also does not make any recommendation directly or indirectly. Please consult a registered Financial Advisor before taking any investment decision.