Bank of Maharashtra Personal Loan EMI Calculator

Bank of Maharashtra Personal Loan EMI Calculator

Estimate Your Monthly EMI Before You Borrow

The Bank of Maharashtra Personal Loan EMI Calculator is a simple online tool that helps you estimate your monthly repayment (EMI) based on the loan amount, interest rate, and loan tenure. By offering a clear projection of your financial obligations, it enables you to plan repayments effectively before applying for a personal loan.

How the EMI Calculator Works

The EMI (Equated Monthly Instalment) is calculated using a standard mathematical formula.

EMI Formula

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

• P: Loan Amount (Principal)
• R: Monthly Interest Rate (Annual Rate ÷ 12 ÷ 100)
• N: Loan Tenure in Months

Example

Suppose you borrow ₹5,00,000 at an annual interest rate of 11.50% for a tenure of 5 years (60 months):

• Monthly interest rate = 11.50% ÷ 12 = 0.9583%
• EMI = ₹11,024 (approximately)

(This is an estimate; actual EMI may vary slightly based on final loan terms.)

Key Inputs Required

• Loan Amount: ₹50,000 to ₹20 lakh
• Interest Rate: 11.50% p.a. (as of Q1 FY 2024–25)
• Loan Tenure: 12 to 60 months

Features and Benefits

• Instant results without manual calculations
• Customizable inputs for better comparisons
• Improves financial planning by estimating interest outgo
• Free to use and accessible anytime online

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.