Bank of India Personal Loan EMI Calculator

Home / Life Insurance / Calculators / Articles / EMI Calculator / Personal Loan EMI Calculator / Bank of India Personal Loan EMI Calculator

Availing a multi-year personal loan from the Bank of India is a major financial decision. Comprehensive planning considering income, obligations and customised loan details is key to ensuring prudent borrowing. This is where ACKO's user-friendly Bank of India personal loan EMI calculator comes in.

Our advanced calculator takes just seconds to provide a personalised estimate of your equated monthly instalments (EMIs) on a Bank of India personal loan.

Simply input your desired loan amount, preferred repayment tenure and prevailing interest rates - and view your tailored EMI instantaneously.

Bank of India Personal Loan EMI Calculator – Quick and Accurate Personal Loan EMI Calculation Online

About Bank of India Personal Loans

As a leading public sector bank, Bank of India offers personal loans with flexible features:

Competitive interest rates starting from 10.75% p.a.
Flexible tenures up to 7 years
Maximum loan amount up to Rs 25 lakhs
Fast approval and disbursal
Minimal paperwork
Option for flexible repayment

How Bank of India Personal Loan EMI Calculator Can Enhance Your Financial Strategy

Manual calculations of personalised loan details can be complicated. Our advanced EMI calculator simplifies this process.

It works on the standard formula:

EMI = P x R x (1+R)^N / [(1+R)^N-1]

Where:

P is the loan amount
R is the monthly interest rate
N is the loan tenure in months

Let's calculate the EMI on a ₹3 lakh Bank of India personal loan at 10.75% interest for 4 years (48 months):

P = Rs 3,00,000

R = 10.75/12 = 0.89 per month

N = 4 years x 12 months = 48 months

Putting this into the formula:

EMI = [3,00,000 x 0.89 x (1+0.89)^48]/[(1+0.89)^(48-1)]

EMI = Rs 7,717

Therefore, the EMI comes to ₹7,717 on a loan of ₹3 lakhs for 4 years at a 10.75% annual interest rate. Our EMI calculator allows quick computation of the optimal loan amount, aligning instalment and repayment capacity.

A Guide to How Bank of India Personal Loan EMI Calculator Calculates EMIs

ACKO's loan EMI calculator uses a comprehensive calculation method. Here's a brief look:

Components of EMI:

Principal Amount – Portion going towards actual loan borrowed
Interest Amount – Interest applied each month on the outstanding loan amount

Let's break this down further:

Personal Loan Amount: Rs 3 lakhs
Tenure: 4 years (48 months)
Interest Rate: 10.75% p.a.
Step 1: Calculate the monthly interest rate.
- The annual rate is 10.75%
- Monthly rate = 10.75%/12 = 0.89%
Step 2: Plug the above values in the EMI formula:
- EMI = 30,00,00 x 0.89% x (1+0.89%)^48/[(1+0.89%)^48-1]
- EMI = Rs 7,717
Step 3: Use the EMI value to prepare a full repayment schedule
- The calculator shows how much interest is charged and how much principal is to be paid each month

Loan Repayment Schedule

Month	Opening Balance	Interest paid during the month	Principal repaid during the month	Closing Balance
1	3,00,000	2,688	5,030	2,94,970
2	2,94,970	2,642	5,075	2,89,895
3	2,89,895	2,597	5,120	2,84,775
4	2,84,775	2,551	5,166	2,79,609
5	2,79,609	2,505	5,212	2,74,396
..	..	..	..	..
24	1,72,167	1,542	6,175	1,65,992
25	1,65,992	1,487	6,230	1,59,762
26	1,59,762	1,431	6,286	1,53,476
..	..	..	..	..
48	7,649	69	7,649	0

How to use ACKO Bank of India Personal Loan EMI Calculator: Simplifying Your Personal Loan Planning

Our digital platform aims to provide a seamless personal loan planning experience tailored to your needs:

1. Input Your Loan Requirement

Assess your financial goals and decide the ideal loan amount aligned to them. We allow inputs of up to Rs 25 lakhs per Bank of India eligibility.

2. Choose a Comfortable Tenure

Select from a repayment duration of up to 84 months based on liquidity. Compare EMIs for short vs long tenures and pick one that suits your cash flows.

3. Review Prevailing Interest Rates

Our EMI calculator auto-displays the latest Bank of India personal loan rates for you to consider. Use these as references to make decisions.

4. View Personalised EMI Estimate

Key in your personalised loan details. Our system will instantly process and reveal your tailored, affordable monthly instalments.

Equipped with this EMI estimate aligned specifically to your situation, you can evaluate repayment feasibility before borrowing.

Personal Loan and Term Insurance

Availing a multi-year personal loan warrants considering a term insurance policy to cover the loan amount. This provides financial protection for dependents in case of unforeseen events.a

A term insurance plan pays out the sum insured to nominees on the policyholder's demise. This lump sum amount can help repay outstanding loan obligations without overburdening relatives.

Advantages of using ACKO Bank of India Personal Loan EMI Calculator

Our easy-to-use Bank of India personal loan EMI calculator offers multiple advantages:

Round-the-Clock Accessibility

Being online, it allows you to estimate your loan EMIs 24x7 from anywhere without visiting a branch. Calculate at your convenience.

Hassle-Free User Experience

The interface is designed for simplicity. Input necessary details in a few clicks and view tailored results almost instantly.

Flexible Parameters

Play around with the loan amount, repayment period and rates of interest to compare multiple scenarios. Model various what-if situations.

Plan Future Cashflows

Having an early visibility of the expected EMI amount allows you to map your income, expenses and loan obligation pragmatically.

Empowers Informed Decisions

Our estimate quantifies the financial commitment even before you apply. This helps determine loan affordability and avoid potential repayment stress.

Customisation Options in the ACKO Bank of India Personal Loan EMI Calculator

Our EMI calculator allows customising key parameters for a tailored estimate:

Loan Amount

Input the amount you need up to Rs 25 lakhs as per eligibility and expenses. Compare EMIs by adjusting the loan figure to what best suits repayment ability.

Tenure

Select a loan term from 1 to 7 years aligning with cash flow comfort. Short 12-24 month tenures have faster closure but larger EMIs, but longer 60-72 month tenures with more interest have smaller periodic instalments.

Interest Rates

Our system displays prevailing Bank of India personal loan rates. Additionally, input any exclusive promotional rate offered by the bank for computing specialised savings. Evaluate historical trends to ensure availing peak benefits.

Conclusion

ACKO's Bank of India personal loan EMI calculator serves as a handy, personalised starting point for your borrowing needs. In just a few clicks, get a customised estimate of equated monthly instalments tailored to your specifics. This allows you to assess affordability and alignment to cash flows before proceeding with the loan application.

Our suite of offerings provides more such technology-led innovations crafted around your financial requirements. We constantly endeavour to simplify products, enhance transparency and hand consumers the power to make informed financial decisions themselves.

We invite you to explore more on our platform and discover convenient solutions. Please reach out for any queries - our advisors would be delighted to assist you further!

Frequently Asked Questions

FAQs

What are the key details needed to estimate my loan EMI?

You need to provide the personal loan amount, preferred repayment tenure and applicable rate of interest. Our calculator auto-populates the current interest rates offered by Bank of India.

What is the eligible loan amount I can calculate EMI for?

Our tool allows estimating EMIs for Bank of India personal loans ranging from Rs 10,000 to Rs 25 lakhs. This is their offered personal loan amount slab.

What tenure options are available for EMI calculation?

You can select loan repayment tenures between 12 months to 84 months i.e. 1 to 7 years. Pick one suiting your budget.

What is the ideal EMI to monthly income ratio I should target?

Financial advisors typically recommend limiting your EMI commitment to 40-50% of your monthly income. This ensures loan repayment does not get stressful.