Bank of India Personal Loan EMI Calculator

The Bank of India is an Indian nationalized bank under the ownership of the finance ministry of the country - and making it one of the most trusted banks in the nation. This bank has also been offering its customers varied sets of products and services for the long run.

Among these many products and services, it also pertains to personal loans for customers and potential customers of the bank. These personal loans can also be repaid easily through EMIs. When you want to know the EMIs of the personal loan you want to take from the Bank of India, you can use the BOI Personal Loan Calculator. 

What is the Bank of India Personal Loan Calculator, and How Is It Used?

The Bank of India Personal Loan Calculator is an automated online tool that can be used to know the EMI amount of a personal loan that you borrow from the Bank of India. The tool works online and will not ask you for any personal details or registration.

You can use this calculator for free and anytime you want. It is an instant tool and will avoid the need for manual calculations of EMI or the interest amount of a personal loan from the Bank of India.

Prerequisites for Using the Bank of India Personal Loan Calculator

There are only three basic details that you need in order to use the Bank of India Personal Loan Calculator, and they are:

• The Principal Amount of the personal loan that you require from the bank.
• The Time frame for when you want to repay the loan.
• The interest rate that the Bank of India is offering you for a personal loan (the particular scheme that you choose to avail. of)

The Step-by-Step Process to Use the Bank of India Personal Loan Calculator

The procedure to use the Bank of India Personal Loan Calculator is simple, and all you need to do is follow the steps that are mentioned below:

Step 1: You will have to enter the principal amount that you need from the bank as a personal loan.

Step 2: Then, you need to provide the tenure of the personal loan. 

Step 3: Finally, you will have to provide the interest rate of the personal loan.

After this, the calculator will instantly disclose on the screen to you how much EMI you will have to pay for the personal loan, along with the interest amount that will be charged on the loan.

What Formula Does the Bank of India Personal Loan Calculator Use?

The Bank of India Personal Loan Calculator uses a standard formula to calculate the EMI amount of a personal loan from the Bank of India, and it is mentioned below:

E = P x r x (1+r)^n/((1+r)^n-1)

The formula expanded is:

P = The principal amount

R = The interest rate provided by the bank

N = The tenure of the loan

This formula can also be explained through an example:

Mr Shekar wants to take a loan from the Bank of India, and the details of his personal loan are as follows:

Principal Amount: Rs. 4.1 lakhs

Tenure of the Lona: 2.5 Years

Interest Rate: 6.7%

EMI = Rs. 15,353

Amortization Table

Based on this example, we can bring forth the breakeven of the personal loan's repayment:

Advantages of Using the Bank of India Personal Loan EMI calculator

There are varied benefits to using the personal loan calculator of the Bank of India:

• A calculator is an online tool, and you can use it as long as you have access to the internet.
• The calculator will give you 100% accurate results instantly.
• You can use the calculator anytime for free.
• You do not need any expert technical skills in order to use this calculator, and you can use it with minimal expertise of technically using this calculator.