| Monthly EMI | ₹ |
| Principal amount | ₹ |
| Total interest | ₹ |
| Total amount | ₹ |
Your Amortization Details (Yearly/Monthly)
The Bank of Maharashtra personal loan schemes have been enabled to cater to the needs of meeting personal needs, and the Bank provides a loan amount of up to Rs. 20 lakhs and a tenure of 7 years.
These personal loans can be paid off easily through equated monthly installments, or EMIs as they are known. When you want to know your EMI amount for a personal loan from the Bank of Maharashtra - you can simply use the Bank of Maharashtra Personal Loan EMI Calculator.
The Personal Loan Calculator Bank of Maharashtra is an automated tool that has been built for your assistance. You could use the Personal Loan EMI Calculator Bank of Maharashtra to know your EMI amount and your interest amount when you take a personal loan from the Bank of Maharashtra.
The calculator can show you the results instantly since it works on an algorithm of a formula. This will also never leave you to do the calculations manually.
The Bank of Maharashtra personal loan calculator is a tool that can be used to be a comparison in choosing the most suitable amount of EMI by changing tenures and rates.
You can also use the Bank of Maharashtra personal loan calculator to plan around your EMI amount and your monthly budget.
The Bank of Maharashtra personal loan calculator can assist you in planning according to your finances each month, and you can know beforehand if this is the right Bank and the right personal loan to apply for.
The calculator will not allow any errors that would usually happen with the manual calculations of the personal loan EMI.
You will know when to apply and how to apply for a personal loan from the Bank of Maharashtra. You can also choose better options when you find out if this is the right loan option for you.
The Bank of Maharashtra personal calculator uses a standard formula in order to calculate the EMI amount for the personal loan, and that formula is:
E = P x r x (1+r)^n/((1+r)^n-1)
The formula can be expanded as follows; P would stand for the principal amount, N would stand for the tenure, and then R would stand for the rate of interest that is charged by the Bank of Maharashtra.
Example:
Sita wants to take out a loan of Rs. 9 lakhs, for a period of 5 years, at the rate of 12%. Here EMI will be as follows.
EMI = Rs. 20,020
Based on the example that has been given above, we can look at the break-even points of the repayment of the personal loan here:
|
Year |
Interest Paid |
Principal Paid |
Total Payment |
Outstanding Loan |
|
2022 |
52,325 |
67,795 |
1,20,120 |
8,32,205 |
|
2023 |
91,880 |
1,48,360 |
2,40,240 |
6,83,845 |
|
2024 |
73,066 |
1,67,174 |
2,40,240 |
5,16,670 |
|
2025 |
51,864 |
1,88,376 |
2,40,240 |
3,28,293 |
|
2026 |
27,973 |
2,12,267 |
2,40,240 |
1,16,025 |
|
2027 |
4,094 |
1,16,026 |
1,20,120 |
0 |
Using the Bank of Maharashtra personal loan calculator can give you several benefits, and some of the main benefits that come along with it are:
You can use this calculator with three simple steps, and they are:
Step 1: You can provide the principal amount you need as a personal loan from the Bank of Maharashtra.
Step 2: Secondly, you can provide the tenure of the personal loan that ranges up to a period of 7 years.
Step 3: Finally, you will have to enter the interest rate that the personal loan of the Bank of Maharashtra provides you.
You will then automatically be shown the EMI amount of the personal loan from the Bank of Maharashtra.