IOB Personal Loan EMI Calculator

The Indian Overseas Bank provides individuals from the public sector, the private sector, and various other companies with personal loans. These personal loans can be borrowed for any reason, be it social or financial commitments.

However, these loans can be repaid in easy loans. Except for the loan's installments or EMIs need to be more than 50% of the gross pay the individual receives.

If you want to know the amount of your EMI would be for a particular period and at a selective rate, you can use the IOB Personal Loan Calculator.

Indian Overseas Bank Personal Loan EMI Calculator

The Indian Overseas Bank personal loan calculator is a free online tool that calculates EMIs on your behalf for a personal loan from the Indian Overseas Bank. The calculator will give you instant results, and all you would have to do is enter some minute details into it. 

The calculator works on an algorithm, and along with the EMI amount that you need to pay, the calculator will also show you the amount of interest that is charged on the Indian Overseas Bank personal loan. 

How to Use the Indian Overseas Bank Personal Loan EMI Calculator?

Using the Indian Overseas Bank calculator is simple and can be used by anyone who wishes to know their EMI on a personal loan from the Indian Overseas Bank.

The steps that you need to follow are right here:

Step 1: You will first have to provide the principal amount that you require as a personal loan from the Indian Overseas Bank.

Step 2: Then, you would have to give in the tenure that you choose to repay the personal loan from IOB.

Step 3: Finally, you will have to provide the interest rate that the Indian Overseas Bank offers you over a personal loan that you chose.

After this, you will be displayed with the EMI amount and the interest amount over the personal.

How Does IOB Personal Loan Calculator Work?

The Indian Overseas Bank personal loan EMI calculator uses a standard formula in order to produce instant results for you, and the formula that is used is:

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

In this formula, we can break it into the following:

P - stands for principal

R - stands for the rate of interest

N - stands for the tenure of the loan

We can even understand this formula with an example.

Mrs. Sonya wants to borrow a personal loan from the Indian Overseas Bank, and the amount she wants to borrow is Rs. 10 lakhs for a period of 5 years. The Indian Overseas Bank is offering her an interest rate of 6.8%.

Therefore, the details of the personal loan from the Indian Overseas Bank are:

Principal Amount = Rs. 10 lakhs

Tenure = 5 Years

Rate = 6.8%

EMI = Rs. 19,707

Amortization Table of the Personal Loan

Based on Mrs. Sonya's personal loan from the Indian Overseas Bank, we can look at the repayment schedule and break-up points of the personal loan:

Benefits from Using the Indian Overseas Bank Personal Loan Calculator

There are several benefits to using the Indian Overseas Bank personal loan calculator, and some of them are:

• The Indian Overseas Bank personal loan calculator is a free tool that you can use from anywhere and at any time.
• The calculator could be utilized to compare different values and tenures of a personal loan to see the most suitable EMI amount that you will have to pay each month.
• This calculator is useful when you have to spend time trying to calculate the EMI amount of the personal loan.
• It will also eliminate the occurrence of errors.