Bank of India Personal Loan EMI Calculator

Bank of India Personal Loan EMI Calculator

Equated Monthly Payments (EMIs) apply to the month-to-month rate that a creditor should spend to repay a loan taken by a financial or non-banking monetary institution (NBFC). A handy gadget to help you complete this muddled calculation in a flash is the Bank of India Personal Loan EMI Calculator. Nevertheless, you can use Dialabank’s Bank of India Personal Loan EMI Calculator to verify your loan EMIs for nothing, rather than choosing a bank-explicit EMI number cruncher. Decide a few primary personal loan limitations, such as loan head, cost of borrowing, and residence, to get EMI results at a time. It would help if you tried multiple mixes of these loan caps.

How does the Bank of India Personal Loan EMI Calculator Function?

An EMI that adds computer capabilities dependent on the following 3 limits:

• Loan Amount: This corresponds to the principal of the personal loan obtained from the Bank of India. A higher loan amount corresponds to a higher EMI, by and wide. For amounts as low as Rs. 50,000 and as high as Rs. 40 lakh, the Bank of India provides personal loans.
• Loan tenure: Loan residency is the time during which a personal loan is paid off. Right now, the residency fluctuates from 12 to 72 months for Bank of India’s personal loan. More restricted citizenship, technically speaking, triggers higher EMIs, but it allows you to save money on the loan’s absolute premium payoff.
• Premium Rate: Bank of India moves the rate of personal loan servicing from 9.99 per cent to 21.25 per cent p.a. A greater interest rate typically transforms over the loan residence into higher EMI payouts.

Bank of India Personal Loan EMI Calculator Formula

The calculation used to measure personal loan EMIs relies on estimating interest, including the flat rate method and the method of decreasing balance. In the following section, let us understand the 2 methods of EMI measurement.

• Method for Flat Rate: The EMI sum remains as before through the loan residence in this solution. This is because the interest on the personal loan is paid on the loan’s full principal value secured by the candidate. The EMI estimation equation that utilises this method is as follows:

EMI by Flat Rate Method = (Principal + Interest)/ Loan Tenure in Months

For instance, for a period of 24 months, Mr A took a loan of Rs. 10 lakh at a flat rate of interest of 15 per cent.

Interest for year 1 = 15% of principal per annum = 15% of Rs. 10 lakh = Rs. 1.5 lakh = Rs.

Interest for year 2, that is, the tenure of the loan = Rs. 1.5 lakh

Complete interest owed over the tenure of the loan = Rs. 1.5 lakh + Rs. 1.5 lakh = Rs. 3 lakh = Rs.

Mr. A’s EMI monthly payouts = (Rs. 10 lakh + Rs. 3 lakh)/24 = Rs. 54,1677

• Reducing Balance Method: In this approach, over the loan residence, the EMI payment amount tends to decline. This is because, on the exceptional loan head (which decreases as the loan is paid off), the personal loan interest is charged and not the full loan balance at first acquired. Henceforth, this method helps you use the following calculation to save money on the entire tax payable.

EMI by Reducing Balance Method = [P x R x (1+R)^N]/[(1+R)^ (N-1)]

Where,

P means the principal of the debt; R relates per month to the interest rate; N refers to the tenure of repayment of the loan in months.

For instance, for 24 months, Mr B took a loan of Rs. 10 lakh to reduce the balance interest rate of 15 per cent p.a.

Monthly rate of interest = Average interest rate/ 12 = 15/12 = 1.25 percent per month

EMI monthly payout for Mr. B = [10 lakh x 1 x (1+1.25)^24]/(1+1.25)^(24-1)] = Rs. 48,4877

Bank of India Personal Loan EMI Calculation

Bank of India uses the reducing balance method for the EMI calculation of its personal loan. The following table shows the possible Bank of India Personal Loan EMI Calculator with various combinations of the loan amount, interest rate, and repayment tenure.

Loan Amount (Rs.)	Interest Rate (p.a.)	Tenure (months)	EMI (Rs./month)
50,000	15%	48	1,392
3 lakh	12%	36	9,964
7 lakh	14%	24	33,609
12 lakh	15%	72	23,374
15 lakh	11%	60	32,614

EMI Calculation Methods: Flat Interest Rate v/s Reducing Balance Interest Rate

The following is a comparison of the difference in EMI payouts for different loan amounts and tenure when using the flat interest rate method as compared to the reducing balance method:

How to pay Bank of India Personal Loan EMI Calculator?

Following are the various modes of payment for Bank of India personal loan EMI:

• Standing Instruction (SI): This feature allows the bank to directly debit the EMI payable from your Bank of India account on due dates. You can avail yourself of the SI facility by filling out the NACH e-mandate form. Alternatively, you can fill out the Bank of India standing instruction request form and submit it to set up a SI.
• Electronic Clearing Service (ECS): You can use the ECS facility to pay off your monthly instalments directly from your non-Bank of India account on due dates. You can either fill out the Bank of India ECS mandate form or apply online for ECS Debit Clearing to avail of this service.
• Post Dated Cheques (PDCs): You can also pay your Bank of India personal loan EMIs by submitting post-dated cheques in favour of “Bank of India Ltd Loan Account Number <your loan account number>” at the Bank of India retail service centre.

Steps to pay an overdue EMI Online

If you missed a due EMI payment of your Fullerton India personal loan, then follow the below steps to pay the overdue EMI online:

Step 1: Visit the Bank of India overdue EMI payment portal.

Step 2: Provide details of your Fullerton India loan account.

Step 3: Enter authentication details to make the payment.

Step 4: Receive an online confirmation for your Bank of India’s payment overdue EMI amount and note the transaction reference number.

Charges levied on Non Payment of EMI – Penal Interest Charges and Cheque Bounce Charges.

Note: The charges may change periodically, and GST is applicable as per Government regulations.

Factors Affecting Bank of India Personal Loan EMI Calculator

Following are the key factors that influence the Bank of India personal loan EMI:

• Loan Amount: Bank of India’s personal loan sum changes from Rs. 50,000 to Rs. 40 lakh. By and large, the higher the loan chief sum brings about a more prominent EMI.
• Loan Tenure: The time frame over which you take care of the loan is called loan residency. A more extended residency implies you need to pay EMIs for a more drawn-out period, which, for the most part, brings about a more modest sum. Be that as it may, longer residency expands the general interest payout.
• Interest: It alludes to the rate at which a premium is charged on a loan. A high pace of interest implies a more noteworthy measure of interest is to be paid, which may prompt higher EMIs or longer loan residency. The strategy for rate estimation additionally influences the personal loan EMI sum. For the most part, EMIs determined utilising lessening balance strategy are lower than those determined utilising the level rate technique.

Benefits of Using a Bank of India Personal Loan EMI Calculator

An online EMI adding machine accompanies a large group of points of interest. A portion of the significant ones are recorded underneath:

• Bank of India Personal Loan EMI Calculator helps you to know your month-to-month EMI payout before you really profit from the loan. This causes you to plan your finances better to guarantee convenient EMI instalment as on schedule.
• You can utilise the online Bank of India Personal Loan EMI Calculator free of charge at any time of the day from anywhere. Additionally, you can utilise it quite a few times. You need to think about EMI sums for personal loan offers from various banks.
• Bank of India Personal Loan EMI Calculator saves you from the time-taking cycle of figuring EMI duty by hand. You can get instant results for the personal loan EMI sum when determining the loan sum, residency, and financing cost.
• The Bank of India Personal Loan EMI Calculator consistently gives you the moment and accuracy. Hence, you approach a dependable device to figure EMI to help you analyse different loan offers.

FAQs for Bank of India Personal Loan EMI Calculator

✅ How to pay Bank of India personal loan EMI online?

You can avail (Electronic Clearing Service) to digitally transfer the EMI from your non-Bank of India account. Alternatively, if you have a Bank of India account, you can use the standing instruction facility via NACH (National Automated Clearing House) to pay off your personal loan EMI.

✅ How to autopay Bank of India personal loan EMI online?

You can activate the autopay of your Bank of India Personal Loan EMI Calculator by using the SI (Standing Instruction) facility. SI means that you allow the bank to automatically deduct the EMI on the due date from your Bank of India account.

✅ Does the EMI calculator also show the prepayment charges?

No, the Bank of India Personal Loan EMI Calculator only shows the EMI amount. You can check the prepayment charges in the loan agreement provided by the lender.

✅ What is the floating rate EMI calculation? Is personal loan interest calculated this way?

Every EMI includes both the principal and the accrued interest. When a bank/NBFC uses a floating interest rate that depends on an external benchmark like repo rate to calculate EMIs, it is called floating rate EMI calculation. In this case, the interest rate applicable to the loan changes periodically; however, currently, this method does not apply to personal loan interest calculation.

✅ How to use the Bank of India Personal Loan EMI Calculator?

You can use Dialabank’s Bank of India Personal Loan EMI Calculator in the following steps:

Step 1: Specify the loan amount, tenure and interest rate using the sliders.

Step 2: Check the EMI amount displayed instantaneously on the right-hand side of the page.

✅ How to arrive at the right EMI amount?

You can use the Bank of India Personal Loan EMI Calculator to check various combinations of the loan amount, tenure, and interest rate to arrive at the most suitable EMI as per your monthly budget. Ensure that you consider all your outstanding debt and monthly expenditure to avoid any hassle at the repayment time throughout the loan tenure.

✅ What is the penalty for missing an EMI for my Bank of India personal loan EMI?

Penal interest at the rate of 2% per month is charged on the overdue amount until the payment is made if you fail to pay your Bank of India personal loan EMI on time.