How Bank of India Personal Loan EMI Calculator Help You Pay Quickly?

If you are looking forward to applying for a Bank of India personal loan, you should check your EMI. How? Using Bank of India Personal Loan EMI Calculator available at the Bank of India official website. You just have to do nothing, insert your Bank of India personal loan details inside the EMI tool and in less than a second your EMI will be on your screen. Read the article and know why it is essential to use the Bank of India Personal Loan EMI Calculator and what are its importance.

Features of Bank of India Personal Loan EMI Calculator

  • Instant EMI: The EMI calculator will generate the user EMI amount quickly as you finish inserting the loan details.
  • Less Information Required: To use Bank of India Personal Loan EMI Calculator, you just have to insert a few details like loan amount, interest rate and repayment period.
  • Pay Affordable EMI: You can change the values to get the suitable EMI amount.
  • Get the Lowest Interest Outgo: When you use the Bank of India Personal Loan EMI Calculator, you can pay less interest for your loan amount as you know at what tenure the interest outgo is high.
  • Choose Repayment Tenure at Your Convenience: Select the repayment period as per your monthly repayment capacity and budget. The EMI should fit in your budget without bothering your other expenses.

Understand Bank of India Personal Loan EMI Calculator Working!

Suppose Krishna borrows a personal loan of INR 5 lakh from Bank of India for his marriage expenses. And Bank of India Personal Loan Interest Rates are 13.00% per annum for the loan amount. So, Krishna needs an EMI amount which will fit in his salary and the interest payout is also less. He uses Bank of India Personal Loan EMI Calculator to select a suitable tenure for his loan repayment from 12 to 60 months. And following is the result Krishna gets from the EMI tool.

Loan Amount Interest Rate Tenure EMI Interest Outgo Totla Payment 
5,00,000 13.00% 1 44,659 35,904 5,35,904
5,00,000 13.00% 2 23,771 70,502 5,50,502
5,00,000 13.00% 3 16,847 1,06,491 6,06,491
5,00,000 13.00% 4 13,414 1,43,860 6,43,860
5,00,000 13.00% 5 11,377 1,82,592 6,82,592

Total Principal Payment & Interest Outgo for 5 years tenure

Loan Amount Interest Rate Principal Outgo  Interest Payout
5,00,000 13.00% 75,937 60,581
5,00,000 13.00% 86,419 50,099
5,00,000 13.00% 98,347 38,170
5,00,000 13.00% 1,11,923 24,595
5,00,000 13.00% 1,27,494 9,146

So, if you are successful in getting an affordable Bank of India Personal Loan Interest Rates, you should use the EMI tool for smooth repayment of your borrowed loan amount. As it helps you ake the repayment easier and affordable.

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