Bank of India Personal Loan EMI Calculator

Bank of India personal loan EMI calculator allows the prospective borrowers to calculate their EMIs and total interest cost, and...

Bank of India personal loan EMI calculator allows the prospective borrowers to calculate their EMIs and total interest cost, and evaluate their loan affordability. Thus, they can plan their repayments beforehand that fit in their monthly budget. Applicants can also use the online EMI calculators available on Paisabazaar website to evaluate their overall borrowing cost.

Calculate Your Personal Loan EMI

Select Your Bank

Enter Loan Amount

₹

50K50L

Rate of Interest (Yearly %)

8%30%

Loan Tenure

1Y 10Y

Your Monthly EMI Payment

₹0

Principal Amount₹0

Interest Amount₹0

Total Amount₹0

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HDFC Bank

10 Second Disbursal*100% Digital Process*Quick Disbursal

Max Loan Amt.Upto ₹25L

Rate of Interest9.99% - 12.5%

Tenure upto1-5 Years

Processing Fee₹ 6,500

ICICI Bank

100% Digital Process*Quick Disbursal

Max Loan Amt.Upto ₹25L

Rate of Interest11% - 13%

Tenure upto1-5 Years

Processing FeeUpto 2%

Axis Bank

Low Processing fee

Max Loan Amt.Upto ₹25L

Rate of Interest9.99% - 17.15%

Tenure uptoUpto 6 Years

Processing FeeUpto 2%

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How Can I Apply for a Personal Loan Online?

Get up to ₹40 Lakh in 5 Simple Steps

Step 1: Enter your mobile number in the application form

Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

Bank of India Personal Loan EMI Calculator- Highlights

Calculates the EMIs and total interest cost payable throughout the loan tenure.
Available online and does not require any cost.
Fast and accurate.
Helps in managing the repayments of the prospective borrowers as per their budget.
Allows the individuals to assess their loan affordability.

Comparison of Bank of India Personal Loan EMI with Top Banks

Lenders	Interest rate (% p.a.)	Loan Amount – Rs. 5 lakh Tenure – 5 years	Loan Amount – Rs. 1 lakh Tenure – 5 years
Bank of India	11.10-16.15	10,896-12,199	2,179-2,440
YES Bank	13.00 - 16.00	11,377 - 12,159	2,275 - 2,432
HDFC Bank	9.99 - 12.50	10,621- 11,249	2,124 - 2,250
Tata Capital	11.50 onwards	10,996 onwards	2,199 onwards
ICICI Bank	11.00 - 13.00	10,871-11,377	2,174-2,275
Bank of Baroda	10.40-18.10	10,722-12,724	2,144-2,545
Axis Bank	9.99 - 17.15	10,621 - 12,467	2,124 - 2,493
Kotak Mahindra Bank	10.5 - 17.20	10,747-12,480	2,149 - 2,496
Canara Bank	9.95-15.40	10,611-12,000	2,122-2,400

Factors Affecting Bank of India Personal Loan EMI

The EMI of Bank of India Personal Loan depends on three major factors:

Interest Rate

Bank of India personal loan interest rates start from 11.10% p.a. onwards. If the interest rate increases, the EMI and overall interest cost also increases, and vice-versa. Therefore, it is advised to compare the personal loan interest rates offered by various lenders and opt for lower interest rates to save on EMIs and interest cost.

Loan Amount

The higher the loan amount, the higher the EMI and interest cost provided the loan tenure and interest rate is constant.

Loan Tenure

The longer the tenure, lower is the EMI, and vice-versa. Therefore, assessing their repayment capacity using the EMI calculators before opting for a repayment tenure.

Bank of India Personal Loan Amortisation Schedule

Suppose you borrow a loan of Rs. 10 lakh @ 11.10% p.a. for a tenure of 5 years, then the following will be your amortization schedule for 1 year. For the remaining period, the principal component will continue to increase at the same pace, while the interest portion will gradually decrease.

Month	Opening Balance (₹)	EMI (₹)	Interest (₹)	Principal (₹)	Closing Balance (₹)
1	10,00,000	21,781	9,250	12,531	9,87,469
2	9,87,469	21,781	9,133	12,648	9,74,821
3	9,74,821	21,781	9,011	12,770	9,62,051
4	9,62,051	21,781	8,896	12,885	9,49,166
5	9,49,166	21,781	8,779	13,002	9,36,164
6	9,36,164	21,781	8,658	13,123	9,23,041
7	9,23,041	21,781	8,540	13,241	9,09,800
8	9,09,800	21,781	8,411	13,370	8,96,430
9	8,96,430	21,781	8,289	13,492	8,82,938
10	8,82,938	21,781	8,166	13,615	8,69,323
11	8,69,323	21,781	8,036	13,745	8,55,578
12	8,55,578	21,781	7,907	13,874	8,41,704

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What Happens if you Miss Your Bank of India Personal Loan EMIs

Penal charges are levied

The overall borrowing cost increases

The credit score is negatively affected

It becomes difficult to secure personal loans in future

How Can I Apply for a Personal Loan Online?

Get up to ₹40 Lakh in 5 Simple Steps

Step 1: Enter your mobile number in the application form

Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

Explore Our Personal Loan Lenders

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Written By
Vandana Punj

Reviewed By
Shamik Ghosh

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