- 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.
Bank of India Personal Loan EMI Calculator
Calculate Your Personal Loan EMI
Select Your Bank
₹
5K1Cr
8%30%
1Y 7Y
Your Monthly EMI Payment
₹0
Principal Amount₹0
Interest Amount₹0
Total Amount₹0
Tip Paying one extra EMI every year saves ₹19.6K in interest and closes the loan 8 months earlier.
Amortisation schedule
Monthly EMI
₹ 16,134
Total interest
₹ 80,809
Total payment
₹ 5,80,809
Principal 86%Interest 14%
Year
Principal
Interest
EMI paid
Balance
Sep
₹12.0K
₹4.2K
₹16.1K
₹4.88L
Oct
₹12.1K
₹4.1K
₹16.1K
₹4.76L
Nov
₹12.2K
₹4.0K
₹16.1K
₹4.64L
Dec
₹12.3K
₹3.9K
₹16.1K
₹4.52L
Tip Paying one extra EMI every year saves ₹5.0K in interest and closes the loan 2 months earlier.
Reducing-balance method. Final EMI may differ slightly due to rounding.
What Does This Mean?
Your EMI explained in simple language.
- Loan amount
- ₹ 5,00,000
- Interest rate
- 10% p.a.
- Tenure
- 3 yr (36 mo)
- Monthly EMI is ₹ 16,134
- Total repayment is ₹5.81 lakh
- Interest contributes 13.9% of total repayment
- Your EMI is well-balanced between principal and interest. Ensure the monthly payment stays within 55% of your net income.
- Extending tenure may reduce your EMI but increase the total interest paid
Monthly EMI
₹ 16,134
Total Interest
₹ 80,809
Total Repayment
₹ 5,80,809
Interest Share
13.9%
Bank of India Personal Loan EMI Calculator- Highlights
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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