- 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
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.
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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
Axis Bank
Low Processing fee
Max. Loan Amt.Upto ₹25L
Rate of Interest9.99% - 17.15%
Tenure uptoUpto 6 Years
Processing FeeUpto 2%
Kotak Mahindra Bank
Lowest Income requirement100% Digital Process*
Max. Loan Amt.Upto ₹25L
Rate of Interest9.98% - 17.2%
Tenure upto1-5 Years
Processing Fee1.1% - 1.5%
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Step 4: Select the loan purpose and loan amount
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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 |
Swipe to see more table data
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 |
Swipe to see more table data
What Happens if you Miss Your Bank of India Personal Loan EMIs
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Why Choose Paisabazaar?
Compare & Choose the Best Offer
Pre-approved Offers with Instant Disbursals
Know Your Chances of Approval
End-to-End Digital Process
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
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Vandana Punj
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Shamik GhoshPaisabazaar is a loan aggregator and is authorized to provide services on behalf of its partners
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