Compare & Choose from the Best Personal Loan OffersBank of India Personal Loan EMI Calculator will help you to find out your Personal Loan EMI and interest cost based on your loan amount, tenure and interest rate. It will help you to choose your loan amount and loan tenure based on your repayment capacity.
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Personal Loan at Attractive Interest Rates Apply Now
Personal Loan Interest Rate Comparison of different Banks
| Banks | Interest Rates (per annum) | |
| HDFC Bank | 10.25% – 21.00% | Apply Now |
| Axis Bank | 10.25% onwards | Apply Now |
| Kotak Mahindra Bank | 10.75% onwards | Apply Now |
| ICICI Bank | 10.25% onwards | Apply Now |
| IDFC First Bank | 10.49% – 23.00% | Apply Now |
Bank of India Personal Loan EMI Calculation
Bank of India makes use of the reducing balance method to calculate the EMI payable on its personal loans. The following table gives different possible EMIs with varying combinations of loan amount, tenure and interest rate.
| Loan Amount (Rs.) | Interest Rate (p.a.) | Tenure (months) | EMI (Rs./month) |
| 1 lakh | 10% | 12 | 8,792 |
| 2 lakh | 12% | 24 | 9,415 |
| 3 lakh | 13% | 36 | 10,108 |
| 4 lakh | 15% | 48 | 11,132 |
| 5 lakh | 20% | 60 | 13,247 |
Also Check: Which banks/NBFCs give a personal loan for the lowest interest rates?
Factors Affecting Bank of India Personal Loan EMI
Some key factors which affect Bank of India personal loan EMI are given below:
- Loan Amount: It refers to the principal amount that you borrow from the lender. Generally an increase in the loan amount leads to an increase in the EMI payout and vice versa (provided other loan parameters are kept constant).
- Interest Rate: It is the rate at which the lender charges interest on the amount borrowed. Generally a higher interest rate results in higher EMIs.
- Loan Tenure: It is the time period over which you can repay the loan. Generally a longer loan tenure results in lower EMI payouts. However, it can result in an increase in the total interest payout of the loan.
- Interest Calculation Method: The EMI amount also varies with the method of interest calculation adopted by the lender. EMIs calculated using the flat rate method are often slightly higher than those computed using the reducing balance method.
Also Know: What are the top important factors that affect the interest rate on personal loan?
FAQs
Q1. Does Bank of India personal loan EMI calculator show the prepayment charges?
No, the BoI EMI calculator does not show the prepayment charges. However, you can check the prepayment charges in the loan agreement provided by the Bank of India.
Q2. What will happen if I miss my Bank of India personal loan EMI payment?
In case you miss an EMI payment, penal interest will be charged on the overdue amount and your credit score can fall particularly if you miss multiple EMI payments.
Q3. How many EMIs do I have to pay in order to repay my Bank of India personal loan?
Bank of India personal loan repayment tenure can vary between 12 to 60 months, that is, you will have to repay your loan in maximum 60 EMIs. However, the number of EMI payouts on your personal loan depends upon the loan tenure and the personal loan variant that you have chosen.