# Bank of India Personal Loan EMI Calculator

Check the EMI for your Bank of India Personal Loan by providing the Loan Amount, Interest rate (per annum), and loan tenure (in months) details.

%
 Monthly EMI ₹86 Principal Amount ₹1,000 Total Interest ₹32 Total Amount ₹1,032.00

Year Month Principal (A) Interest (B) EMI (A+B) Balance Loan Paid to Date (%)

Bank of India offers diverse personal loan options starting at just 9.10% p.a. for amounts up to Rs 25 lakhs. Therefore, , prioritizing management of your Bank of India personal loan EMI should be at the forefront of your loan availing checklist.

In order to further assist you in straightforward planning and budgeting, you can use the Bank of India EMI calculator. Just input the loan details below to determine the EMI you will typically pay every month for your BOI personal loan.

Enjoy seamless BOI personal loan services and stay aware of your EMI for cost-effectiveness.

## EMI Calculation Formula

Calculating your monthly loan payments, also known as EMIs is crucial for the effective management of your personal loan. You can easily determine these monthly payments using the Bank of India EMI calculator, simplifying your process.

Here’s the formula that is used to calculate your EMI,
EMI = P x R x (1+R)^N / [(1+R)^N-1]

Here in the equation, , E stands for EMI , P Principal amount, R Interest rate and N stands for tenure period.

Let's assume
You are planning to avail of a BOI Personal loan of ₹5lakhs, with an interest rate of 9.10% p.a, for a tenure of 7 years, then the total EMI that you have to pay:

• Outline:
• P = ₹5,00,000
• Annual interest rate = 9.10% p.a
• R = 9.10 / 12 / 100 = 0.75%
• Loan tenure in years = 7
• Number of monthly installments (n) = 7 * 12 = 84

Now, let's substitute these values using the personal loan EMI calculator formula:

EMI = [500,000 × 0.0075 × (1 + 0.0075)^84] / ((1 + 0.0075)^84 - 1)

EMI = ₹8,070

Hence, the total EMI for your BOI Personal loan of ₹5lakhs, with an interest rate of 9.10% p.a, for a loan with a tenure of 7 years, is ₹8,070.

## Scheme Wise Bank of India Personal Loan EMI Calculation

The table below outlines the scheme-wise calculation of your Bank of India Personal Loan EMI. This calculation assumes a loan amount of 5 lakhs, considering the personal loan interest rates provided by each scheme for a tenure of 7 years:

Scheme Interest Rate Loan Amount EMI
BOI Star Personal Loan 12.15% 5,00,000 ₹8,867
BOI Star Pensioner Loan 10.25% 5,00,000 ₹8,339
BOI Star Personal Loan - Doctor Plus 9.75% 5,00,000 ₹8,236
Star Suvidha Express Personal Loan 10.25% 5,00,000 ₹8,365

## Bank of India Personal Loan EMI Calculation With Different Loan Amounts

Here's a detailed breakdown of BOI Personal Loan EMI Calculation for different loan amounts, ranging from 1 Lakh to 20Lakhs, at an annual interest rate of 9.10% as provided by BOI. The table considers tenures of 12 months and 24 months for well-planned loan repayments

Loan Amounts EMI for 12 Months EMI for 24 Months
1 Lakh Personal Loan EMI ₹1,144 ₹4,573
1.5 Lakh Personal Loan EMI ₹1,716 ₹6,860
2 Lakh Personal Loan EMI ₹2,287 ₹9,146
3 Lakh Personal Loan EMI ₹3,431 ₹13,719
4 Lakh Personal Loan EMI ₹4,575 ₹18,292
5 Lakh Personal Loan EMI ₹5,718 ₹22,865
6 Lakh Personal Loan EMI ₹5,718 ₹27,438
7 Lakh Personal Loan EMI ₹8,006 ₹32,011
8 Lakh Personal Loan EMI ₹9,149 ₹36,585
9 Lakh Personal Loan EMI ₹10,293 ₹41,158
10 Lakh Personal Loan EMI ₹11,437 ₹45,731
15 Lakh Personal Loan EMI ₹17,155 ₹68,596
20 Lakh Personal Loan EMI ₹22,873 ₹91,461

## Steps to Use Bank of India Personal Loan EMI Calculator

Take financial control and plan your personal loan journey with ease using the Bank of India Personal Loan EMI Calculator. However, to get an instant result you can also use the EMI Calculator to calculate your BOI personal loan EMIs, enabling informed decisions for a smoother borrowing experience:

Step 1 - Visit the EMI Calculator page.

Step 2 - Enter the following details:

• Loan amount
• Interest rate
• Loan tenure

Step 3- After you have provided the information about your payable EMI depending upon various loan scenarios is displayed on a table.

## Advantage of using Buddy Loan EMI Calculator

Buddy Loan's EMI Calculator enables you to find clarity to navigate personal loan decisions effortlessly. There are other significant advantages that you experience as you use our EMI calculator to compute your payable EMIs:

• Instant Calculation: quickly calculate your EMI by entering the loan amount, interest rate, and tenure.
• Accurate Planning: this helps you plan your budget by providing precise EMI amounts.
• Saves Time and Effort: avoid manual calculations, saving time and effort during loan planning.
• Smart Financial Decisions: facilitates informed decisions based on clear EMI breakdowns.

Ready to take the next step? Apply for a Personal loan now!

Banks calculate EMI using the formula: EMI=[P x R x (1+R)^N] / [(1+R)^N - 1]where P is the loan amount, r is the monthly interest rate, and n is the number of months.

Bank of India provides an online tool, an EMI calculator to help you calculate your monthly EMIs based on the loan amount, interest rate, and tenure.

EMI is a fixed amount paid by a borrower to the lender at a specified date each calendar month. It comprises both principal and interest components.

You can use the Bank of India personal loan calculator as often as needed to calculate EMIs for different loan amounts, interest rates, and tenures.

No, signing up and updating personal details is not required to use the Bank of India personal loan calculator.

If you want to calculate your EMI formula manually, you can use this formula, EMI=[P x R x (1+R)^N] / [(1+R)^N - 1]. However, if you want to know your Personal Loan EMI instantly, you can use the Buddy Loan EMI calculator.

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