BOI Personal Loan EMI Calculator

The importance of planning before deciding to take a personal loan cannot be understated. Since the personal loan is a high-value obligation that you can never avoid, you must ensure you have the means to support yourself and your family while paying each instalment on time.

If you are considering a personal loan from the BOI (BOI), you will want to use the bank’s EMI calculator to plan loan repayments. The BOI Personal Loan EMI calculator provides you with accurate estimates of your debt obligations. In the given sections, we will explain how to use this tool and how it works.  A personal loan EMI calculator is the perfect tool for this job.

What Is BOI Personal Loan EMI Calculator?

The BOI personal loan EMI calculator is an easy-to-use online tool that helps determine the Equated Monthly Installments (EMI) for a loan, the amount for which depends on factors such as the loan amount, interest rate, and repayment period, varying accordingly. The BOI personal loan EMI calculator requires no fees or charges and can be used whenever you want to calculate your repayment obligations. The tool works online and does not require any registration or personal details.

How Can BOI Personal Loan EMI Calculator Help?

BOI Personal Loan EMI Calculator is a potent tool that lets prospective borrowers determine their affordability and repayment capacity before taking a personal loan. Offering the correct EMI estimates allows users to plan their finances properly. This is how this calculator can assist:

• Correct EMI Calculation: Enables determination of exact monthly instalments so that there is a proper repayment plan.
• Eliminates Human Mistakes: Eliminates cumbersome manual calculations, minimising the chance of wrong results.
• Loan Comparison: Enables users to try various loan amounts, tenures, and interest rates to identify the optimal match for their budget.
• Free Unlimited Application: Access online free of cost, allowing several calculations to calibrate loan planning.
• Improved Financial Planning: Provides valuable information on loan amortisation, enabling borrowers to plan repayments confidently.

BOI Personal Loan EMI Calculator Formula

The BOI personal loan EMI calculator is an algorithm-based tool that requires three inputs, namely your loan amount, interest rate per annum and repayment period or tenure. Based on this information, it automatically calculates your EMI and the total interest you have to pay using a simple formula shown below:

EMI = P x r x (1+r)^n/((1+r)^n-1)

Where,

• P stands for the principal loan amount granted by the bank
• N indicates the tenure of the loan
• R is the applicable rate of interest

After entering the required details, the calculator uses this formula to show the specific amount you must pay as an instalments. 

BOI Personal Loan EMI Calculator Example

Let us use the example of a certain Mr Kumar, who wants to avail a Personal Loan of Rs. 8,00,000 from the BOI. If the tenure of the loan is 6 years and the applicable interest rate is 10.3% per annum, the details of his loan are as follows:

P = 8,00,000

i = 10.3% p.a. = 0.0086 per month (0.103/12)

n = 6 years = 72 months

Therefore, 

E = 8,00,000 * 0.0086 * (1 + 0.0086)^ 72 / (1 + 0.0086)^ 72 – 1)

   = Rs. 14,942, 

Therefore, Mr Kumar has to pay a monthly instalment of Rs. 14,942 as EMI. 

BOI Personal Loan Amortisation 

The amortisation or repayment schedule contains a detailed breakdown of your repayments throughout the predetermined tenure. It shows how the principal and interest of each EMI contribute to repaying the loan until the maturity date. Once you put in the required values, you can get the amortisation schedule for the entire tenure.

Here is a detailed overview of the Personal Loan amortisation schedule of the BOI:

How To Use BOI Personal EMI Calculator?

Using a BOI personal loan EMI calculator involves zero technological complications and requires no prior expertise. Carrying a user-friendly interface, you can utilise it by following the below-mentioned steps:

• Visit the BOI personal loan EMI calculator portal.
• Enter the principal loan amount you wish to apply for.
• Provide the tenure throughout which you want to repay the loan.
• Now select the interest rate the bank charges for your chosen tenure and loan amount.

The calculator shall automatically calculate the EMIs and instantly show you accurate answers to EMIs you will have to pay per month throughout your chosen tenure. This way, you can try different combinations of the values until you are satisfied with the results based on your financial situation.

BOI Personal Loan EMI Calculator Advantages

Go through the following points to learn about some of the significant advantages of using the BOI personal loan interest rate calculator:

• User-friendly: The BOI Personal Loan EMI Calculator by Cleartax has a very user-friendly interface. You can use the calculator even without technological expertise or background. You will only require a stable internet connection and the input variables, and you will be ready to go.
• Instant and Right Solutions: The calculator saves you from manual computation, which consumes time and leads to wrong results. Using the BOI personal loan calculator, you can obtain correct results based on the variables you provide within minutes, thus saving time and effort.
• Helps in Managing Finances: Before making any financial commitments, learning about your loan repayment ability is essential. This calculator enables you to do that by providing accurate answers every time you use it. It allows you to understand which loan amount suits your financial situation and the timeframe within which you should repay it, acting as a budget management tool.
• Enables Constructive Comparison: The BOI personal loan calculator allows you to try out different combinations of variables required to calculate the EMIs for your loan, allowing you to compare several loan amounts. This way, you can assess and evaluate the loan amount you should take out without facing any financial setbacks.
• Offers Flexibility and Convenience: These online calculators can be accessed from anywhere, anytime, with a stable internet connection. You are not required to pay additional charges for using them, adding to your convenience.

BOI Personal Loan EMI Charges

The BOI levies processing fees and additional charges other than interest rates. Here are the applicable charges for different types of personal loans:

Processing Fees

Other Charges 

BOI Personal Loan Calculator Eligibility

BOI maintains simple eligibility requirements for personal loans. These are:

• Type of Eligible Applicants: Salaried individuals, self-employed and professionals
• Age Limit: Up to 70 years at the time of final repayment 
• Maximum Loan Amount: Up to 36 times of applicant’s gross monthly income 

BOI Personal Loan Interest Rate 

Currently, IndusInd Bank offers an interest rate starting from 10.85% per annum for various types of personal loans. The bank may change its interest rate at any time in the future. Furthermore, the interest rate you can avail yourself of from the bank depends on multiple factors, such as your credit score, income, loan amount applied for, etc.  

The BOI personal loan EMI calculator is an indispensable tool for financial planning as it helps you manage your future debts. Not only is this tool free to use, but it also provides accurate and instant results without the hassles of manual calculations. Furthermore, with all the essential details of the bank's loans, you don't have to consult multiple sources to calculate EMIs.