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.
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.
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:
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,
After entering the required details, the calculator uses this formula to show the specific amount you must pay as an instalments.
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.
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:
Monthly Instalment | Principal Component | Interest Component | Total EMI | Remaining Balance |
1st | Rs. 7947.21 | Rs. 853.33 | Rs. 8805.55 | Rs. 92,052.79 |
2nd | Rs. 8015.43 | Rs. 790.12 | Rs. 8805.55 | Rs. 84,037.36 |
3rd | Rs. 8084.23 | Rs. 721.32 | Rs. 8805.55 | Rs. 75,953.13 |
4th | Rs. 8153.62 | Rs. 651.93 | Rs. 8805.55 | Rs. 67,799.51 |
5th | Rs. 8223.60 | Rs. 581.95 | Rs. 8805.55 | Rs. 59,575.91 |
6th | Rs. 8294.19 | Rs. 511.36 | Rs. 8805.55 | Rs. 51,281.73 |
7th | Rs. 8365.38 | Rs. 440.17 | Rs. 8805.55 | Rs. 42,916.35 |
8th | Rs. 8437.18 | Rs. 368.37 | Rs. 8805.55 | Rs. 34,479.16 |
9th | Rs. 8509.60 | Rs. 295.95 | Rs. 8805.55 | Rs. 25,969.56 |
10th | Rs. 8582.64 | Rs. 222.91 | Rs. 8805.55 | Rs. 17,386.92 |
11th | Rs. 8656.31 | Rs. 149.24 | Rs. 8805.55 | Rs. 8730.61 |
12th | Rs. 8730.61 | Rs. 74.94 | Rs. 8805.55 | 0 |
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:
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.
Go through the following points to learn about some of the significant advantages of using the BOI personal loan interest rate calculator:
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
Type of Loan | Charges |
Star Mitra Personal Loan Scheme | Fully waived off |
Star Suvidha Express Personal Loan | Rs. 1000 |
All personal loans for senior citizens | Fully waived off |
All other personal loans | One-time fee of 1% of the loan amount. Subject to a minimum fee of Rs. 1000 and a maximum fee of Rs. 10,000 |
Other Charges
Name of the Charge | Amount |
CERSAI registration fees (for creation and modification of security interest) | Rs. 50 or Rs. 100 |
For securitisation or reconstruction of financial assets | Rs. 500 |
Application for information recorded in the register | Rs. 10 |
Additional fee applicable for delay in filing records | From twice the applicable fee to ten times the applicable fee based on the number of days of delay |
Access to credit report | Rs. 50 per report |
Prepayment charges | Nil |
BOI maintains simple eligibility requirements for personal loans. These are:
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.
Other Banks Personal Loan EMI Calculator:
1. IDFC Personal Loan EMI Calculator
2. IDBI Personal Loan EMI Calculator
3. Indusind Personal Loan EMI Calculator
4. Union Bank Personal Loan EMI Calculator
5. Canara Bank Personal Loan EMI Calculator
6. Axis Bank Personal Loan EMI Calculator
7. Indian Bank Personal Loan EMI Calculator
8. YES Bank Personal Loan EMI Calculator
9. Bandhan Bank Personal Loan EMI Calculator
10. Central Bank of India Personal Loan EMI Calculator
11. Ujjivan Small Finance Bank Personal Loan EMI Calculator