Bank of India Personal Loan EMI Calculator – EMI, Interest & Repayment

Key Insights 

1. You can use the PMT function in Excel to calculate your loan’s EMI in your own spreadsheet. This lets you see the details more clearly.
    
2. Try an online calculator to see what is the emi for 5 lakh personal loan and the total interest for any loan.
    
3. You can also use a calculator app to explore different financial scenarios and check if your EMI matches your budget.

 Are you still trying to figure out what the EMI for a 5 lakh personal loan is? 

Stop guessing. Just enter your details in the Bank of India Personal Loan EMI Calculator app and see your exact monthly payment instantly. Want to see if SBI gives you a better deal? Use the State Bank of India personal loan EMI calculator too and pick the option that fits your budget.

How to Calculate Your EMI?

Use the Bank of India personal loan EMI calculator app and see your exact monthly amount in seconds, even before you apply, with the help of the Bank of India personal loan EMI calculator app.

Are you tired of guessing what your monthly loan payments will be? Your EMI is the fixed amount you pay each month, similar to a subscription for your loan. To find out your EMI, simply enter your details in the Bank of India personal loan EMI calculator based on salary.

Example:

If I take a ₹5,00,000 loan at 11% interest for 5 years, my monthly EMI comes to about ₹10,870. I use the Bank of India personal loan EMI calculator based on salary to check this and see how changing the loan period affects my payments. This helps me make sure the EMI fits my monthly budget.

Bonus Tip: You can borrow up to 36 times your gross monthly salary, with a repayment period of up to 84 months.

Bank of India Personal Loan EMI Table / Examples

What will your monthly EMI for a Bank of India Personal Loan look like? These examples make it crystal clear to you and help you understand how the personal loan EMI calculator works for you.

Here is an informative and simple example of the Bank of India Personal Loan EMI Calculator:

Example-1:

Let's look at an example. Mr Kumar wants to take a personal loan of ₹8,00,000 from BOI. The loan period is 6 years, and the interest rate is 10.3% per year. Here are the details:

P = 8,00,000

i = 10.3% per year, which is 0.0086 per month (0.103 divided by 12)

n = 6 years = 72 months

So,

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

= ₹14,942

This means Mr Kumar will pay a monthly EMI of ₹14,942.

Example-2:

If you’re still unsure how this device works, the example below will help make things clear.

Let’s say Akhil Aggarwal, 32, is a Senior Manager who wants a ₹5,00,000 personal loan to renovate his home. The bank approves his loan at 11.80% interest for 5 years. But Akhil wants to double-check if the EMIs fit his budget. So, he uses a personal loan EMI calculator to get the exact numbers. Here’s what happens in Akhil’s case.

Table Showing EMI, Interest Outgo, and Total Repayment Amount:
 

Just like Akhil, use the EMI calculator, check your options, and pick a 5-year plan with a monthly payment of ₹11,072 that fits your budget.

Example-3:

Stop searching for the EMI formula in Excel. Here’s exactly how Nayan Dubey gets it done, step by step.

Think the EMI function exists in Excel? It doesn’t. You need to use PMT instead. Here’s how to do it right.

The formula you need to use is:

=PMT(RATE,NPER,PV,FV,TYPE)

Don’t just copy the formula. Each part needs your loan details. Enter these values carefully to get the right EMI. Here’s what each variable means.

1. RATE: This is your loan’s interest rate, but don’t enter the yearly rate as-is. Divide it by 12 first. For example, 12% per year becomes 1% (or 0.01) per month.

2. NPER: This is the total number of EMIs. Just multiply your loan years by 12 to get it.

For example, a 5-year loan means NPER is 5 x 12.

3. PV: This is your loan amount. Just enter the amount you want to borrow here.

4. FV: This is the balance left after your last EMI. You can leave it blank; it won’t change your result.

5. TYPE: This tells Excel when your EMI is due. Use 0 if you pay at the end of the month, or 1 if you pay at the start.

Stop guessing your EMI. Use the PMT formula to calculate any loan's EMI in Excel in seconds.

Benefits of Using the Bank of India Personal Loan EMI Calculator

Are you thinking of taking a loan? Don’t risk costly mistakes. This free digital tool helped me avoid them and made my financial decisions a lot smarter.

Here are the list of some stories that will help you to make better decisions:

Benefit 1:

When I planned my home renovation, I needed to borrow ₹8,00,000. The calculator showed me that a 5-year EMI would be ₹17,594 with 11.5% interest rate, while a 3-year EMI would be ₹26,381. Seeing these options side by side helped me pick
the 3-year plan. I felt confident choosing a higher EMI I could manage, knowing I’d be debt-free sooner.

Benefit 2:

Last year, I combined two high-interest credit card debts worth ₹3,00,000 into a personal loan. The calculator told me my 3-year EMI would be ₹9,907 with 11.6% interest rate. Knowing the exact end date and seeing I’d save over ₹40,000 in interest compared to my cards made me feel much more at ease and gave me a clear plan to pay off my debt.

Benefit 3:

When I wanted to take my family on vacation, I thought about a ₹2,50,000 loan. I tried out different loan terms and found that a 2-year plan resulted in an EMI of ₹11,722 at an 11.6% interest rate, which fit my monthly budget. Having this exact number helped me avoid borrowing too much and made sure the trip wouldn’t stretch my finances for years.

When you know your exact numbers, you can stop guessing and create a clear financial plan. This helps you feel more confident and in control of your debt and budget.

Conclusion

Use the Bank of India personal loan EMI calculator, compare it with SBI, or try the PMT function in Excel. This step gives you instant clarity. Now you can pick a loan that fits your budget and plans, with no confusion.

FAQS

Can a Bank Increase the EMI to the Desired Amount?  

Yes, banks generally allow you to request an increase in your EMI amount, often through a formal process involving credit assessment, a revised agreement, and possible fees. This can help you pay off the loan faster or manage floating interest rate changes. 

What happens if someone misses a loan EMI payment, but the total amount paid in the past is higher than required? 

Even if you've paid more in the past, missing an EMI triggers penalties like late fees and higher interest on the overdue amount, significantly impacts your credit score (making future loans harder to get), and can escalate to legal action or asset repossession if continued, as lenders view it as a default, not a temporary credit, requiring immediate payment of the missed EMI plus penalties to mitigate damage. 

What is a personal loan EMI calculator? 

A personal loan EMI calculator is a free online tool that helps you determine your fixed monthly payment. By entering the loan amount, interest rate, and tenure, you can plan your budget, compare offers from different lenders, and see the total cost, including both principal and interest, before you decide to borrow.

Why do the EMI amounts shown in loan calculators sometimes differ from the final EMI provided by banks or financial institutions? 

Loan calculator EMIs can be different from what banks show because calculators may not include lender-specific fees such as processing or insurance. They might also use simple interest models instead of more accurate ones, and often do not consider changing interest rates, credit score effects, or extra bundled charges.

How many times can I use this Bank of India personal loan calculator?

You can use this calculator as often as you like. There are no limits or restrictions.