Bank of India Personal Loan EMI Calculator 2022

The Bank of India offers personal loans with the name BOI Star Personal Loan Scheme to its customers. The scheme has unique eligibility criteria, which are mentioned below. 

• For Bank of India Star personal loan, an applicant is required to be salaried or self-employed with a high income. Those applicants who are drawing a pension from Bank of India, ex-staff and retired employees are also eligible to apply for the loan.
• Star Mitra Loan – This scheme is specially designed for applicants who are physically challenged. Parents, guardians, physically challenged minors, salaried, self-employed individuals are also eligible to apply for this loan.

When an applicant decides to avail a personal loan, it is necessary to evaluate what will be the monthly installments outflow, to maintain a balance of the day to day expenses. EMI Calculator which is a free tool helps the user to calculate the details, within a fraction of seconds. Simply by putting interest rate, loan amount and loan tenure, the tool presents the accurate data in front of the user. 

This tool has been designed keeping in mind the convenience of the user.

Personal Loan EMI calculations at different tenures

Bank of India offers personal loans at 12.15% p.a to its borrowers. Let’s figure out what will be the EMI for a loan amount at different tenures.

Loan Amount	1st year	2nd year	3 year	4 year	5 year
Rs 1,00,000	8,891	4,714	3,328	2,640	2,232

Interest Rate - The lowest interest rate offered by the Bank of India is 12.15%. For salary account holders Bank of India interest rates can be lower than their quote rates. 

Loan Tenure – Bank of India offers the loan for a maximum tenure of 5 years. Lowering of personal loan EMI is dependent on longer tenure.

Loan Amount – Higher loan amount invites higher EMI. Bank of India offers a minimum loan of Rs 1 lakh which can go up to Rs 10 lakh. 

Bank of India Personal Loan EMI Calculation formula

The formula for calculating personal loan adopted by Bank of India is P*r* (1+r)^n/([(1+r)^n]-1)

Below is the illustration of how Bank of India Personal Loan EMI is calculated:

n = Tenure in month

r = Per month rate of interest

P= Loan Amount

The EMI Calculator is a free tool that does the calculations for you within minutes, giving an estimate of monthly outflow of debts. The dynamics of the tool can better be understood by computing different details every next time.

Let us find out the benefits of using a personal loan EMI Calculator. 

Graphical representation of data- The role of EMI Calculator is not restricted to mere providing data. The graphical representation of the data, make the individual aware of the gradual payment which they are going to make towards the loan amount. 

Accuracy – The result displayed by the EMI Calculator on computing details like loan amount, loan tenure, and interest rate, will be accurate. This may not be possible in case of manual calculation.

Time Saver- Manual calculation of the EMI would take much time posing chances of incorrect details at times. Using EMI Calculator will reduce the task to the friction of seconds. It is more suitable in deriving a correct estimate.

24/7 availability – There is no restriction on using the EMI Calculator as many times one wants. An applicant can check the details by computing the loan amount, interest rate, tenure and figure out by analyzing how much loan is required. It allows to adjust the details and check which one is working for you.

Using Personal loan EMI Calculator at Afinoz is quite simple and can be easily made use of even by the first- time user. Afinoz is a marketplace for users to compare and shop for the best loans under one umbrella. The interest rates offered are affordable.  

Visit the website www.afinoz.com and go to the section of the EMI calculator. Compute the details and get results within a fraction of seconds. The EMI Calculator is simple to use and gives you the details, without putting up much effort. The accuracy of the data is noteworthy and can be made use of in figuring out the future requirement of applying for the loan amount.

Bank of India offers personal loans at an interest rate of 12.15% p.a. 

The various factors which influence interest rates of personal loan are credit score, employer of the applicant, the income of the applicant, age, etc.

The process of applying for the loan is easy, convenient and hassle-free. There is complete transparency with no hidden terms and conditions.

Criteria	Salaried	Self-Employed	Pensioners
Interest Rate	12.15% to 14.15 p.a	12.15% to 14.15 p.a	12.15% to 14.15 p.a
Loan Amount	Min Rs 10,000  Maximum Rs 10 lakh	Minimum of Rs 10,000  Maximum of Rs 10 lakh	Min Rs 10,000 Max- Rs 10 lakh
Loan tenure	12-60 months	12-60 months	12-60 months

Criteria	Salaried	Self-Employed	Parents/Guardians on behalf of minors
Loan Amount	Up to Rs 1lakh	Up to Rs 1 lakh	Up to Rs 1 lakh
Loan Tenure	12-60 months	12-60 months	12-60 months
Interest Rate	9.95% p.a	9.95% p.a	9.95% p.a
Eligible Loan Amount	Max 10 times of net salary	Max 50% of net income	As per discretion set by bank

Bank of India offers personal loans with minimal documentation.

Here is a checklist of documents to submit along with the loan application:

• Complete application form along with the required information
• Identity proof and address proof are not required if the e-KYC process has been materialized.
• Latest salary slips-past 3 months of the salary account
• Passport size photographs
• Valid PAN card
• Minimum 1year business existence documents.

With the banking system being digitized, availing loans at few taps of a button is in trend these days. The applicant can visit the website of www.afinoz.com and can apply for the loan. The applicant will have to fill the application form and upload a few minimal documentation.

A borrower is required to check first the eligibility criteria, before applying for the loan. A good credit score will always be favorable for the borrower in getting the loan application approved. It creates a positive impression in the mind of the lender about the repayment of the debt amount. It also gives the opportunity to the borrower to avail of loan at the lesser interest rate.