Why is the Bank Of India Personal Loan EMI Calculator Used?

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You must have borrowed a loan before and know how it is important to pay the equated monthly installments. Just to provide accurate data of your loan EMI, Bank Of India provides an EMI calculator tool. Using the Bank Of India EMI calculator, you can know your loan EMI and set the tenure according to it. You can apply for a personal loan from the Bank Of India to meet your financial needs. Read this article to find out the Bank Of India personal loan EMI calculator benefits.
How to use Bank Of India personal loan EMI calculator?
To use the calculator you need to go to the Bank Of India website. Then, enter the details of your loan such as principal amount, interest and tenure. Because the calculator works in a mathematical formula  [P x R x (1+R)^N]/[(1+R)^N-1]. In the formula, P is your loan amount, R is the rate of interest and N is the repayment duration. To know the working of Bank Of India personal loan EMI calculator suppose, you have borrowed INR 5 lakh from the bank at an interest of 13.00% per annum for 5 years. Your estimated EMI would be INR 9,101 according to the calculation. 
Benefits of EMI calculator on your personal loan
Makes Comparison Easier: You can compare the offer of the other bank or NBFC personal loan using the Bank Of India personal loan EMI calculator. And, find out which bank provides a lower EMI for the desired amount. The Bank of India personal loan interest rates are starting from 12.50% per annum for a fully secured loan. Also, the bank provides personal loans for senior citizens at an interest rate of 11.50% for loans up to INR 50,000. 
Shorten Your EMIs: The payment duration is a maximum of 5 years for all the borrowers for Bank Of India personal loan. And they can prepay their loan after 3 months of the loan disbursal whenever they meet with a lump sum of interest. Bank Of India doesn’t charge any type of prepayment or foreclosure charge on your loan. To reduce the Bank Of India personal loan interest rate on your loan amount with prepayment and know its benefit via EMI calculator. 
Simplify Loan Management: Prominent role of the Bank Of India Personal Loan EMI Calculator is to make your loan payments manageable. You must want the EMI of your loan doesn’t bother the regular income and daily expenses that is why you should use the EMI calculator. Because with the help of this you can set a suitable tenure that will fit in your monthly budget. 
Apply for Bank Of India personal loan
To borrow the desired amount from the Bank Of India using its personal loan schemes. It provides different types of secured loan schemes for the borrower. One such loan scheme is the Bank Of India Star Mitra personal loan, it is for the physically or mentally ill customer for financial aid. You can borrow up to INR 1 lakh from the bank using the personal loan scheme. Otherwise, to meet your personal finance needs you can avail up to INR 10 lakh from the bank.
Location: India

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