How BOI Home Loan EMI Calculator Help Plan My Finances?

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You borrowed an amount for home finance from Bank Of India and now find it difficult to manage it, then use the BOI home loan EMI calculator. The online calculator tool is for customer use only so that they can pay their EMI on time by avoiding late payment and its effect on the credit history. Read this article to know the benefits of the BOI EMI calculator on your loan.
Quick payment without delay, when I use the BOI home loan EMI calculator!
The calculator generates EMI through [P x R x (1+R)^N]/[(1+R)^N-1] EMI formula. In the given formula, P is principal, R is the interest rate and N is duration. If you enter these details of your home loan, then you get the calculation according to it. Just suppose if you borrowed INR 12 lakh for home construction at 12.69% interest rate for 240 months. Then the BOI home loan EMI calculator gives the result of INR 13,795. So, this is how you can know your EMI with the help of the BOI home loan calculator. 
Which merits of BOI home loan EMI calculator are helpful?
You can use a calculator in different ways according to your needs, look at the below-mentioned list of benefits you can get using the BOI calculator.
Pre-pay and foreclose: Most of the users think of closing the loan as early as possible to get rid of the loan burden from their income. So, if you think the same during the loan tenure, you can use the EMI calculator for it. Just enter the outstanding principal amount and the current rate of interest with the prevailing tenure. Using this you can have the idea of the rest of EMIs you need to go through. Then it is up to you whether you want to complete the loan in the tenure or reduce the tenure through prepayment or foreclosure.
Compare to Transfer: You can also transfer your existing home loan to Bank Of India if you think your EMI at BOI is less compared to your bank or NBFC. And, to compare the EMI you can use the BOI home loan EMI calculator. First, enter the existing interest rate on your principal then enter the BOI home loan interest rate that starts from 8.10% per annum.
Pay taking help of the BOI home loan calculator device!
Now, if you have any kind of payment issue with your home loan then use the BOI home loan EMI calculator. It is accessible 24X7  and you just need to visit the bank official website to use it. The payment of the Bank Of India home loan is done in 3 multiple ways. One is through Electronic Clearing Service (ECS) in which you can use any of your bank account for the payment. On the other hand, Standard Instruction if you have an existing account in Bank Of India. Or through Post-dated cheques, if you do not want to use the latest payment methods. So when you borrow a loan for home finance from the bank, do not forget to take help from the EMI calculator as it plays a vital role in the process.
Location: India

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