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