Personal Loan Calculator for

Bank of Maharashtra

Bank of Maharashtra Personal Loan EMI Calculator

Bank of Maharashtra is a public sector bank which offers a wide range of credit instruments and financial products. The bank offers personal loans of up to ₹20 lakh for a maximum tenure of 7 years. These loans can be paid through equated monthly installments, or EMIs.

What is the Bank of Maharashtra Personal Loan EMI Calculator?

The Bank of Maharashtra Personal Loan EMI Calculator is a tool developed to make financial planning easier. You can use this calculator to compute the total amount you need to pay each month for your personal loan.

How to Use the Bank of Maharashtra Personal Loan EMI Calculator?

Follow these steps to use the Bank of Maharashtra Personal Loan EMI Calculator:

• Go to the Bank of Maharashtra Personal Loan EMI Calculator page.
• Enter the principal amount you wish to borrow.
• Provide the tenure of the personal loan, which ranges up to 7 years for Bank of Maharashtra.
• Enter the interest rate.

Once you have completed these steps, the EMI amount will be automatically displayed, along with the breakup of principal and interest components.

Factors Affecting Personal Loan EMI

• The total loan amount.
• The interest rate at which you have borrowed money.
• The total tenure of the loan.
• The credit score of the borrower.
• The creditworthiness and income level of the borrower.
• Type of interest opted for – floating rate or fixed rate.
• Prepayment or part payment may also change the EMI amount.

Benefits of Using Bank of Maharashtra Personal Loan EMI Calculator

• The calculator helps you find out the EMI amount before availing the personal loan.
• The calculator is free to use and does not require registration or sign-in.
• It helps in planning your monthly budget better.
• The results are shown instantly as the calculator works on an algorithm.
• It can be used for comparing different loan repayment plans.

Bank of Maharashtra Personal Loan Interest Rates and Tenure

The interest rate and loan tenure are major factors influencing the total amount you will pay. A higher interest rate increases both the monthly EMI and the total repayment amount. Conversely, a lower interest rate will reduce the total amount paid to the bank.

Understanding EMI and Its Components

The total payment amount can be split into two major components: principal and interest. The principal is the amount you borrow from the bank, and the interest component is computed based on the interest rate charged by the bank.

The Bank of Maharashtra personal loan EMI calculator uses a simple formula to compute the EMI:

EMI = [P x R x (1+R)^n] / [(1+R)^n – 1]

Where:
P is the principal amount
R is the interest rate
n is the loan tenure

Common Mistakes to Avoid While Using Bank of Maharashtra EMI Calculator

• Type in the correct amounts to get the exact EMI figure.
• Check the EMI with different interest rates and tenures to choose the best loan offer.
• Review the bank’s prepayment conditions or partial payment rules as these can affect your EMIs.

Conclusion

The Bank of Maharashtra Personal Loan EMI Calculator is a valuable tool for borrowers planning to avail a personal loan. It simplifies the process of calculating monthly payments and aids in comparing loan offers.