Bank of Maharashtra Personal Loan Calculator
Bank of Maharashtra Personal Loan Calculator - An Overview
The Bank of Maharashtra personal loan EMI calculator is an online tool that allows individuals to calculate their Equated Monthly Installments (EMIs). This tool is available online and can be used multiple times by users until they get their desired result. To get a solution, one must enter the loan amount, interest rate, and loan tenure in their respective fields. One can use the Bank of Maharashtra personal loan calculator to compare and analyse different personal loans.
A reader must read this guide to better understand the Bank of Maharashtra personal loan calculator and how it can save the hassle of calculating the amount paid on personal loans.
Bank of Maharashtra Personal Loan Calculator - Key Feature
The Bank of Maharashtra personal loan calculator aids the user in getting the figure of the EMI they are required to pay on their personal loans. The features of the personal loan calculator Bank of Maharashtra online tool make it distinct from its peers.
- The tool can be used multiple times.
- The interface is interactive and flexible
- Users get quick results saving both time and energy
- The computation is quick and easy
- The data displayed is presented clearly
- One can access the tool without having to pay a dime for it
- It can compare different loan amounts, loan tenures, and interest rates
Why Should You Use the Bank of Maharashtra Personal Loan EMI Calculator?
The personal loan calculator Bank of Maharashtra allows you to foresee your monthly recurring payments and determine the optimal approach for your financial needs. You can create a spending plan starting when the loan tenure begins. You can adjust your financial resources by saving money for unanticipated expenses. Using the Bank of Maharashtra personal loan calculator will save you time and effort by removing the challenge of conducting challenging calculations. There is always a danger of making mistakes with handwritten calculations, some of which could be very costly. This hassle-free online tool can manage expenditures and help you reach your financial goals.
Bank of Maharashtra Personal Loan EMI Calculator Formula & Example
The Bank of Maharashtra personal loan calculator employs a mathematical formula to provide users with the required results. An individual can also use this formula to calculate their EMI manually. The formula used by the Bank of Maharashtra personal loan EMI calculator is given below:
E = P x r x (1+r) ^n/ ((1+r) ^n-1)
- ‘E’ represents EMI,
- ‘P’ is the principal amount,
- ‘r’ is the monthly rate of interest,
- ‘n’ is the tenure in months.
Let’s get a better understanding of the usage of the formula with an example. For instance, you requested the Bank of Maharashtra for a personal loan of Rs. 1 lakh. The sanctioned loan has an interest rate of 11.65% p.a. for a term of 3 years. The table below depicts the loan amount, interest rate, monthly instalments, total amount of interest, and total amount to be paid at the end of the tenure. The calculation has been done with the help of the personal loan EMI calculator Bank of Maharashtra.
|Loan Amount||Interest Rate||Tenure||Monthly Instalment||Total Interest Amount||Total Amount|
|Rs. 1,00,000||11.65%||1||Rs. 8869||Rs. 6422||Rs. 1,06,422|
|Rs. 1,00,000||11.65%||2||Rs. 4691||Rs. 12,584||Rs. 1,12,584|
|Rs. 1,00,000||11.65%||3||Rs. 3305||Rs. 18,971||Rs. 1,18,971|
Benefits of using the Bank of Maharashtra Personal Loan EMI Calculator
The Bank of Maharashtra personal loan calculator is not merely a tool to calculate EMI but also allows the user to compare different loan amounts until they find the one that aligns with their best interests. The benefits of the personal loan EMI calculator Bank of Maharashtra are given below:
- There are a number of EMI calculators available on the internet. The only thing a user needs to do is enter information in their Bank of Maharashtra personal loan EMI calculator.
- The personal loan EMI calculator Bank of Maharashtra will generate individual loan results and will be displayed in real-time to the user.
- The user can use the online tool for as long as they choose. The number of uses is not explicitly limited.
- Users may rapidly compare loan rates, amounts, and periods to obtain the best deal.
- Significant time and effort savings allow for the most efficient generation of results.
- With the information supplied by the Bank of Maharashtra personal loan calculator, a user can make more precise financial decisions.
Factors Affecting Bank of Maharashtra Personal Loan EMI
There are several factors that affect a borrower’s EMI amount. These influencing factors are explained below:
The EMI payable increases with the loan amount. The lender determines the maximum loan amount a borrower can obtain based on their relationship with the Bank of Maharashtra, repayment capacity, and other variables.
The interest rate has a direct relationship with the EMI. The lower the interest rate, the lower the EMI, and vice-versa. The bank will determine the interest rate on the personal loan depending on a variety of factors, such as your income, repayment capacity, credit history, and so on.
The loan term the borrower opts for has an inverse relationship with the EMI. The shorter the tenure, the larger the EMI. However, if a borrower has a longer term, their pay towards interest rates may be more.
Bank of Maharashtra Personal Loan Amortization Calculator
Amortisation is the practice of breaking a borrower’s loan amount into small chunks and paying each one separately on a monthly basis. Most people demand a large sum in an emergency; a personal loan amortisation allows them to meet that need by returning a small amount each month.
The Bank of Maharashtra personal loan amortisation calculator helps users get a breakdown of their loan amount in merely a few clicks. An amortisation schedule allows users to track their spending and check if the personal loan will fit them well.
Amortization Schedule for a Personal Loan of Rs. 20 Lakh over the 7 years
The table below displays the amortisation schedule for a personal loan of Rs. 20 lakhs over 7 years with an interest rate of 11% pa.
|1||Rs. 34244.87||Rs. 16653.32||Rs. 17591.55||Rs. 1799134.75|
|2||Rs. 34244.87||Rs. 14617.65||Rs. 19627.22||Rs. 1575025.60|
|3||Rs. 34244.87||Rs. 12346.41||Rs. 21898.46||Rs. 1324982.80|
|4||Rs. 34244.87||Rs. 9812.35||Rs. 24432.53||Rs. 1046005.34|
|5||Rs. 34244.87||Rs. 6985.04||Rs. 27259.83||Rs. 734744.93|
|6||Rs. 34244.87||Rs. 3830.57||Rs. 30414.30||Rs. 387465.83|
|7||Rs. 34244.87||Rs. 311.06||Rs. 33933.81||Rs. 00|
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Frequently Asked Questions (FAQs)
What is the EMI of a 1 lakh personal loan in the Bank of Maharashtra?
The EMI of a 1 lakh personal loan in the Bank of Maharashtra is Rs. 8792. Here, the interest rate is 10% pa, and the tenure is 1 year.
How much personal loan can I get on my salary of 15000 from the Bank of Maharashtra?
To avail of the personal loan from the Bank of Maharashtra, an individual must have an annual income of Rs. 3 lakhs.
What is the EMI for a 1.5 lakh personal loan in the Bank of Maharashtra?
The EMI for 1.5 lakhs personal loan in the Bank of Maharashtra for an interest rate of 10% pa and a tenure of 1 year is Rs. 13,187.
Is a CIBIL score required for a personal loan from the Bank of Maharashtra?
Yes, a good CIBIL score is required to secure personal loans from the Bank of Maharashtra.
What is the interest rate on Bank of Maharashtra personal loans?
Bank of Maharashtra charges an interest rate of 10% pa onwards on personal loans.
What is the Bank of Maharashtra personal loan processing fee?
Bank of Maharashtra charges a processing fee of 1% of the loan amount excluding GST on personal loans.
Why should I calculate Bank of Maharashtra personal loan EMI before taking a loan?
You should calculate Bank of Maharashtra personal loan EMI before taking a loan so that you’re clear on the amount of EMI you will be paying on your loan. You can also use the calculator to compare different loan amounts, tenure, and interest rates.
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