BOM Bank Personal Loan EMI Calculator

What is a Personal Loan EMI Calculator?

A Personal Loan EMI Calculator is a smart online tool that gives you an instant estimate of your monthly EMI (Equated Monthly Instalment) based on:

• The amount you want to borrow

• The interest rate applied

• The time you want to take to repay the loan (loan tenure)

It quickly shows you:

• Your monthly EMI amount

• Total interest over the loan term

• Overall repayment amount

Using a calculator helps you plan your finances better and avoid surprises after taking the loan.

How Does the BOM Bank Personal Loan EMI Calculator Work?

The BOM Personal Loan EMI Calculator automatically applies a standard formula to give you an instant EMI result. You just need to enter:

• Your desired loan amount

• Interest rate offered by BOM

• Tenure of the loan in months or years

The calculator will then display:

• Your monthly EMI

• The total interest payable

• The grand total you’ll repay over the loan term

It’s a fast and reliable way to visualize your financial commitment before signing any loan papers.

EMI Calculation Formula

The EMI for your personal loan is calculated using the following formula:

EMI=P×R×(1+R)N(1+R)N−1\text{EMI} = \frac{P \times R \times (1+R)^N}{(1+R)^N-1}EMI=(1+R)N−1P×R×(1+R)N​

Where:

• P = Principal (Loan amount)

• R = Monthly Interest Rate (Annual Rate ÷ 12 ÷ 100)

• N = Total number of EMIs (Loan Tenure in Months)

Don’t worry — the calculator uses this formula in the background, so you don't have to do the calculations manually.

Amortisation Schedule

An amortisation schedule is a table that shows you:

• How much of your EMI goes toward interest and how much toward principal each month

• How your outstanding loan balance reduces over time

In the early stages of repayment, a larger portion of your EMI covers interest. Gradually, more of the payment goes toward reducing the principal. Viewing this schedule helps you track how your debt decreases over the years.

How to Use the BOM Bank Personal Loan EMI Calculator

Here’s a quick and easy guide to using the calculator:

1. Visit the official Bank of Maharashtra website

2. Navigate to the Personal Loans or Calculators section

3. Select the Personal Loan EMI Calculator

4. Enter:

   • The loan amount you wish to borrow

   • The applicable interest rate

   • The repayment tenure

5. Click the Calculate button

The calculator will instantly show you:

• Your monthly EMI

• Total interest cost

• Total amount payable

You can adjust the loan amount, rate, or tenure to see how your EMI changes.

Why Use the BOM Bank Personal Loan EMI Calculator?

There are several reasons why using the EMI calculator is a smart choice:

• Immediate Results – Find out your EMI within seconds

• Helps Plan Budget – See if the EMI suits your monthly income

• Flexible Comparison – Check different loan options easily

• Transparency – Understand the full cost of borrowing

• Financial Preparedness – Borrow confidently without overcommitting

Benefits of Using a Personal Loan EMI Calculator

Advantage	Benefit to You
Better Financial Planning	Know exactly how much you’ll pay every month
Informed Decisions	Choose the loan that fits your financial goals
Save Time	Skip lengthy manual calculations
Loan Comparisons	Compare different amounts, rates, and tenures
Reduced Risk	Avoid taking a loan that strains your finances

Explore Other Useful Loan Calculators

Bank of Maharashtra offers more calculators for your convenience:

• Home Loan EMI Calculator

• Vehicle Loan EMI Calculator

• Education Loan EMI Calculator

• Mortgage Loan Calculator

• Business Loan Calculator

These tools can help you estimate EMIs across various types of loans.

Other Financial Tools You May Find Helpful

Apart from loan calculators, BOM also provides:

• FD Maturity Calculator – For fixed deposit planning

• RD Calculator – To forecast returns on recurring deposits

• SIP Calculator – For mutual fund investments

• Income Tax Estimator – To plan your taxes efficiently

• Loan Eligibility Checker – To find out how much you can borrow