The Indian Overseas Bank (IOB) Personal Loan EMI Calculator is an online tool on the Angel One website. It helps borrowers estimate their Equated Monthly Installment (EMI) amount for a personal loan by inputting the borrowed amount, interest rate, and tenure. Thereby, the tool helps borrowers better plan their finances.
Personal loan schemes allow individuals to borrow money for various purposes, such as debt consolidation, medical expenses, or home renovations. Knowing your EMIs before taking a personal loan is essential to understand the monthly repayment commitment, planning your budget, and ensuring you can comfortably manage the loan without financial strain. In short, knowing your EMIs helps you make informed decisions and maintain financial stability.
The Personal Loan EMI Calculator uses a mathematical formula to determine the EMI amount based on the loan amount, rate of interest, and duration. This calculation lets borrowers know the exact EMI they must pay each month.
IOB personal loan EMI calculator formula is:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Where,
P = Principal amount
R = Interest rate per month (divide the annual interest rate by 12)
N = Number of monthly installments or loan tenure in months
Using the online IOB Personal Loan EMI Calculator online requires you to take the following steps:
The calculator will instantly display the estimated EMI amount, along with the interest and total payable amount.
For example, suppose you have taken a personal loan of Rs. 12,00,000 at an interest rate of 11% p.a. for a tenure of 6 years. You can now simply enter these figures into the calculator, and it will automatically calculate the EMI as Rs. 22,841, the principal amount as Rs. 12,00,000, the interest amount as Rs. 4,44,544, and the total payable amount as Rs. 16,44,544.
Using this calculator, borrowers can try out different loan amounts, interest rates, and tenures to find an EMI that suits their repayment capacity.
The following are some of the loan schemes offered by Indian Overseas Bank, along with some of their eligibility criteria:
Other personal loans are available in the categories of personal loans to HNIs, consumer durable loans, and elite consumer durable loans.
Similar Calculators
The online IOB Personal Loan EMI Calculator is an online tool on the Angel One website that helps borrowers estimate their monthly EMI amount for a personal loan. It lets users input the loan amount, rate of interest, and loan tenure to calculate the EMI, helping borrowers better plan their finances.
How to Use the IOB Personal Loan EMI Calculator Online?
Using the IOB Personal Loan EMI Calculator is simple and hassle-free:
The answer will be given automatically.
Is the IOB personal loan EMI calculator free to use?
Yes, the IOB personal loan EMI calculator on the Angel One website is totally free to use. It is provided as a convenient tool to assist borrowers in calculating their loan EMIs accurately and without any charges.
Is there a penalty on the prepayment of an IOB personal loan?
IOB may have specific policies regarding prepayment penalties on personal loans. It is advisable to refer to the loan agreement to inquire about any penalties or charges associated with prepaying an IOB personal loan.
How is the total interest of an IOB personal loan calculated?
You can simply use the IOB personal loan EMI calculator on the Angel One website to find out a loan's total amount payable and principal amount. The difference between the two is the total interest of the IOB personal loan.
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