Bank Maharashtra Personal Loan EMI Calculator - Jul 2017

Factors affecting Bank Maharashtra Personal Loan EMI

• Borrower age should be between 21 years to maximum 60 years.
• Maximum personal loan amount offered by Bank of Maharashtra is upto Rs. 150,000.
• Interest rates range from 15.10% to 15.10% depending upon customer profile, loan amount and other factors.
• Processing fee in Bank of Maharashtra may be 1 %, Min- Rs. 1000 of loan amount.

Bank Maharashtra Personal Loan EMI

• Personal Loan EMI (or equated monthly installment) is a fixed amount of money paid by you to Bank of Maharashtra against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
• With Bank of Maharashtra offering Personal Loans with loan tenure upto 3 years, the loan EMI can be as low as Rs. 3,471 per lakh, to make it more affordable and convenient to meet your personal needs. Rate of interest offered by Bank of Maharashtra are as low as 15.10%.
• This EMI consists of both interest payment and principal repayment. Though the EMI amount will remain constant, the principal component keeps increasing and on the other hand the interest component keeps reducing.

Bank of Maharashtra Personal Loan calculator formula

P*r* (1+r)^n/([(1+r)^n]-1)

Here is an illustration of how Bank of Maharashtra Personal Loan EMI is calculated:

In above formula,

P = Loan amount. This can range from Rs. 50,000 to Rs. 150,000

r = Rate of interest per month. Current rate is 15.10%

n = tenure in month. For Bank of Maharashtra, this can be 36 months

Personal loan EMI calculator Bank Maharashtra - How it works?

• Bank of Maharashtra personal loan calculator calculates EMI considering a combination of loan amount, interest rate and loan tenure.
• Bank of Maharashtra personal loan calculator considers “reducing balance basis” and assumes that payment of EMI is made in arrears (means interest is charged for the month preceding the EMI payment date) and not in advance.

Personal Loan EMI - EMI Changes in case of prepayment

In case you prepay your personal loan, the outstanding balance on your personal loan reduces. Bank Maharashtra gives you two options:
• Reduce your loan tenure and keep your personal EMI same
• Reduce the amount of EMI and keep your loan tenure same
It is better to keep the EMI constant and reduce the loan tenure as you pay less interest to the Bank Maharashtra in this option.

Frequently Asked Questions on Bank Maharashtra EMI Calculator