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# IOB Personal Loan EMI Calculator

Loan Amount

Interest rate

%

1%

15%

Loan Duration

Yrs

1 Yr

30 Yrs

EMI

0

Principal Amount

Interest

Total Payable

With Zero Brokerage on Equity Delivery

## What is the IOB Personal Loan EMI Calculator?

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.

## How Does the IOB Personal Loan EMI Calculator Work?

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.

## What is the IOB Personal Loan EMI Calculator Formula?

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

## How to Use the IOB Personal Loan EMI Calculator Online?

Using the online IOB Personal Loan EMI Calculator online requires you to take the following steps:

1. Visit the IOB personal loan EMI calculator on the Angel One website.
2. Enter the amount you want to borrow.
3. Input the interest rate offered by the bank.
4. Choose the loan tenure.

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.

## Benefits of Using the IOB Personal Loan EMI Calculator

1. Accurate Financial Planning: The calculator provides an accurate estimate of the monthly EMI, enabling borrowers to plan their finances effectively.
2. Quick Comparison: Users can compare the EMI amounts for different loan amounts, interest rates, and tenures to choose the most suitable option.
3. Time-Saving: The calculator provides instant results instead of manual calculations, saving time and effort.
4. Available for free: You do not have to pay any charges for using the calculator.

## Types of IOB Personal Loans

The following are some of the loan schemes offered by Indian Overseas Bank, along with some of their eligibility criteria:

• Personal loan - The standard personal loan is available to employees in the public and private sectors. The loan can be taken for any domestic needs, including social/financial commitments (other than speculation).
• Personal Loans in the Form of CC - It is available to permanent employees of State & Central Government/PSU/Government aided institutions and universities (not deemed universities) having their salary account with IOB. The applicant must be 25 to 55 years of age and earn a salary of Rs. 50,000 per month through the proposed CC.
• Personal loan to LIC agents - LIC agents can use IOB personal loans for financial/social/professional purposes. The repayment period can be of 5 years or less.

Other personal loans are available in the categories of personal loans to HNIs, consumer durable loans, and elite consumer durable loans.

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## FAQs

What is the IOB Personal Loan EMI Calculator?

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:

1. Visit the IOB personal loan EMI calculator on the Angel One website.
2. Enter the loan amount you wish to borrow.
3. Input the interest rate offered by IOB for the personal loan.
4. Choose the loan tenure.

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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