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OBC personal loans are offered at attractive interest rates so that your EMI can be as low as Rs.2,172 per lakh. The interest rate on the Oriental Bank of Commerce personal loan starts from 10.95% p.a.
|Rs.2.5 lakh @13.76% p.a.||2 years||3 years||5 years|
|Equated Monthly Instalment (EMI) (Rs.)||11,975||8,515||5,786|
|Total Interest Payable (Rs.)||37,397||56,551||97,160|
|Processing Fee (Rs.)||2,500||2,500||2,500|
|Total Amount Payable (Rs.)||2,89,897||3,09,051||3,49,660|
Example – If you have taken a personal loan of Rs.2.5 lakh from OBC at an interest rate of 13.76% p.a., you will be charged a processing fee of 1%. Based on this, the loan repayment details for different tenures are as indicated above.
BankBazaar’s Personal Loan EMI Calculator is an online tool that can be used universally to calculate the installment amount towards a personal loan from OBC. The tool also gives a total breakup of all charges included in the loan. The calculator makes use of the repayment table to generate an instant output.
To calculate EMI using the Personal Loan EMI calculator, you will have to visit BankBazaar’s home page. On the extreme right of the page, find the drop down menu and select ‘Finance Tools’. From the list under the tools, select ‘EMI calculator’. You are then required to enter loan details that include:
You will also have to select between the option of making or not making pre-payments towards the loan. Clicking on ‘Calculate’ generates the monthly EMI amount that you will incur towards the loan.
The OBC personal loan EMI calculator uses the following formula to calculate the EMI:
E = P x R x (1+R)^n/[(1+R)^n-1]
Where, E is the EMI (Equated Monthly Installment)
P is the Principal amount
R is the monthly interest rate
n is the loan tenure in months
The loan EMI calculator also considers a processing fee that is charged by the bank for calculation of EMIs. It usually depends on the bank and ranges from 1% to 3%.
The online EMI calculator has many benefits for borrowers such as:
Yes, this tool is a generic tool and can be used to compare loan offers from other banks as well. All you have to do is change the data and the calculator will do its job automatically.
The calculations made using this universal tool is almost accurate as it uses a general formula to calculate EMI. However, there could be slight variations owing to additional charges of the bank.
Yes, loan comparison can also be made using excel sheets by programming a formula and then entering the data to generate EMI. Whereas, in an online loan EMI calculator has an automated formula which makes it ready to use.
OBC charges a processing fee of 0.50% of the loan amount with a minimum of Rs.500 along with Service Tax.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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