When one takes a Bank of
Maharashtra credit card Loan, a natural question that comes to mind is how much
the EMI would (Equated Monthly Installment) be that one must pay back to the
bank every month.
Hope the following FAQ’s
about Bank of Maharashtra credit card EMI will answer all your questions
What is
Bank of Maharashtra credit card EMI Calculator?
A Bank of Maharashtra credit
card calculator helps you know the amount of the EMIs that you will need to pay
towards your Bank of Maharashtra credit card and helps
make an informed decision. The EMI-Calculators Bank of Maharashtra credit card
EMI calculator also functions as a Bank of Maharashtra credit card interest
calculator, as you will be able to know the interest amount due on your Bank of
Maharashtra credit card, in addition to the overall EMI amount, in just 3
simple steps. First, enter the loan amount that you wish to take. Then, select
your preferred tenor. Finally, put in the Bank of Maharashtra credit card
interest rate advertised on the website. That’s all!
What is Bank of
Maharashtra credit card EMI?
EMI stands for Equated
Monthly Instalment. EMI is the monthly repayment that a Bank of Maharashtra
credit card borrower must make to repay the Bank of Maharashtra credit card
within the specified loan tenor.
The following table
illustrates the EMI on several Bank of Maharashtra credit card amounts with
different tenures. The applicable rate of interest is 8.60%* onwards.
Factors that Affect Bank
of Maharashtra credit card EMI
- Principal– The principal is
the loan amount that you avail from the lender. It is directly
proportional to your EMIs – lower principal will lower your monthly
instalments and vice versa.
- Rate
of interest– The rate of interest is the rate at which the lender offers
you the loan. It is also directly proportional to the value of your loan
EMIs.
- Tenure– The tenure is
the time within which you repay your loan. The tenure is inversely
proportional to your loan EMIs – longer tenure makes the monthly
instalments cheaper and vice versa.
Bank of Maharashtra
credit card Eligibility
If you meet the following criteria, then you will be eligible for a Bank of
Maharashtra credit card from more than one bank.
Age : The minimum age required to hold a Bank of Maharashtra credit card is 18 years, while the maximum age at
which a Bank of Maharashtra credit card can be availed is 60 years.
CIBIL Score : A minimum CIBIL score
of 650 is required to avail of a Bank
of Maharashtra credit card. the bank in which the individual already has
an account.
Employment Status : To avail of a Bank of Maharashtra credit card, a steady flow of income is
required. Both salaried and
self-employed can avail of a card as long as you can provide proof of steady
income flow.
Net Monthly Income : Minimum Rs. 15,000 as net monthly income is required to avail of a Bank
of Maharashtra credit card.
ITR : Self-employed individuals are required to submit last year’s ITR
as well, along with identity proof
when applying for a Bank of Maharashtra credit card.
Documents required to
apply Bank of Maharashtra credit card loan
Salaried Employees:
· Filled up Bank of
Maharashtra credit card application form
· 2 Passport Size Photo
· Copy of Income Tax PAN
· Identity Proof – Aadhaar, Passport / Driving
License / Voter
ID / PAN
· Residential Address
Proof – Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3
months old), Passport
· Income Documents – 3
months pay slip, 2 years Form 16, 3 months bank statement showing salary credit
and any EMI debit
Self-Employed:
· Filled up Bank of
Maharashtra credit card application form
· 2 Passport Size Photo
· Copy of Income Tax PAN
· Identity Proof – Aadhaar, Passport / Driving
License / Voter
ID / PAN
· Residential Address
Proof – Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3
months old), Passport
· Income Documents – 3
months pay slip, 2 years Form 16, 3 months bank statement showing salary credit
and any EMI debit
Factors Affecting Bank of
Maharashtra credit card Eligibility
CIBIL Score : CIBIL score
is an indication of a person’s creditworthiness. Lower the score; lesser is the
creditworthiness. Besides, the more benefits a card has, the more is the required credit
score. Some banks do have a
specified card for those who do not have a credit score. However, if you have a
certain credit history, then the minimum CIBIL of
650 is required.
Income : Although a minimum income of Rs. 15,000 is required to be eligible for the card, but it will be a card with
very few to none benefits. Higher income will attract a better card, which has a lot more benefits
and a robust reward system.
Organization : Each bank has a list of organizations with it, which are considered by the
bank as trusted companies. So, if you work among any of those organizations, then the eligibility
criteria for you are relaxed as compared to those who do not.
Previous Bank of Maharashtra credit card Record : In case you already have a Bank
of Maharashtra credit card and want to apply for another one, then the record of your
previous card can be used to consider your eligibility. Thus, if you have maintained a
good repayment record in your previous card, then it will serve as a positive sign for the
bank when considering your eligibility.
Existing relationship with bank : If you already have a
savings or salary account with a bank, then based on an existing relationship, you can easily be eligible
for a Bank of Maharashtra credit card issued by that bank. As compared to new customer
banks have relaxed norms for existing ones. ICICI Bank has low-income criteria for customers
who have a salary or savings account with the bank.
Bank of Maharashtra
credit card EMI for Different Loan Amounts
Following table shows
the EMIs for various loan amount based on different tenures at 8.60%* onwards
· The EMI that you can
avail with Bank of Maharashtra credit card of 10 Lakh is 10,024 with 15-years
tenure. The EMI increases when you opt for tenure of 5 years.
· The EMI for a loan of
15 Lakh is higher – 30,992, when you opt for 5-years. It decreases to 15,036 if
you opt for tenure of 15 years.
· For a loan of 25 Lakh,
the cheapest EMI you can avail with 15 year tenure – 25,060. Decreasing the
tenure to 5 years increases the EMI to 51,654.
· The EMI is 72,315 when
you avail loan of 35 Lakh for 5 years. The same will decrease to 35,084 if you
increase the tenure to 15 years.
· The cheapest EMI comes
with 15-years tenure with loan of 50 Lakh – 50,120. The EMIs double when you
opt for 5 years tenure.
How is Bank of
Maharashtra credit card EMI Calculated?
Equated Monthly
Installment – EMI for short – is the amount payable every month to the bank or
any other financial institution until the loan amount is fully paid off. It
consists of the interest on loan as well as part of the principal amount to be
repaid. The sum of principal amount and interest is divided by the tenure,
i.e., number of months, in which the loan has to be repaid. This amount has to
be paid monthly.
E = P x r x
(1+r)^n/((1+r)^n – 1)
- E
is the amount that you will have to pay every month; basically, the EMI.
- P
is the amount that you want to borrow.
- r
is the rate of interest that is applicable but calculated on a monthly
basis instead of the annual rate of interest. It is obtained by using the
formula r = (annual interest/12) x 100.
- n
is the duration of the loan in terms of months. So if you select a term of
5 years, n will be 60.
EMI is just the
amount you (borrower) repay to the bank, each calendar month, to clear your
outstanding loan.You have to repay the EMI each month, on a particular fixed
date, for the entire duration (tenure) of the loan, till you repay the entire
outstanding amount. (amount borrowed + interest).
For Example, if you borrow
10,000,000 units of a currency from the bank at 10.5% annual interest for a
period of 10 years (i.e., 120 months), then EMI = Units of currency 10,000,000
* 0.00875 * (1 + 0.00875)^120 / ((1 + 0.00875)^120 – 1) = Units of currency
134,935. i.e., you will have to pay total currency units 134,935 for 120 months
to repay the entire loan amount. The total amount payable will be 134,935 * 120
= 16,192,200 currency units that includes currency units 6,192,200 as interest
toward the loan.
How to Calculate EMI for Bank
of Maharashtra credit card?
Calculating the EMI
amount on your Bank of Maharashtra credit card is quite easy. Simply enter the
loan amount you wish to take, the tenor (in months, and not years) and the rate
of interest, in the required fields.
Once you find the EMI
calculator for Bank of Maharashtra credit card, To calculate the amount of
EMI, you need to put the following inputs in the EMI calculator:
- Loan
Amount – The principal amount borrowed from the bank or
financial institution is known as the loan amount.
- Interest
Rate – Interest rate can be either fixed or floating.
- Loan
tenure – Is the time over which you choose to repay the loan.
The result will be your
EMI, the total interest you’ll be paying and the total amount you’ll be paying
by the end.
What are the Advantages
of Knowing Bank of Maharashtra credit card EMI in Advance?
Good planning always
ensures stable finances. Calculating the Bank of Maharashtra credit card EMI in
advance gives a better understanding of the amount of money you would have to
spend every month. Hence, you can plan well and decide whether you are able to
spare that much money or not.
Components of a Bank of
Maharashtra credit card EMI Calculator?
- Amount
of loan to calculate EMI
- Loan
term (months or years) to calculate EMI
- Rate
of interest (percentage) to calculate EMI
How to use Bank of
Maharashtra credit card EMI Calculator?
Using the EMI
Calculator is a very simple process. All you need to do is follow these steps–
· Go the Bank of
Maharashtra credit card Loan EMI Calculator page
· Choose the loan amount,
rate of interest, and tenor (in months)
That’s all! You will
instantly get your Bank of Maharashtra credit card EMI amount along with the
interest amount payable on the loan.
What are the Advantages
of a Bank of Maharashtra credit card EMI Calculator?
A Bank of Maharashtra
credit card EMI Calculator helps you to decide whether you can afford the
financial commitment of a Bank of Maharashtra credit card in the long term. If
you want, you can increase or decrease your EMI amount depending on the amount
of loan you are taking and the time period for which you’ll be paying the EMIs.
Quick Results – Applicants can
easily use this calculator to calculate the EMIs that they will be liable to
pay for the pre-determined tenure and interest rate that the Bank of
Maharashtra credit card loans are offered, in mere seconds.
Simplicity – The
calculations using this EMI calculator for Bank of Maharashtra credit card Loan
are based on the applicant providing three key bits of information i.e. the
principal amount of the loan, the applicable rate of interest and the loan
tenure.
Varying Combinations – With the Bank
of Maharashtra credit card Loan EMI calculator, you can easily input different
interest rates and tenures to look for a combination that will allow you to
easily repay the principal amount, without putting undue pressure on your
finances.
Free Usage – The EMI-Calculators.com’s Bank of Maharashtra
credit card Loan EMI calculator is a user friendly Bank of Maharashtra credit
card Loan calculator that is available to everyone free of charge and is easy
to use
What Is a Bank of
Maharashtra credit card EMI Amortization Schedule?
A Bank of Maharashtra
credit card amortization schedule is the table or record which details all the
periodic payments on your loan. This is generated through an amortization
calculator.
Amortization is
basically the procedure of repaying a loan through regular payments over a
specified period. An amortization schedule is the total tally of loan payments
showing the amount of interest and principal contained in each payment, until
the loan is repaid in full.
What are the factors that
impact monthly Bank of Maharashtra credit card EMI?
The estimated monthly
investment (EMI) depends on a number of factors such the amount, the tenure of
the loan, and the interest rate. The estimated monthly investment (EMI) differs
according to the loan type and the amount. If the interest rate of the loan is fixed,
the estimated monthly investment remains fixed as well for the entire time the
loan is active. The borrower can also opt for a pre-payment wherein the
estimated monthly investment (EMI) gets reduced. If the interest rate is
floating, the EMI is also floating.
What is Flat/Fixed Rate
of Interest? And Flat/Fixed Rate of Interest Effect your EMI for Bank of
Maharashtra credit card?
A fixed rate of
interest is one where the interest rate on a loan remains fixed throughout the
loan repayment period (loan tenure). This type of interest rate is
comparatively higher than a floating rate of interest. Fixed rate of interest
is better for those who don’t prefer the risk of fluctuation that is an
integral part of a variable interest rate. In the case of a fixed rate of
interest, the loan EMI remains the same throughout the loan tenure.
The online loan EMI
calculator can be used to calculate loan EMIs with a fixed rate of
interest. The different Interests Rates that can be implied in a Loan
contract are Fixed Interest Rate and Floating Interest Rate.
Fixed Interest Rate
means interest payment on loan will be in fixed equal installments over the
entire period of the loan. The interest rate will not change regardless of any
market fluctuations.
Benefits of Fixed Interest
Rate:
- Interest
Rate does not change as per the market fluctuations
- Having
a fixed interest rate brings a sense of safety and security for the
borrower
- Since
it entails a fixed monthly repayment schedule, it helps in easy budgeting
Drawbacks of Fixed
Interest Rate:
- Generally,
Fixed Interest Rates are 1%-2.5% higher than Floating Interest Rate
- Fixed
Interest Rates are subject to change as per the market fluctuations, hence
if by chance the interest rate decreases, the fixed rate Bank of
Maharashtra credit card won’t be benefited as the borrower will have to
pay the same fixed amount every month.
What is Floating Rate of
Interest? And Floating Rate of Interest Effect your EMI for Bank of Maharashtra
credit card?
Floating rate of
interest changes depending on the market-lending rate. It is also known as
variable rate of interest. If the lending rate increases, the floating interest
rate will also increase. Due to the risk of fluctuation, the floating rate of
interest is usually lower than the fixed rate of interest. With a floating rate
of interest for a specified loan tenure, you can either expect your EMI to
reduce or increase depending on the rise in the interest rate.
The online loan EMI
calculator for Bank of Maharashtra credit card can be used to calculate loan
EMIs with a Floating rate of interest.
Floating Interest Rate
is the rate which changes as per the market conditions. Loans on floating
interest rates are tied to a base rate PLUS a floating element thereof.
Benefits of Floating
Interest Rate:
· Floating Interest Rates
are cheaper than Fixed Interest Rate
· During the long term,
even if the floating interest rate rises up the fixed interest rate, they will
eventually fall. Hence ensuring a lot of savings.
Drawbacks of Floating
Interest Rate:
Due to frequent
fluctuations in interest rate, the nature of monthly installments is quite
uneven.
Hence it is necessary
that you conduct a proper cost and benefit analysis before choosing among Fixed
and Floating Rate of Interests.
Why should I use a Bank
of Maharashtra credit card EMI calculator?
The simplest answer is
that it’s fast and it’s convenient. This means that you can do multiple
calculations in minutes where such calculations many take longer were you to
sit down with a pen and paper. These calculators are also super accurate, so it
eliminates the possibility of errors in calculations, provided you provide
accurate data.
Will banks provide the Bank
of Maharashtra credit card EMI calculator?
Yes. These days most,
if not all, banks have Bank of Maharashtra credit card EMI calculator, specific
to various loans, available on their websites.
How much should I pay as
monthly EMI for Bank of Maharashtra credit card?
Monthly EMI for Bank of
Maharashtra credit card depends upon your income and expenses. Generally, banks
advise you to limit your EMI to 35% to 45% of your net income so that you can
pay your EMI without any burden or difficulty. You can calculate your EMI
online which will help you to know your repayment capacity.
What if I miss EMI
payment for Bank of Maharashtra credit card or there is an ECS bounce?
If you miss your EMI
payment on your Bank of Maharashtra credit card or if there is an ECS bounce
then bank may charge a penalty. In addition, it will also be reflected in
your CIBIL report and
your CIBIL score may get
impacted.
What if I get delay in
paying the Bank of Maharashtra credit card loan EMI?
Banks charges penalty
for delaying EMI payment for Bank of Maharashtra credit card. The amount of
penalty varies from bank to bank. This also impacts your CIBIL Score.
What is No-Cost EMI on Bank
of Maharashtra credit card?
No-cost EMI’ offers on
the online retailers
Essentially, you pay
the original price of the phone in instalments: the retailer gets the
discounted price and the balance (i.e., the ‘discount amount’) goes to pay the
interest on the loan.
How does the EMI on Bank
of Maharashtra credit card work?
Bank of Maharashtra
credit card companies make money by earning interest on late payments that you
make. … EMI on Bank of Maharashtra credit cards work much like a home loan or
a personal loan – you pay the principal and interest each month and clear off
your debt over a period of time. Put it simply, that is how EMIs on Bank of
Maharashtra credit cards work.
Can we pay EMI using Bank
of Maharashtra credit card?
Debt Service – Make a
Payment
You may pay your Loan
EMI / Bank of Maharashtra credit card overdues through below payment options:
‘Click to Pay’ offers payment facility using Net Banking of over 50 banks. You
can view the outstanding amount against your any Bank Loan as on date
before making the payment.
What if I pay more than
EMI in Bank of Maharashtra credit card?
If you opt for an EMI
facility, the EMI amount will get reflected on your monthly Bank of Maharashtra
credit card bills along with your other dues. If you fail to pay your Bank of
Maharashtra credit card dues in any month, you will be charged a hefty interest
of anywhere between 24%-36% for non-payment
How the No-Cost EMI
Scheme from Banks Work?
Here are the steps:
Divide the item cost by
the number of months of EMI to arrive at EMI amount (say Rs X).
Figure out the loan
amount (L) (at a certain rate of interest and no. of months) that would result
in EMI of Rs X.
Your discount is Item
Cost – Loan Amount. Your Bank of Maharashtra credit card will be charged Rs L.
This amount will be converted into EMIs.
You will have to pay
EMI for loan tenure. GST is charged on the interest amount.
Where Can I get No Cost
EMI?
· Amazon
· Flipkart
· Snapdeal
· Myntra
· PayTm
· Jabong
· PhonePe
· Mobikwik
Bank of Maharashtra
credit cards can also be used on below online food delivery and cab booking
companies.
· Swiggy
· Ola
· Uber
· Zomato
· Oyo
· GoIbibo
· Zoomcar
Why it is necessary to
calculate EMI beforehand?
It is important to
calculate your EMI in advance to maintain stability in future payments. When
you avail loan for your Bank of Maharashtra credit card, you promise the bank
to pay a fixed amount at fixed date every month. So, before availing the Bank
of Maharashtra credit card you should consider the stability of your income,
monthly expenses and the existing loan obligations to avoid any discrepancies
in future payments.
Does the loan tenure
affect my EMI for Bank of Maharashtra credit card?
Bank of Maharashtra
credit card can be availed for maximum tenure of 20 years. Tenure affects your
monthly EMI. Longer the tenure of Bank of Maharashtra credit card, lower will
be your EMI.
Must Know things before
you have Bank of Maharashtra credit card EMI:
Can I foreclose my Bank
of Maharashtra credit card EMI?
Yes, you can clear the
future EMI of your Bank of Maharashtra credit card by paying the total
outstanding in one go. But, you should first ask the concerned bank regarding
the same. … And, if your lender does not charge on the foreclosure, it would
be better going with your impending move of paying the entire outstanding.
What happens if you don’t
pay EMI?
What happens if I miss
my EMI payment? You can only miss your EMI if you have insufficient funds in
your bank account. Few days grace period will be given to you to pay your EMIs.
Further delay in payments will be reported to CIBIL and will have
financial charges.
Should I pay my Bank of
Maharashtra credit card EMI/ bill early?
At a minimum, you
should pay your Bank of Maharashtra credit card bill or EMI before its
statement due date. You can never pay your Bank of Maharashtra credit card too
early but be sure to check the statement period to which your early payment
will be credited.
What happens if I only
pay the minimum payment on my Bank of Maharashtra credit card?
What Happens If I Make
Only the Minimum Payment on My Bank of Maharashtra credit card? Paying only the
minimum keeps you in debt longer, costs you money in interest and could hurt
your credit score. … If you pay the minimum toward your balance each month,
here’s what you can expect to happen: Paying down your debt will take much
longer.
Can I foreclose my Bank
of Maharashtra credit card EMI?
Yes, you can clear the
future EMI of your Bank of Maharashtra credit card by paying the total
outstanding in one go. But you should first ask the concerned bank regarding
the same. And, if your lender does not charge on the foreclosure, it would be
better going with your impending move of paying the entire outstanding.
How can I avoid paying
interest on my Bank of Maharashtra credit card?
The best way to avoid
paying interest on your Bank of Maharashtra credit card is to pay off the
balance in full every month. You can also avoid other fees, such as late
charges, by paying your Bank of Maharashtra credit card bill on time.
Is Bank of Maharashtra
credit card EMI better option?
Although a good EMI
scheme is easy on your wallet, you must try to avoid it as the first option.
You may not only be spending more than the actual worth of the product, but
also splurging first and then relying on EMI payments is not healthy for your
finances.
Is Bank of Maharashtra
credit card EMI good?
The best form of the
EMI option is where there is no interest charged on the payment. … So, an
expense of Rs 12,000 spread over 12 months will lead to an EMI of Rs 1,000 a
month, that will come in each month’s Bank of Maharashtra credit card bill.
How is EMI deducted from Bank
of Maharashtra credit card?
The entire amount will
get deducted if a purchaser purchases anything on EMI using his Bank of
Maharashtra credit card. The amount is released as on when the payment towards
the EMI is made. EMI is similar to a loan you have taken to buy phone or
whatever, which has been fully paid by bank to flipkart or to the merchant.
Who is eligible for Amazon pay EMI?
You must be 18 years of
age or above. Further eligibility is decided basis information already
available with Amazon and your credit bureau history. Based on
these and a host of other factors, Lending partner will decide the Amazon Pay EMI limit for you.
What is Bank of
Maharashtra credit card EMI scheme?
To facilitate Bank of
Maharashtra credit card EMI option, banks charge a loan processing fee upfront.
The loan processing fee varies from bank to bank and is usually 0.5% to 1% of
the amount of your purchase. Interest. Bank of Maharashtra credit card EMI
facility allows you to repay in easy instalments up to 24 month tenure. Some
cards allow up to 36 months.
Is Bank of Maharashtra
credit card EMI good or bad?
Although a good EMI
scheme is easy on your wallet, you must try to avoid it as the first option.
You may not only be spending more than the actual worth of the product, but
also splurging first and then relying on EMI payments is not healthy for your
finances.
Is Bank of Maharashtra
credit card necessary for EMI?
Typically, you would
associate EMI with a Bank of Maharashtra credit card or a loan. If you don’t
own a Bank of Maharashtra credit card and would still prefer paying in
instalments, you can use your Debit card to make select purchases on EMI. By
the way, Debit Card EMI is not a concept launched by flipkart. Amazon also offers the scheme
Step by step guide before
having Bank of Maharashtra credit card EMI:
Step 1 : Check Bank of
Maharashtra credit card EMI and calculate Bank of Maharashtra credit card
eligibility – Bank of Maharashtra credit card EMI Calculator
As you decide to take a
Bank of Maharashtra credit card, always estimate your loan amount eligibility
to know the loan amount you will be eligible for and can apply for. Also
calculate the monthly EMI that you can comfortably service given your net take
personal salary and other existing fixed obligations including rent and EMIs on
other existing loans, if any. Your Bank of Maharashtra credit card eligibility
is calculated based on your age, net income, existing obligations, property
type, LTV ratio and other factors. EMI is dependent on the loan amount,
interest rate and tenure. Once you understand your minimum loan requirement,
your eligibility and monthly EMI you can comfortably service, shortlist the
banks which offer you maximum loan amount to meet your requirements.
Step 2 : Check loan
approval status and legal documents – Bank of Maharashtra credit card EMI
Calculator
If you are buying a
property from builder, then check for the banks which have approved the
projects you have shortlisted. For resale property, check the approved map
plans and ensure that all property registration papers for the complete chain
from the first owner to current owner are in place. Shortlist the banks which
lend on your chosen property.
Step 3 : Decide on type
of Bank of Maharashtra credit card interest rate offers – Bank of Maharashtra
credit card EMI Calculator
As you narrow down the
list of banks in Step 2 and 3, you need to conduct an interest rate on Bank of
Maharashtra credit card comparison of the loan offers of various banks. Some of
the interest rate offers that needs to be checked are:
Choice between fixed
and floating rates – Fixed rates come at a slightly higher rate of interest
compared to floating rate loans and interest rate remains constant during the
tenure of Bank of Maharashtra credit card. In floating rate loan, interest
rates are reset at periodic intervals in response to changes in MCLR and PLR
rates of banks or NBFCs. Majority of Bank of Maharashtra credit cards in India
today are floating rate loans as it allows the borrowers to get Bank of
Maharashtra credit card interest rate in line with the current interest rates.
Decide if you need a
home saver loan – This is a loan with overdraft facility which allows you to
deposit surplus amount in your Bank of Maharashtra credit card overdraft
account as and when available, allowing you to reduce your overall interest
amount. This loan is highly recommended for salaried individuals with high
bonuses and self employed business which is seasonal and has fluctuating cash
flows. The interest rates on overdraft loan is slightly higher than that of a
regular Bank of Maharashtra credit card interest rate.
You can also evaluate a
mortgage guarantee Bank of Maharashtra credit card as it covers any default
risk and allows the lender to give you loan at low rate of interest. You will
however need to pay a mortgage guarantee fee to the bank.
Check and compare the
current Bank of Maharashtra credit card interest rates of the banks on various
types of loan products and take an informed decision.
Step 4 : Compare
shortlisted banks | Bank of Maharashtra credit card EMI Calculator
In addition to interest
rates, banks also charge many other fees on Bank of Maharashtra credit cards.
Along with interest rates, you should check other associated costs with a your
loan which include prepayment charges, processing fee, insurance premium and
other charges offered by the shortlisted banks. You should calculate all
inclusive costs on Bank of Maharashtra credit card to be able to further
shortlist the banks and reduce your choice to 2-3 banks.
You can take the help
of loan advisors of online on various websites listed below.
·
https://www.paisabazaar.com/
·
https://www.bajajcapital.com/
Step 5 : Select the bank
based on other service related parameters | Bank of Maharashtra
credit card EMI Calculator
Finally as you decide
to take the loan, also consider other service and transparency related
parameters of the chosen banks. Some of these factors are turnaround time
offered by the banks, quick loan delivery, doorstep services, transparency in
the loan process. You also need to understand the trends and changes in MCLR
rates over a period of time. Last but not the least, read reviews of existing
customers on banks on their services, interest rates and transparency to take
your decision to borrow from a bank.
Bank specific Bank of
Maharashtra credit card EMI Calculator FAQs
1. What benefits do I get by calculating my
EMI before taking an SBI property loan?
Calculating your EMI
before taking a loan can help you in the following ways:
You can manage your
monthly expenses better. Once you know how much you have to pay towards your
loan each month, you can then budget the other expenses accordingly. You will
be able to determine what tenure to choose depending on how much you can afford
to repay every month. Planning prepayments and pre-closures can be done easily,
helping you pay off your loan faster.
2. Will my EMIs change
in case of prepayment?
When you prepay a part
of your loan, the outstanding principal will reduce. This allows you to opt for
a lower EMI while keeping the loan tenure the same. Or, you can maintain the
same monthly instalment as before and reduce the tenure of the loan. It is
advisable to maintain the same EMI and reduce the tenure since this will reduce
the amount of interest you pay in the long run.
3. Can I use the same
EMI calculator for all banks?
Yes. An EMI calculator
is a common tool and is not tied to any bank or financial institution. If you
know your principal, interest rate, processing charges, and tenure, you should
be able to generate your EMI. BankBazaar’s calculator also allows you to factor
in prepayment details.
4.How accurate is an
EMI calculator?
An EMI calculator
estimates your loan repayment details based on the data you give it. But the
EMI that your bank gives you may be a little different due to other charges
involved in the calculation. Also, if your Bank of Maharashtra credit card is
subject to a floating rate, then the interest rate changes every year based on
the MCLR or base rate change. Even a slight change in interest rate will make a
difference to the total loan amount you repay, depending on the duration of the
loan. These variables limit the accuracy of an EMI calculator.
5. Why are the interest
charges in the repayment table slightly higher during the initial months of the
loan?
The interest rate of
your loan is applied based on “reducing balance principle”. Because of this,
the interest will be slightly higher during the initial phase since the
principal outstanding is higher. As this amount reduces, the incidence of
interest will also come down proportionately.
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