EMI: ₹10,934/month at 11.25%. Min income: ₹26,034/month.
A ₹5 Lakh business loan from Bank of India at 11.25% interest for 5 years will cost you ₹10,934 per month as EMI. You will pay a total interest of ₹1,56,040 over the loan tenure. The minimum monthly income needed is ₹26,034 (assuming no existing EMIs).
Bank of India Business Loan EMI for ₹5 Lakh at 11.25% for 5 years is ₹10,934 per month.
You need a minimum monthly income of ₹26,034 for a ₹5 Lakh business loan from Bank of India (at 11.25% rate, assuming no existing EMIs).
The total interest payable on ₹5 Lakh business loan from Bank of India at 11.25% for 5 years is ₹1,56,040.
Bank of India charges a processing fee of 1% + GST for Business Loan.
Bank of India Business Loan prepayment policy: 2% of outstanding.