EMI: ₹21,867/month at 11.25%. Min income: ₹52,065/month.
A ₹10 Lakh business loan from Bank of India at 11.25% interest for 5 years will cost you ₹21,867 per month as EMI. You will pay a total interest of ₹3,12,020 over the loan tenure. The minimum monthly income needed is ₹52,065 (assuming no existing EMIs).
Bank of India Business Loan EMI for ₹10 Lakh at 11.25% for 5 years is ₹21,867 per month.
You need a minimum monthly income of ₹52,065 for a ₹10 Lakh business loan from Bank of India (at 11.25% rate, assuming no existing EMIs).
The total interest payable on ₹10 Lakh business loan from Bank of India at 11.25% for 5 years is ₹3,12,020.
Bank of India charges a processing fee of 1% + GST for Business Loan.
Bank of India Business Loan prepayment policy: 2% of outstanding.