Founded by Maharaja Sayajirao Gaekwad, the Bank of Baroda was established in 1908. The nationalized bank offers a diverse range of products and services, from tailored loans to investment plans. With its headquarters in Vadodara, Gujarat, the Bank of Baroda is spread across 21 countries around the globe.
Personal loans are the preferred choice among the various loans offered by the Bank of Baroda. The bank customizes personal loans to assist every sector of the economy. These loan offers provided by the bank have never failed to assist the borrower’s unprecedented financial needs.
However, before opting for a personal loan, it is imperative to be informed about what you are signing up for. Considering this, the Bank of Baroda has designed a customized personal loan EMI calculator that gives an estimated idea of the monthly instalments you are required to pay over the tenure of your loan.
Functions of Bank of Baroda Personal Loan EMI Calculator
Opting for a loan should not be a burden on your finances. Using an EMI calculator, can help you opt for a loan according to your repayment ability. The Bank of Baroda Personal loan EMI calculator has been primarily devised to assist potential buyers in calculating their monthly repayments without spending hours and hours researching other complicated options on the internet. It allows you to understand monthly repayments more clearly and always makes you aware of what you can afford before you even start looking at loan offers.
You are simply required to enter the loan amount, interest rate, and tenure. Using this information, the calculator will compute the interest and EMI payable on a monthly basis. Additionally, the Bank of Baroda EMI calculator will display an amortisation schedule showing a detailed breakdown of the repayments. As a result, the calculator will assist you in determining whether the loan is a good fit for you according to your budgetary constraints.
Formula Used By Bank of Baroda Personal Loan EMI Calculator
Bank of Baroda has launched its own personal loan EMI calculator, to eliminate the need for manually calculating the EMI amount. The calculator is programmed using artificial intelligence and uses a mathematical formula to determine the equated monthly installments. Given below is the formula used by said calculator:
EMI= [P*R*(1+R)^N] / [ (1+R)^N-1]
- EMI is referred to as equated monthly installments
- P is referred to as the principal loan amount
- R is referred to as the rate of interest
- N is referred to as the tenure of the loan
Factors Affecting Bank of Baroda Personal Loan EMI
Bank of Baroda offers personal loans on the basis of an individual’s financial stability and credit worthiness. In addition to these, there are several other external as well as internal factors that affect a personal loan’s EMI. Read through to get a brief understanding of the factors that affect personal loan EMI:
The interest rate plays a significant role in determining the EMI on a personal loan. The bank usually sets interest rates on the basis of the borrower’s credit score. A higher credit score can fetch you lower interest rates and vice versa. That said, a higher interest rate ends up in higher EMIs and lower interest rates can make the EMIs affordable in nature.
A borrower can choose the term of his loan in accordance with this repayment capacity. An extended tenure will make EMIs affordable, but the interest component on loans will increase proportionately. Whereas a short tenure will increase the EMIs on loans, the interest component will be less due to the shorter term.
The principal amount is referred to as the loan amount sanctioned by your financier. The creditworthiness of the borrower determines a loan amount. The loan amount is directly proportional to the equated monthly installment. The more the sanctioned loan amount, the higher the EMI payments, and vice versa.
Comparison of Bank of Baroda Personal Loan EMI with other Banks
The table below shows a detailed comparison of Bank of Baroda personal loan EMI with other banks. Let’s assume that an individual borrows a personal loan of INR 5,00,000 for a tenure of 5 years.
|Bank Name||Principal||Rate of Interest||Interest Accrued||EMI (monthly)|
|Bank of Baroda||INR 5,00,000||13.00%||INR 1,82,592||INR 11,377|
|Axis Bank||INR 5,00,000||10.99%||INR 1,52,123||INR 10,869|
|SBI||INR 5,00,000||9.80%||INR 1,34,463||INR 10,574|
|HDFC Bank||INR 5,00,000||10.50%||INR 1,44,817||INR 10,747|
Amortisation Schedule For Bank of Baroda Personal Loan
An amortisation schedule represents a breakdown of the interest accrued and equated monthly installments of a personal loan over the tenure in a tabular format.
An amortisation schedule for a loan amount of INR 4,50,000 for 2 years at 13.00% rate of interest is displayed below:
|Month||Opening Balance||Interest Paid||Principal Paid||Closing Balance|
|1||INR 4,50,000||INR 4,875||INR 16,519||INR 4,33,481|
|2||INR 4,33,481||INR 4,696||INR 16,698||INR 4,16,783|
|3||INR 4,16,783||INR 4,515||INR 16,879||INR 3,99,905|
|4||INR 3,99,905||INR 4,332||INR 17,062||INR 3,82,843|
|5||INR 3,82,843||INR 4,147||INR 17,246||INR 3,65,597|
|6||INR 3,65,597||INR 3,961||INR 17,433||INR 3,48,164|
|7||INR 3,48,164||INR 3,772||INR 17,622||INR 3,30,542|
|8||INR 3,30,542||INR 3,581||INR 17,813||INR 3,12,729|
|9||INR 3,12,729||INR 3,388||INR 18,006||INR 2,94,723|
|10||INR 2,94,723||INR 3,193||INR 18,201||INR 2,76,522|
|11||INR 2,76,522||INR 2,996||INR 18,398||INR 2,58,124|
|12||INR 2,58,124||INR 2,796||INR 18,597||INR 2,39,526|
|13||INR 2,39,526||INR 2,595||INR 18,799||INR 2,20,727|
|14||INR 2,20,727||INR 2,391||INR 19,003||INR 2,01,725|
|15||INR 2,01,725||INR 2,185||INR 19,208||INR 1,82,516|
|16||INR 1,82,516||INR 1,977||INR 19,417||INR 1,63,100|
|17||INR 1,63,100||INR 1,767||INR 19,627||INR 1,43,473|
|18||INR 1,43,473||INR 1,554||INR 19,840||INR 1,23,633|
|19||INR 1,23,633||INR 1,339||INR 20,054||INR 1,03,579|
|20||INR 1,03,579||INR 1,122||INR 20,272||INR 83,307|
|21||INR 83,307||INR 902||INR 20,591||INR 62,816|
|22||INR 62,816||INR 681||INR 20,713||INR 42,102|
|23||INR 42,102||INR 456||INR 20,938||INR 21,165|
|24||INR 21,165||INR 229||INR 21,165||NIL|
Bank of Baroda Personal Loan EMI Table
The EMI table given below displays EMI accrued for different principal amounts for a tenure of 2 years at 13.00% rate of interest.
|INR 1,00,000||INR 14,100||INR 4,754|
|INR 3,00,000||INR 42,301||INR 14,263|
|INR 5,00,000||INR 70,502||INR 23,771|
|INR 10,00,000||INR 1,41,004||INR 47,542|
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Frequently Asked Questions (FAQs)
When should I start repaying my Bank of Baroda personal loan?
You are required to start repaying your personal loan from Bank of Baroda within a month from the loan disbursement date.
How is Bank of Baroda personal loan EMI calculator useful?
The Bank of Baroda personal loan EMI calculator has been specifically designed to assist potential buyers in calculating their monthly repayments. It helps you to get a clearer understanding of monthly repayments and can help you always know what you can afford before you even start looking at loan offers.
How can I pre-close my Bank of Baroda personal loan?
You can repay the outstanding principal and pre close your Bank of Baroda personal loan at no extra costs.
Can we pay more than EMI in Bank of Baroda personal loan?
If you have surplus funds, you can pay extra EMIs and choose to complete your loan repayment faster.
How can I pay my Bank of Baroda personal loan EMI?
You can repay your loan using the ECS facility or standing instructions. You can also visit the bank and submit a cheque or cash.