Bank of Baroda Personal Loan Calculator

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:

Interest Rate

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.

Loan Tenure

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.

Principal amount

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.

Principal Amount	Interest	EMI
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