Urban Money

Bank of Baroda Personal Loan Calculator

  • 50 K
  • 1 Cr
Years
  • 1
  • 5
%
  • 8
  • 25

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

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

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.