Bank of Baroda Personal Loan Emi Calculator
Are you considering a personal loan from Bank of Baroda but unsure about the monthly payments? Understanding your EMI—Equated Monthly Instalment—can make all the difference in managing your finances. This fixed monthly payment combines both principal and interest, providing you with a clear picture of your repayment plan.
To take the guesswork out of your budgeting, you can easily estimate your EMI using the Bank of Baroda personal loan EMI calculator. Let’s dive in and see how you can take control of your financial journey!
What is Bank of Baroda Personal Loan EMI Calculator?
The Bank of Baroda personal loan EMI calculator is an online tool designed to simplify your financial planning. It allows potential borrowers to easily determine their monthly instalments based on varying factors such as interest rates, loan tenure, and the amount borrowed. With this user-friendly calculator, you can get a clear picture of your potential EMI before you even apply, helping you make informed decisions about your personal loan options.
Alternatively, loan applicants can use LiveMint’s personal loan EMI calculator to determine the best loan tenure and monthly EMIs for a Bank of Baroda Personal Loan, tailored to their repayment capacity.
Factors Influencing Bank of Baroda's Personal Loan EMI Calculator
When using the Bank of Baroda's personal loan EMI calculator, three key factors come into play to determine your EMI:
Principal amount: This refers to the total sum you intend to borrow from Bank of Baroda. The principal amount significantly influences your EMI, as it is the foundation of the loan calculation.
Loan tenure: The tenure is the duration over which you will repay the loan. It can range from a few months to several years. A longer tenure generally results in lower EMIs, while a shorter tenure may increase the monthly payment but reduce the total interest paid.
Interest rate: The interest rate is the cost of borrowing expressed as a percentage. This rate can vary based on several factors, including your credit score and market conditions. A lower interest rate can lead to a more manageable EMI.
How to Determine the Appropriate ROI for Personal Loan EMI Calculation
When using the Bank of Baroda personal loan EMI calculator, you have the flexibility to choose from a diverse range of interest rates (ROIs). This feature allows you to experiment with various combinations of loan amounts, tenures, and interest rates to determine the corresponding EMIs for each scenario. Keep in mind that the final interest rate you receive will depend on several factors, including your credit score, monthly income, age, occupation, and overall repayment capacity.
Formula of Bank of Baroda personal loan EMI calculation
The EMI calculator works on a simple formula which is highly accurate and gives you an estimate of your monthly EMI. You can simply just add your desired amount and time period and then you will get your estimated EMI with just one click.
The Bank of Baroda Personal Loan EMI Calculator operates using the following formula:
E=(1+R)N−1P×R×(1+R)N
Where:
- E = EMI (Equated Monthly Instalment)
- P = Principal amount
- R = Rate of interest
- N = Loan repayment tenure
However, it's crucial to remember that the interest rate you receive for a personal loan will depend on your eligibility. This assessment considers several factors, including your monthly income, age, credit score, repayment capacity, and occupation profile.
Amortisation Schedule
| Month | Opening Balance | Interest paid during the month | Principal repaid during the month | Closing Balance |
|---|---|---|---|---|
| 1 | 5,00,000 | 4,458 | 25,732 | 4,74,268 |
| 2 | 4,74,268 | 4,229 | 25,961 | 4,48,307 |
| 3 | 4,48,307 | 3,997 | 26,193 | 4,22,115 |
| 4 | 4,22,115 | 3,764 | 26,426 | 3,95,689 |
| 5 | 3,95,689 | 3,528 | 26,662 | 3,69,027 |
| 6 | 3,69,027 | 3,290 | 26,899 | 3,42,128 |
| 7 | 3,42,128 | 3,051 | 27,139 | 3,14,988 |
| 8 | 3,14,988 | 2,809 | 27,381 | 2,87,607 |
| 9 | 2,87,607 | 2,564 | 27,625 | 2,59,981 |
| 10 | 2,59,981 | 2,318 | 27,872 | 2,32,110 |
| 11 | 2,32,110 | 2,070 | 28,120 | 2,03,989 |
| 12 | 2,03,989 | 1,819 | 28,371 | 1,75,618 |
| 13 | 1,75,618 | 1,566 | 28,624 | 1,46,994 |
| 14 | 1,46,994 | 1,311 | 28,879 | 1,18,115 |
| 15 | 1,18,115 | 1,053 | 29,137 | 88,978 |
| 16 | 88,978 | 793 | 29,397 | 59,582 |
| 17 | 59,582 | 531 | 29,659 | 29,923 |
| 18 | 29,923 | 267 | 29,923 | 0 |
(Source: bankofbaroda.in/calculators/personal-loan-emi-calculator)
Eligibility Criteria for Bank of Baroda Personal Loans
When you apply for a personal loan from Bank of Baroda, it’s essential to understand the eligibility requirements. Here’s a detailed overview of the criteria you need to meet:
For salaried individuals:
You must be employed by the Central Government, State Government, autonomous bodies, Public Sector Undertakings, Public Limited Companies, multinational corporations, or educational institutions.
You need to have a minimum of one year of service.
If you work for Private Limited Companies, Trusts, or Limited Liability Partnerships (LLPs), you must have at least one year of continuous service.
For self-employed individuals:
If you are a self-employed businessman, you need a minimum of one year of stable business operations.
As a self-employed professional—such as a doctor, engineer, company secretary, architect, or interior designer—you must also demonstrate at least one year of consistent business activity.
Baroda loans for pensioners: Bank of Baroda offers specialised loan services for pensioners and family pensioners who receive their pensions through the bank. If your pension is deposited directly into your Bank of Baroda savings account, whether through the Treasury or the Defence Pension Disbursing Office, you can access these tailored financial products. You will benefit from streamlined loan processing and terms designed to meet your specific financial needs.
Insurance agents: If you are an insurance agent, you must have been in business for a minimum of two years.
Age requirements:
Minimum age: You must be at least 21 years old when you apply.
Maximum age: The maximum age limit is 60 years at loan maturity for salaried individuals and 65 years for non-salaried individuals.
Application guidelines:
Individual applications only: You must apply for personal loans individually; co-applicants are not permitted.
Bank of Baroda Personal Loan Interest Rates for 2024
Bank of Baroda offers personal loan options with both fixed and floating interest rates. Floating rates range from 11.40% to 18.75% per annum, while fixed rates vary from 11.15% to 18.20% per annum. The exact interest rate you receive will depend on your credit profile and individual assessment. This flexibility allows borrowers to choose the option that best suits their financial needs.
How to Use the LiveMint EMI Calculator
Calculating your personal loan EMI is easy with the LiveMint EMI Calculator. Just follow these simple steps:
Input loan amount: Enter the total amount you wish to borrow.
Select rate of interest: Choose the applicable interest rate for your loan.
Choose loan duration: Select a repayment period that suits your financial needs.
Once you’ve filled in the required details, the calculator will provide you with an estimate of your monthly EMI.
So if we take an example,if you raise ₹8 lakh for three years at an interest rate of 12.5%—you can determine using the Livemint personal loan EMI calculator that the monthly instalment amount will be ₹27,275.
Bank of Baroda Personal Loan EMI Calculator
Loan Amount
₹
Rate of Interest
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Loan Duration
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