# Bank of Baroda Car Loan EMI Calculator

₹ 50k ₹ 50L
6.0% 30.0%
6 months 30 years
Principal Amount
Interest Amount

Monthly EMI

Principal Amount

Interest Amount

Tenure (Month)

Total Amount

## 2024

Month Principal Paid Interest Charged Total Payment Balance
Aug ₹3,942.44 ₹500.00 ₹4,442.44 ₹46,057.56
Sept ₹3,981.86 ₹460.58 ₹4,442.44 ₹42,075.70
Oct ₹4,021.68 ₹420.76 ₹4,442.44 ₹38,054.01
Nov ₹4,061.90 ₹380.54 ₹4,442.44 ₹33,992.11
Dec ₹4,102.52 ₹339.92 ₹4,442.44 ₹29,889.60

## 2025

Bank of Baroda offers a comprehensive range of financial services, including attractive car loan options. These loans are available at competitive rates, with repayment scheduled in convenient monthly installments known as EMIs. Each installment includes a part of the principal amount plus the accrued interest.

To easily calculate your monthly car loan payment with Bank of Baroda, you can utilize the car loan EMI calculator on Wishfin. This online tool provides a quick and accurate way to estimate your monthly expenses before committing to a loan.

## How to Use Wishfin Bank of Baroda Car Loan Calculator?

Using the Bank of Baroda car loan calculator on Wishfin is easy. Just enter the following information:

• Principal Amount: This is the total amount you're borrowing from Bank of Baroda, not including any additional charges or the down payment.
• Interest Rate: This is the rate at which Bank of Baroda will charge interest on your car loan.
• Loan Tenure: This is the duration over which you will repay the loan.

Once you input these details, you'll immediately see both the total interest you'll incur and the monthly EMI for your car loan. This quick calculation allows you to gauge your financial obligations upfront.

## Formula to Calculate Bank of Baroda Car Loan EMI Calculation

You can also determine the EMI amount using the standard EMI calculation formula:

[PxRx(1+R)^N]/[(1+R)^N-1]
In this formula:
P stands for the Principal amount
R is the Rate of Interest per month
N is the Tenure in months
For instance, Rahul Mehra takes out a car loan of ₹8 lakhs from the Bank of Baroda, opting for a repayment period of 4 years with an interest rate of 8.5% per annum. According to the formula:

• The Principal Amount (P) is ₹8,00,000
• The Tenure (N) is 4 years or 48 months
• The Monthly Interest Rate (R) is calculated from the annual rate as 8.5% divided by 12, which equals 0.00708.

EMI = [8,00,000 x 0.00708 x(1+0.00708)^48] / [(1+0.00708)^48-1]
= ₹19,719

## Bank of Baroda Car Loan Amortisation Schedule

Let’s understand how the calculator works using an example.

Priya Singh, a 32-year-old Content Manager, wants to finance a car. She needs a loan of ₹12 Lakh in Noida. Bank of Baroda has agreed to this loan amount at an interest rate of 9.30% per annum over 6 years. Before she commits to the loan, Priya wants to understand her monthly payments clearly. She uses the car loan EMI Calculator to find out her monthly EMI, total interest, and the overall amount she will repay.

Year

Principal

(A)

Interest

(B)

Total Payment

(A + B)

Outstanding Loan Balance

2024

₹ 76,528

₹ 54,331

₹ 1,30,858

₹ 11,23,472

2025

₹ 1,64,112

₹ 97,605

₹ 2,61,717

₹ 9,59,360

2026

₹ 1,80,042

₹ 81,674

₹ 2,61,717

₹ 7,79,317

2027

₹ 1,97,519

₹ 64,198

₹ 2,61,717

₹ 5,81,798

2028

₹ 2,16,692

₹ 45,025

₹ 2,61,717

₹ 3,65,107

2029

₹ 2,37,726

₹ 23,991

₹ 2,61,717

₹ 1,27,381

2030

₹ 1,27,381

₹ 3,477

₹ 1,30,858

₹ 0

## The Minimum EMI Offered by Bank of Baroda on Home Loans

Bank of Baroda offers car loans with interest rates between 8.95% and 11.40%, varying based on the borrower's income and credit score.
Below are the lowest and highest monthly EMIs for various loan amounts. These are calculated using annual interest rates of 8.95% and 11.40% over a 5-year period:

Interest Rate of 8.95%

Interest Rate of 11.40%

5 lakh loan amount - ₹10,367 p.m.

5 lakh loan amount - ₹10,971 p.m.

10 lakh loan amount - ₹20,734 p.m.

10 lakh loan amount -  ₹21,942 p.m.

12 lakh loan amount - ₹24,881 p.m.

12 lakh loan amount -  ₹26,331 p.m.

14 lakh loan amount - ₹29,028 p.m.

14 lakh loan amount -  ₹30,179 p.m.

16 lakh loan amount - ₹33,175 p.m.

16 lakh loan amount - ₹35,108 p.m.

## Benefits of Utilizing the Bank of Baroda Car Loan EMI Calculator

The Bank of Baroda EMI calculator offers several benefits to users who are considering taking out a loan. Here are the key advantages:

• The calculator is simple to use and requires no technical expertise, making it accessible to all users.
• Users can adjust loan parameters to explore different scenarios and find a balance between affordability and loan tenure.
• The car loan calculator provides a breakdown of the principal amount, total interest payable, and total amount to be repaid, offering transparency in the loan process.

## Bank of Baroda Car Loan Eligibility Criteria

The following groups are eligible to apply for a car loan from Bank of Baroda:

• Salaried individuals
• Partners in partnership firms, owners of proprietorship firms, and directors of private and public limited companies
• Persons of Indian Origin (PIO)
• Non-Resident Indians (NRIs)
• Corporate entities

These car loans can be utilized to purchase new Sports Utility Vehicles (SUVs), Multi Utility Vehicles (MUVs), and passenger cars intended for private use.

Eligibility requirements for obtaining a car loan from Bank of Baroda include:

• The minimum age for borrowers is 21 years and for co-applicants, it is 18 years at the time of loan application.
• Both the borrower and the co-applicant should not exceed 70 years of age at the conclusion of the loan term.
• Applicants must have a credit score of at least 725.

## Factors that Affect Bank of Baroda Car Loan EMI

Here are the key factors that impact the Bank of Baroda car loan EMI:

Income-to-Debt Ratio : This crucial metric is heavily considered by lenders when evaluating car loan applications. It reflects the amount of debt you owe relative to your income. A low income-to-debt ratio suggests that you can comfortably manage your monthly EMI payments, enhancing your attractiveness as a borrower. Ideally, your EMIs should not exceed 50% of your monthly income.

Credit Score : Your credit score significantly influences your ability to secure a car loan. It serves as evidence of your financial reliability and your history of repaying debts promptly. A higher credit score, preferably 725 or above, boosts your chances of loan approval.

Applicant's Income and Occupation : Lenders also assess the applicant’s income and job stability. Consistent earnings and stable employment suggest a lower risk of default, indicating your capacity to repay the loan on time.

Loan Tenure : Generally, a longer loan tenure results in lower interest rates. However, this also means paying EMIs for an extended period. It’s advisable to carefully calculate the EMIs for different tenures and select the one where the total interest paid is minimal.

Vehicle’s Age : The age and condition of the vehicle matter since the car serves as collateral for the loan. Newer vehicles from recognized brands usually retain higher resale values, which can influence the interest rates offered by lenders.

## Bank of Baroda Car Loan Fees and Charges

Here are the fees and charges related to Bank of Baroda car loans:

Fee Type

Details

Processing Fee

Starts from Rs.500 plus GST

Foreclosure charges

Nil