Calculating your monthly installments is no more a hassle as Bank of Baroda Personal Loan EMI Calculator is here. Yes, this magical and smart device with its well-designed algorithms allows you to know your EMI, Interest Outgo and Total Amount Payable in a hassle-free manner. This time-saving tool fetches the values in just a few seconds after taking into consideration:
|Monthly Instalment (EMI)|
|Total Interest Amount|
|Total Amount (Principal + Interest)|
- Loan Amount
- Interest Rate
A personal loan EMI Calculator is accurate, precise and at the same time easy to use, allowing you to know the exact calculations of your monthly installment in the best way. This is the reason that many loan-seekers prefer to use this online tool in order to know their monthly installments in just a few seconds.
Bank of Baroda Personal Loan EMI Calculator
Let’s just have a better understanding of the same with the help of an example below.
Suppose, Piyush Gupta, a 30-year-old, Interior Decorator by profession is looking for a personal loan of ₹5 Lakh for a vacation in Australia. The bank has agreed to offer the loan at an interest rate of 11.55% per annum for a tenure of 5 years. So, let’s take a look at the calculations of EMI, Interest Outgo and Total Amount Payable in the table below.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
|Loan Amount||Interest Rate||Tenure||Monthly Instalment||Total Interest Amount||Total Amount|
|₹ 5,00,000||11.55%||1||₹ 44,319||₹ 31,830||₹ 5,31,830|
|₹ 5,00,000||11.55%||2||₹ 23,432||₹ 62,363||₹ 5,62,363|
|₹ 5,00,000||11.55%||3||₹ 16,500||₹ 93,996||₹ 5,93,996|
|₹ 5,00,000||11.55%||4||₹ 13,057||₹ 1,26,722||₹ 6,26,722|
|₹ 5,00,000||11.55%||5||₹ 11,009||₹ 1,60,532||₹ 6,60,532|
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
|1||₹ 78,421||₹ 53,685||₹ 4,21,578|
|2||₹ 87,974||₹ 44,132||₹ 3,33,603|
|3||₹ 98,691||₹ 33,415||₹ 2,34,912|
|4||₹ 1,10,713||₹ 21,393||₹ 1,24,199|
|5||₹ 1,24,304||₹ 7907||₹ 0|
Bank of Baroda Personal Loan EMI Calculation Formula
The calculator uses the below formula to calculate an EMI.
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
EMI = Equated Monthly Installment
P = Principal Loan Amount
R = Monthly Interest Rate
N = Number of Monthly Installments
Frequently Asked Questions
1. How is Bank of Baroda Personal loan EMI calculated?
The Bank of Baroda personal loan EMI is calculated based on the loan tenure, principal loan amount, and interest rate. You will just have to enter all this information in order to calculate the Bank of Baroda Personal Loan EMI.
2. How can I pay Bank of Baroda Loan EMI?
You can pay your Bank of Baroda loan EMIs by demand draft, cheque, cash, NEFT or RTGS payments, netbanking, using the BOB application or by visiting the bank branch.
3. What is the formula to calculate Personal loan EMI?
The formula to calculate your Personal loan EMIs of Bank of Baroda will be –
EMI = P x R x (1+R)^n/((1+R)^n-1) where P represents the Principal Loan Amount, R represents the Rate of Interest per month and “n” represents the loan tenure.
4. What factor affects Bank of Baroda Personal Loan EMI?
The factors affecting your Bank of Baroda personal loan EMIs are the loan amount, the loan tenure and the rate of interest on the loan. Alternating any of the three factors will affect your EMI amount.
5. What is the best way to calculate EMI for a Bank of Baroda Loan?
The best way to calculate EMIs for a Bank of Baroda personal loan is to use the Bank of Baroda personal loan EMI calculator to know your EMIs in a convenient way. You will have to enter your loan amount, loan tenure and rate of interest to calculate the EMIs quickly without getting involved into heavy calculations.