Bank of Baroda Personal Loan EMI Calculator

Calculating your monthly installments is no more a hassle as the 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.

How to Use Wishfin Bank of Baroda Personal Loan EMI Calculator?

To calculate personal loan EMI using the Wishfin calculator, you need to enter the following details:

• Loan Amount
• Tenure
• 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.

Example of Bank of Baroda Personal Loan EMI Calculation

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

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]
where,
EMI=Equated Monthly Installment
P=Principal Loan Amount
R=Monthly Interest Rate
N=Number of Monthly Installments

If you apply for a loan of ₹1,00,000 with an interest rate of 11.5% for a duration of 3 years, your EMI calculation would be as follows:

• Principal Amount (P): ₹1,00,000
• Interest Rate (R): 11.5% per annum (which is 11.5/12/100 = 0.0095 per month)
• Loan Tenure (n): 3 years, or 36 months

Let’s see how to calculate it:

[1,00,000 x 0.0095 x (1 + 0.0095) ^ 36]/[(1+0.0095) ^36 -1] = 3297.6

So, the monthly EMI you would need to pay is ₹3297.6

Bank of Baroda Personal Loan Amortisation Schedule

Here is the amortization schedule for the example provided above, to assist you further:

What is the EMI of a 1 Lakh Personal Loan in Bank of Baroda?

Below, we have calculated the EMI for a 1 lakh Bank of Baroda personal loan over a tenure of 5 years. This calculation is based on the lowest and highest interest rates charged by Bank of Baroda on their personal loans.

What is the EMI of a 3 Lakh Personal Loan in Bank of Baroda?

Below, we have calculated the EMI for a 3 lakh Bank of Baroda personal loan over a tenure of 5 years. This calculation is based on the lowest and highest interest rates charged by Bank of Baroda on their personal loans.

Lowest EMI Offered on Personal Loans by Bank of Baroda

Here are the monthly payments (EMIs) for various loan amounts from Bank of Baroda Personal Loans. These calculations use interest rates of 11.40% and 18.75% for a loan term of five years:

Features and Benefits of Using the Bank of Baroda Personal Loan EMI Calculator

The Bank of Baroda personal loan EMI calculator offers several advanced features that benefit users. In this section, we'll explore the key features and advantages of using the Bank of Baroda Personal Loan EMI calculator in detail.

• Ease of use: It’s simple and does not require elaborate information to provide feedback quickly. Indeed, this language is easy to understand, even for those who may not have extensive financial knowledge.
  
• Accuracy: The calculator gives you the precise EMI amount, which helps you budget correctly and avoid problems. There's no risk of calculation errors, so you don't have to worry about mistakes.
  
• Time-saving: Unlike the old way, where you had to do many calculations to figure out your EMIs, this calculator gives you results instantly. This fast calculation helps you make timely decisions.
  
• Comparison tool: You can compare different loans by entering the loan amount, interest rates, and loan duration. This feature helps you find the best loan option for your needs.

Bank of Baroda Personal Loan Eligibility

Your credit score is very important when you apply for a loan. It's smart to keep track of your credit score before applying for one. You can check your score for free on websites like Wishfin or through credit bureau sites.

Checking your credit doesn't lower your score, and having a score of 750 or higher is ideal for getting good loan terms. Even though your credit score may not show up directly when you apply, lenders always check it.

Being able to repay the loan is also crucial for approval. Lenders will look at your income to make sure you can pay back what you borrow. If you have a steady job, getting a loan is usually easier. For salaried people, especially if your employer is known to the bank and you've been at your job for a year, it's simpler to get a loan. If you're self-employed, you'll need to show that you've had a steady income for the last two or three years.

If you already have loans, lenders will check how much of your income goes towards paying debt. If adding a new loan means more than 50% of your income will go towards debt, you might get less money than you need, or you might not get the loan at all. Keeping a balanced debt-to-income ratio is important.

What Factors Determine Your Bank of Baroda Personal Loan EMI?

Several factors can change the EMI of an Axis Bank personal loan. Understanding these can help you manage your money better when thinking about taking a loan. Here are the main factors:

• Loan Amount: The bigger the loan you take, the higher your monthly payment (EMI) will be. The amount you can borrow mostly depends on how much you can afford to pay back and how long you choose to take the loan for.
  
• Interest Rate: The interest rate that Axis Bank charges on your personal loan greatly affects your EMI. A higher interest rate means you'll pay more each month.
  
• Loan Tenure: How long you decide to pay back the loan also impacts your EMI. Choosing a longer repayment period means smaller monthly payments, but you'll end up paying more in interest over the life of the loan.
  
• Fees and Charges: Extra costs like processing fees and prepayment penalties from Axis Bank can also change the total cost of your loan, which might affect your EMI in turn.
  
• Credit Score: Your credit score can affect the interest rate you get. A better credit score might get you a lower interest rate, which can make your EMI smaller.

Types of Fees Applicable to Bank of Baroda Personal Loan

Here are the fees and charges levied on personal loans offered by Bank of Baroda:

Main Limitations of Using Bank of Baroda Personal Loan EMI Calculator

Here are some key limitations to keep in mind when using the Bank of Baroda Personal Loan EMI Calculator:

• Lacks Personalization: The calculator provides estimates based on the inputs for loan amount, tenure, and interest rate. It doesn't consider your credit score or financial history, which can significantly affect loan terms and interest rates.
  
• Assumes Fixed Interest Rate: The calculator assumes the interest rate remains constant throughout the loan period. However, if you have a variable-rate loan, your EMI could change as interest rates fluctuate.
  
• Excludes Additional Fees: The calculator might not include other costs related to the loan, such as processing fees, application charges, or prepayment penalties. This can lead to inaccuracies between the calculated EMI and the actual payment.
  
• Depends on Accurate Inputs: The accuracy of the EMI calculated depends entirely on the accuracy of the inputs provided. Any errors in inputting the loan amount, tenure, or interest rate can lead to misleading results.