Bank of Baroda Business Loan EMI Calculator
Last Updated : May 28, 2021, 9:13 p.m.
Bank of Baroda Business Loan EMI Calculator will help you in finding out the EMI chargeable on the loan amount. This EMI calculator finds the right amount of EMI that you have to pay to the financial institution. It is mandatory to enter the loan amount, the rate of interest and tenure in the EMI Calculator to compute the correct EMI. This calculator will display all the details of your EMI including the amount of interest.
| Loan Amount | |
| Interest Rate | |
| Tenure(Months) | |
| Monthly Instalment (EMI) | |
| Total Interest Amount | |
| Total Amount (Principal + Interest) |
| Year | Principal | Interest | Balance Amount |
|---|
Benefits of Taking Bank of Baroda Business Loan
Easy Procedure:- You can easily get a Bank of Baroda Business Loan and expand your business. Bank of Baroda has an easy loan disbursement process. You can even apply online on the official website of Bank of Baroda and view all the transactions online.
Low Range of Interest:- As Bank of Baroda is a nationalised bank, it has a low rate of interest. The rate of interest is the only thing that annoys the borrower. So if you are willing to take a loan at a low rate of interest then you can take it from bank of baroda.
Nationalised Bank:- Bank of Baroda is a nationalised bank so may users trust its services blindly. So if you apply for the loan, it will directly come from a nationalised banking institution. The borrowers have zero trust issues with the Bank of Baroda.
Maximum Tenure up to 5 years:- You can borrow a loan for up to 5 years. The bank will give you a hassle-free period of 5 years for clearing all the debts. But long tenure will increase your interest amount but on the other hand, your EMI would be reduced.
How to Use Bank of Baroda Business Loan EMI Calculator
Suppose you are taking a loan of 10 Lacs for 5 years at an 18% rate of interest. Then in the loan amount section, you have to enter Rs. 10 Lacs. In the interest rate section enter 18% and enter 60 in the tenure. You have to enter the tenure in terms of months and not in the terms of the year.
The Result will be displayed as follows:-
Loan Amount:- ₹10,00,000/-
Interest Rate:- 18%
Tenure (Months) – 60 months
Monthly Instalment (EMI) – ₹25,393/-
Total Interest Amount – ₹5,23,606/-
Total Amount (Principal + Interest) – ₹15,23,606/-
Factors Affecting the Monthly Instalments
Loan Amount:- You can see that it is mandatory to enter the loan amount in the business loan EMI Calculator . So the amount of loan taken by you plays a vital role in the calculation of EMI. If you take a huge amount of loan then your EMI will also increase. The EMI fluctuates with the fluctuations in the loan amount.
Rate of Interest:- There is no financial institution that grants a business loan without a rate of interest. So the rate of interest also affects the EMI amount. Higher interest rates lead to high EMIs. Therefore it is better to take a Bank of Baroda Business Loan at a low rate of interest.
Tenure of the Loan:- Tenure is basically the period of time for which the loan is taken. It is the repayment period approved by the bank to the borrower. If you take a long repayment then your EMI will be reduced but you have to pay a large interest amount to the bank.
How to Apply for a Business Loan
You just have to visit the nearest branch of Bank of Baroda to apply for a business loan. You can even apply on the online website of Bank of Baroda. But before applying for a business loan you must be aware of the business loan interest rates of all the banks and financial institutions.
