Check the EMI for your BOB Personal Loan by providing the Loan Amount, Interest rate (per annum), and loan tenure (in months) details.
|Year||Month||Principal (A)||Interest (B)||EMI (A+B)||Balance||Loan Paid to Date (%)|
Are you planning to apply for a personal loan from Bank of Baroda? Wondering how to calculate your Equated Monthly Installments (EMIs) accurately? Look no further as Bank of Baroda Personal Loan EMI Calculator is the key to your loan repayment journey.
With the Buddy Loan EMI calculator, you can determine the EMI for BOB Personal Loan. Discover how this powerful tool can help you make informed decisions and manage your finances efficiently by providing precise EMI calculations.
Calculating your EMI for a personal loan is straightforward and essential for effective financial planning. The EMI is the fixed amount you pay each month towards repaying your loan, comprising both the principal amount and interest. Here's the formula to calculate it:
EMI = P x R x (1+R)^N / [((1+R)^N) - 1]
EMI = Equated Monthly Installment
P = Principal Loan Amount
R = Monthly Interest Rate (Annual Interest Rate divided by 12 and multiplied by 100)
N = Loan Tenure in Months
Let's illustrate this with an example:
Let's compute the EMI for a personal loan of ₹5 lakhs at an interest rate of 10.90% per annum for a tenure of 36 months:
Principal loan amount (P) = ₹5,00,000
Monthly interest rate (R) = (10.90% / 12) = 0.909167%
Loan tenure in months (N) = 36
Now, plug these values into the formula:
EMI = [5,00,000 x 0.909167 x (1+0.00909167)^36] / [(1+0.00909167)^36-1]
EMI = ₹16,346
So, the EMI for a ₹5 lakh Bank of Baroda Personal Loan at an interest rate of 10.90% per annum for 36 months would be approximately ₹16,346. This calculation helps you plan your finances effectively for your personal loan.
The interest rates for a Bank of Baroda personal loan vary based on the category and job profile of the individual. Here is a table showing the EMI calculation for various categories of employees and schemes offered by the Bank of Baroda.
Let’s assume the loan amount is ₹5 Lakhs and the loan tenure is 36 months:
|Type of Employment / Category||Interest rate (p.a.)||EMI|
|Government employees and defense personnel who maintain a salary account with Bank of Baroda under scheme codes SB 182 and 186.||10.90% onwards||₹16,346|
|Gold: Employees of Central / State Govt. / PSUs / Autonomous Bodies/ Listed Public Limited Company having external rating “A” & above / Joint Sector Undertakings, & Educational Institutions of National Repute having a salary account with Bank of Baroda.||11.40% onwards||₹16,464|
|Category C: Silver: Same target customers as mentioned in Gold Category, however, having a salary account with other Bank||11.90% onwards||₹16,583|
|Category B: Employee of Private / Public, Trust, LLP, Insurance Agent, Self Employed Professional, and business persons having account relationship with Bank of Baroda||12.65% onwards||₹16,763|
|Category A: Employee of Private / Public, Trust, LLP, Insurance Agent, Self Employed Professional, and business persons having account relationships with other Bank/td>||14.65% onwards||₹17,247|
Scheme-Wise BOB Interest Rates and EMI:
|BOB Personal Loan Product||Interest rate (p.a.)||EMI|
|Baroda Loan to Pensioners||11.65%||₹16,524|
|Pre-approved Personal Loan||12.40% onwards||₹16,703|
Check out how different loan amounts impact your monthly obligations. This will help you make informed financial decisions when you avail of a personal loan from Bank of Baroda. For the EMI calculation, let's take the interest rate offered by Bank of Baroda - 10.90% p.a.
|Loan Amounts||EMI for 12 Months (in ₹)||EMI for 24 Months (in ₹)|
|1 Lakh Personal Loan EMI||8,895||4,781|
|1.5 Lakh Personal Loan EMI||13,343||7,171|
|2 Lakh Personal Loan EMI||17,790||9,561|
|3 Lakh Personal Loan EMI||26,686||14,341|
|4 Lakh Personal Loan EMI||35,582||19,121|
|5 Lakh Personal Loan EMI||44,478||23,901|
|6 Lakh Personal Loan EMI||53,374||28,681|
|7 Lakh Personal Loan EMI||62,270||33,461|
|8 Lakh Personal Loan EMI||71,167||38,241|
|9 Lakh Personal Loan EMI||80,063||43,021|
|10 Lakh Personal Loan EMI||88,959||47,801|
|15 Lakh Personal Loan EMI||133,439||71,701|
|20 Lakh Personal Loan EMI||177,919||95,601|
The above comparative table shows that the EMI reduces when you choose a longer tenure. This table will serve as a guide and help you understand how to make well-planned loan repayments.
The Bank of Baroda Personal Loan EMI Calculator is your go-to tool for swift and precise Equated Monthly Installment (EMI) calculations. The steps below will help you navigate the calculator effectively, making your loan planning seamless.
Step 1: visit the EMI Calculator page and input the loan amount.
Step 2: specify the applicable interest rate.
Step 3: choose the loan tenure (in months).
Step 4: review the calculated EMI with a graphical representation.
The Buddy Loan EMI Calculator offers you a range of advantages, by further simplifying the loan availing process. From accurate calculations to budget-friendly loan selection and transparency, this tool empowers individuals to make informed financial decisions while ensuring a hassle-free borrowing experience.
Accurate Financial Planning: the Buddy Loan EMI Calculator provides precise calculations, allowing borrowers to plan their loan EMIs with confidence.
Instant Results: it delivers EMI figures instantly, saving time and eliminating the need for complex manual calculations.
Budget-Friendly Loan Selection: you can experiment with various loan amounts, tenures, and interest rates to find the most budget-friendly option.
Transparent Loan Understanding: it promotes transparency by breaking down the EMI into principal and interest components, helping you understand the repayment structure.
Smart Financial Decision-Making: by offering clear insights, it empowers you to make informed financial decisions and choose loans that align with your financial goals.
User-Friendly Interface: the calculator is typically designed with an easy-to-use interface, ensuring accessibility for all borrowers.
Convenience: you can access the Buddy Loan EMI Calculator online from the comfort of your home, making loan planning hassle-free.
The Bank of Baroda Personal Loan EMI is influenced by a variety of factors that borrowers should consider before committing to a loan. These factors play a pivotal role in determining the Equated Monthly Installment and the overall affordability of the loan. Here are the list of factors that affect your personal loan EMI:
Loan amount: a higher loan amount leads to larger EMIs, while a lower amount results in smaller EMIs.
Interest rate: higher interest rates increase the EMI, while lower rates lead to more affordable EMIs.
Loan Tenure: longer tenures reduce the EMI amount, but increase the overall interest paid, while shorter tenures have higher EMIs but lower overall interest.
Credit Score: a good credit score often leads to lower interest rates, which can reduce the EMI.
Employment Category: different employment categories may have varying interest rates, affecting the EMI.
Prepayments: making prepayments reduces the principal amount, lowering subsequent EMIs and overall interest costs.
Loan Type: the type of personal loan and its associated terms can impact the EMI amount.
Loan Fees: additional fees and charges may be added to the loan, affecting the overall EMI amount.
Income Level: a borrower's income can influence the loan amount eligibility and, consequently, the EMI amount.
Check other Banks EMI Calculator from below:
|HDFC Personal Loan EMI Calculator||ICICI Bank Personal Loan EMI Calculator|
|Kotak Personal Loan EMI Calculator||Axis Bank Personal Loan EMI Calculator|
|SBI Bank Personal Loan EMI Calculator||PNB Personal Loan EMI Calculator|
|Canara Bank Personal Loan EMI Calculator||IDFC First Bank Personal Loan EMI Calculator|
|Yes Bank Personal Loan EMI Calculator||Bank of India Personal Loan EMI Calculator|
|IndusInd Bank Personal Loan EMI Calculator||Indian Bank Personal Loan EMI Calculator|
|Standard Chartered Loan EMI Calculator||IOB Personal Loan EMI Calculator|
|UCO Bank Personal Loan EMI Calculator||Citi Bank Personal Loan EMI Calculator|
|Central Bank Personal Loan EMI Calculator||Federal Bank Personal Loan EMI Calculator|
|Bandhan Bank Personal Loan EMI Calculator||RBL Bank Personal Loan EMI Calculator|
Ready to take next step ?
EMI is calculated using the formula: EMI = P x R x (1+R)^N / [(1+R)^N - 1]
BOB Personal loan EMI is calculated using online EMI calculators based on loan amount, interest rate, and tenure.
Loan amount, interest rate, loan tenure, and the type of employment category are key factors.
You can use the Buddy Loan EMI calculator available online for more accurate EMI calculations.
Yes, you can check EMI for various loan amounts using the Bank of Baroda loan calculator.
The maximum tenure typically varies but can go up to 60 months for certain personal loans.
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