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Bank of Baroda Car Loan EMI Calculator

Loan amount
Rate of interest (p.a)
%
Loan tenure
Yr
Monthly EMI
Principal amount
Total interest
Total amount
Principal amount
Interest amount

Bank of Baroda offers car loans to its customers for attractive interest rates.

For the Bank of Baroda car loans, the customers will be required to pay an equated monthly installment or EMI towards the repayment of the borrowed loan amount, along with the interest amount.

In order to know the EMI amount or to estimate the EMI amount, customers can also use the Bank of Baroda Car Loan EMI calculator online.

What is the Bank of Baroda Car Loan EMI Calculator?

The BoB Car Loan Calculator is an online tool that works on a standard formula to calculate the EMI of the car loan. The online calculator can be used from anywhere and at any given time as wanted. The computation of the monthly installment for a car loan from the Bank of Baroda will require certain basic information, such as the principal amount required (the loan amount), the period of the loan, and the rate of interest that is being offered by the bank. The online calculator will then instantly display the monthly installment towards the loan.

The BoB Car Loan Calculator will eliminate the need for manual calculations on the user's side, and it will also save time and the possibility of human error through manual calculations of the EMI amount.

Since this calculator is available online, it can also be used from anywhere through Groww's website.

How Will the Bank of Baroda Car Loan Interest Rate Calculator Help You?

This BoB Car Loan EMI calculator can be used to eliminate the need for manual calculations of the EMI amount on the loan amount wanted to borrow from the bank for a car. The calculator can be used online without the need to register or log in; it can be used for free on Groww's website. 

All inaccuracies that come along with the manual calculations can be avoided by using the online calculator. The calculator also does not require any technical skills to be used and can be used with minimal expertise and simple steps.

Detailed Procedure to Use the BoB Car Loan Calculator

The BoB Car Loan EMI Calculator can be used easily by providing the following information sets:

1) The Principal Amount

You need to input the loan amount you will require to purchase the car.

2) The Period

This is the period for which you would want to borrow the loan or the tenure for which you will pay the EMIs over the car loan.

3) The Interest Rate

You will need to drag the cursor to the percentage of interest the bank will charge on your car loan.

Once all of these details have been provided to you, the calculator will instantly show you the amount of EMI you will pay for the loan, along with the interest amount incurred on the loan over the period.

How to Calculate the Bank of Baroda Car Loan EMI?

The calculations of the EMI can be done with a standard formula that is mentioned below.

Formula of Calculation -

EMI = [P×R×(1+R) n] ÷ [(1+R) n-1]

P = This is the principal amount you borrowed.

R = This is the rate of interest.

N = This is the duration of the loan in months.

This is the standard formula that is followed to calculate the EMI you will pay on a car loan.

For Example - 

To understand this formula, here is an example to demonstrate the calculations.

In the month of June 2022, if you borrow Rs. 8,00,000, at the rate of 9% for a period of 3 years; here is the calculation:

P = Rs. 8,00,000

R = 9%

N = 3 years (36 months)

Based on the formula:

EMI = [8,00,000 x 9/100/12 x (1+9/100/12)^36] / [(1+9/100/12)^36-1]

EMI = Rs. 25,440

Amortization Table of the Car Loan from Bank of Baroda

Based on the example that is mentioned below, this is the break-up of the loan amount, and other charges that you will be paying according to the tenure.

Year

Total Payment

Loan Outstanding

2022

Rs. 1,52,640

Principal Paid - Up

Interest Paid-Up

Rs. 1,18,850

Rs. 33,790

Rs. 6,81,151

2023

Rs. 3,05,280

Principal Paid - Up

Interest Paid-Up

Rs. 2,54,296

Rs. 50,984

Rs. 4,26,855

2024

Rs. 3,05,280

Principal Paid - Up

Interest Paid-Up

Rs. 2,78,151

Rs. 27,129

Rs. 1,48,704

2025

Rs. 1,52,631

Principal Paid - Up

Interest Paid-Up

Rs. 1,48,704

Rs. 3,927

Rs. 0

The Benefits of Using Groww's Car Loan EMI Calculator BoB

There are various benefits to using Groww's BoB Car Loan EMI calculator, and some of them are:

  • It is a user-friendly calculator, and you will not be required to have any technical knowledge to use it.
  • Through this financial tool, you can also enter varied rates, tenures, and amounts to compare the best choice for your borrowing.
  • The calculator is completely free of cost, and you will not be asked to log in or register to use it.

Bank of Baroda Car Loan EMI Calculator - FAQs

Q1. How many times can I change the rates and tenures in the BoB Car loan EMI calculator?

You can change these information sets as much as you please; there are no restrictions to them.

Q2. Is it better to make calculations through the online car loan EMI calculator or to do manual calculations?

Using the online calculator is a smarter option that will give you instant solutions. Along with that, you will also eliminate all the possible errors that will occur with manual calculations.

Q3. What is the amortization table of the BoB car loan calculator?

It is the break up of the principal values, the total paid-up amount, the outstanding amount, and much more.

Q4. Do I have to pay to use Groww's BoB car loan EMI calculator?

No, it is completely free of cost, and you can use it at any time.

Q5. In how long will I be shown the results from the calculator?

Your EMI amount will be shown instantly without having to wait.

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