| Monthly EMI | ₹ |
| Principal amount | ₹ |
| Total interest | ₹ |
| Total amount | ₹ |
Your Amortization Details (Yearly/Monthly)
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.
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.
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.
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.
The calculations of the EMI can be done with a standard formula that is mentioned below.
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
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
|
Rs. 6,81,151 |
||||
|
2023 |
Rs. 3,05,280
|
Rs. 4,26,855 |
||||
|
2024 |
Rs. 3,05,280
|
Rs. 1,48,704 |
||||
|
2025 |
Rs. 1,52,631
|
Rs. 0 |
There are various benefits to using Groww's BoB Car Loan EMI calculator, and some of them are: