Monthly EMI | ₹ |
Principal amount | ₹ |
Total interest | ₹ |
Total amount | ₹ |
Your Amortization Details (Yearly/Monthly)
The Bank of Baroda offers its customers over five kinds of different personal loans; Covicare personal loans, COVID 2.0 personal loans, the Baroda Personal loan, the COVID19 Loan, the pre-approved personal Loan, and more.
These personal loans are offered to salaried persons and self-employed persons of various kinds. It is also easy to repay a personal loan; individuals can choose to easily repay the Loan with EMIs (equated monthly installments) that are fixated amounts for each month.
If you want to take a personal loan from the Bank of Baroda but are worried about what the EMI amount would be, you can estimate the EMI amount of the personal loan before you can apply for it through the Bank of Baroda Personal Loan EMI Calculator.
The BOB Personal Loan Calculator is an automated tool that can be used online to calculate the EMI amount on personal loans from the Bank of Baroda. You can use the Personal Loan EMI Calculator BOB to estimate what your EMI would be before you can apply for the loan.
The Bank of Baroda personal loan calculator considers the three most important factors in order to calculate the EMI amount of the personal loan, and they are:
1) Principal Amount
This is the amount of principal amount that you will be taking from the Bank of Baroda as a personal loan.
2) Tenure
This is the period of repayment for the personal loan from the bank.
3) Rate
These rates will be the rate of interest on the personal loan from the bank.
These are also the details that you will have to provide in the calculator in order to use it and know what the EMI amount of your personal loan would be.
The Bank of Baroda personal loan calculator uses a standard formula to calculate the EMI amount of the personal loan, and that is:
E = P x r x (1+r)^n/((1+r)^n-1)
This formula represents
P = Principal
R = Rates of Interest
N = Tenure of the Loan
The Formula of the Bank of Baroda personal loan calculator can also be explained with an example:
Mr Shankar wants to take a personal loan of 15 lakhs from the Bank of Baroda as of July 2022. The tenure for the loan is two years, and the rate of interest that the bank offers to him is 9.5%.
Therefore, the details of the personal loan from the Bank of Baroda are:
Principal = Rs. 15 lakhs
Tenure = 2 Years (24 months)
Rate = 9.5%
EMI = Rs. 68,872
Here is the detailed repayment of the personal loan that has been explained above:
Year |
Interest |
Principal |
Total |
Outstanding Loan |
2022 |
64,411 |
3,48,821 |
4,13,232 |
11,51,179 |
2023 |
77,299 |
7,49,160 |
8,26,459 |
4,02,018 |
2024 |
11,213 |
4,02,018 |
4,13,231 |
0 |
The Personal loan calculator of the Bank of Baroda can be of great benefit to people who are looking forward to taking out a personal loan from the Bank of Baroda or are planning to take that loan from the Bank of Baroda.
But, there are various major benefits for the users of Groww's personal loan calculator, and they are: