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Bank of Baroda(BOB) Personal 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

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.

What is the Bank of Baroda Personal Loan 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. 

What Factors Does the Personal Loan EMI Calculator BOB Consider to Calculate the EMI Amount?

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.

How Does the Bank of Baroda Personal Loan Calculator Work?

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

Amortization Table

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

How Can the Bank of Baroda Personal Loan Calculator Help You?

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:

  • This is a good tool to use for the comparison between different principal values and different tenures that you can get to avail a comfortable EMI amount.
  • The calculator can be used for free and as many times as you want to assure the amounts.
  • You can also use this estimation without having to visit the bank or any other institution physically.
  • You would not have to worry about the EMI amount that you would be getting over the personal loan.
  • You can also know the interest amount that would occur on your personal loan.
  • This calculator will also keep you away from all of the errors that can happen with manual calculations.

Bank of Baroda(BOB) Personal Loan EMI Calculator - FAQs

Q1. If I have not applied for the Bank of Baroda personal loan, can I still use this calculator?

Yes, you can still use this calculator by giving the interest rate that you see on your preferred personal loan scheme from the bank.

Q2. Does this calculator also include the processing fee of the loan?

No. The processing fee for the Bank of Baroda personal loan is not included in this calculator.

Q3. What is the formula that this calculator uses to calculate the EMI?

The formula that is used by this calculator is E = P x r x (1+r)^n/((1+r)^n-1). 

Q4. Will I be charged to use the Bank of Baroda personal loan calculator?

No, this is a free calculator that you can use anytime.

Q5. Does the calculator ask for my phone number or email ID?

No, you can use this calculator without any procedure.

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