Bank of Baroda - it is known to be one of the top government banks in India, and it offers customers varied products. The key service that they give is their wide range of credit cards that curate to fit the needs of their customers. These credit cards give you the option of EMIs with different interest rates, charges, and EMI options. In order to calculate these EMIs, you can use the BoB credit card loan calculator.
The BOB Credit Card EMI Calculator is an online financial tool that you can use to calculate the EMIs on your BOB Credit Card EMI. The BOB Credit Card EMI Calculator works 24/7, online, and free of cost; you can access it from anywhere, at any time, and however many times you wish. The calculator works on an algorithmic formula that will assist you in calculating your credit card EMI with just three simple steps. The calculator is easy to use and it also does not require any advanced technological knowledge.
The calculator will give you results within seconds, the results being the EMI you would pay every month and the interest that has been accrued on your loan. All of the details that you have to provide are the principal, tenure, and interest rate. You can use the calculator to determine how much to borrow in advance. It also does not require any manual work or calculations to work. The tool provides assistance in comparisons and combinations.
The BoB Credit Card EMI Calculator is a tool that you can rely on for calculations of the EMI and interest on your credit card bill. It eliminates the need for manual calculations of the EMI and interest, and it also ensures that there are no errors as such with manual calculations. The bob credit card interest rate calculator is easily accessible and can be used for free as many times as you want. It lets you make informed decisions in credit card spending as a whole.
Through the BoB Credit Card EMI Calculator, you can make quicker decisions and know how much you can spend on your credit card. You will only enter some basic information, such as principal amount, tenure, and the rate of interest - and the calculator will give you a result of how much EMI you need to pay. The calculator also works as an interest calculator and tells you the amount of interest you would be for the time period.
Using the BoB Credit Card EMI Calculator does not need broad expertise, and all you would have to do is enter the below-mentioned details.
Principal Amount: You will need to enter the initial amount that you want to or have borrowed with the BoB Credit Card.
Tenure: This will be the tenure or months that you choose to split your EMIs in to repay the borrowed loan.
Interest Rate: This is the rate of interest that the bank offers you on your loan through a credit card.
When you enter the following details into the calculator, the calculator will show you the rate of interest along with the EMI that you will be paying towards the repayment. You can also enter different principal amounts and interest rates to compare different borrowing plans on a single calculator.
You can calculate the EMI on your credit card bill through the below-mentioned formula.
E=[P×R×(1+R) n] ÷ [(1+R) n-1]
E = This is the Amount that you would have to pay each month - the EMI.
P = This is the principal amount that you borrowed.
R = This is the rate of interest.
N = This is the time of the loan in months.
This is the formula that your calculation would be based on, and in order to understand this in-depth, let us look at an example.
Suppose Rekha has borrowed Rs. 80,000 from the Bank of Baroda credit card this month, for the tenure of 24 months, and at the rate of 8%; what would be the EMI and the interest amount that they would pay on this loan? This is explained below.
E=[P×R×(1+R) n] ÷ [(1+R) n-1]
P = Rs. 80,000
R = 8%
N = 24 months
According to this formula, the calculator will show you the following results:
EMI Amount = Rs. 3,619
Interest Amount = Rs. 6,836
There are several benefits to using the BoB Credit Card EMI Calculator, and some of the most important attributes that you need to take notice of are:
It is an online tool that you can use to calculate your EMIs on a credit card bill.
You will have to enter the principal amount, the tenure, and the rate of interest.
No, this calculator is a tool that you do not have to use.
Yes, you can enter different details to compare the varied outcomes.
The formula that you can use is - E=[P×R×(1+R) n] ÷ [(1+R) n-1].