Bank of Baroda (BoB) Business Loan EMI Calculator
BOB Business Loan EMI Calculator is an easy-to-use and handy online tool that provides access to calculate the EMI to be paid against the business loan availed from Bank of Baroda. The bank specialises in offering a wide range of MSME loan products to its customers and for their convenience it provides business loan EMI calculator to calculate monthly instalments for better loan planning.
Business Loan EMI Calculator
Every individual needs to know the EMI that he/she plans to pay, well in advance before availing any loan. This helps further in financial planning and monthly budgeting during the loan tenure. Business Loan EMI calculator provides results by entering three basic loan details, such as loan amount, repayment tenure and interest rate. Lesser the loan term, higher is the EMI and longer the repayment tenure, lower becomes the EMI.
Usage of BoB EMI Calculator
Accessing BOB EMI Calculator is a simple and hassle-free task. Applicants just need to enter the desired loan amount, offered interest rate and loan duration in the EMI calculator to get instant results. Likewise, applicants can plan their loan accordingly, as per their business requirements and finances. The same business loan EMI calculator can be used to access EMIs offered from all the MSME loan deals offered by the bank, as well as for other business loan options.
Business Loan Formula
The business loan EMI calculator formula used by lender is below mentioned:
EMI = [P x R x (1+R) ^ N]/[(1+R) ^ (N-1)]
The alpha components represent are as follows:
- P: Total loan amount
- R: Interest rate levied on the principal amount (monthly)
- N: Loan tenure of repayment (in months)
Why to pick BOB for MSME or Business Loan?
BoB offers business loan options related to almost every market segment of almost every sector or industry. So, applicants can choose from various loan deals that suit their business requirements.
Benefits of Using an EMI Calculator
- Gives instant results and saves time
- Helps in loan planning and monthly budgeting
- Can be accessed from anywhere and everywhere
- Can be compared for different loan deals offered by the bank