Bank of Baroda Personal Loan EMI Calculator

The personal loan EMI calculator works on the following formula:

EMI (E) = [P × R × (1 + R)ⁿ] / [(1 + R)ⁿ – 1]

Where: E = EMI, P = Principal Loan Amount, R = Monthly Interest Rate, N = Loan Tenure (in months)

When borrowers enter these three inputs- loan amount, interest rate and the tenure of the loan in the Bank of Baroda Loan calculator, it displays:

• Monthly EMI payable
• Total interest outgo
• Total repayment amount

Borrowers can also use Paisabazaar’s online Personal loan EMI calculator for free to get instant results and plan their repayments as per their comfort.

The Bank of Baroda personal loan EMI calculator requires just three simple steps:

Pro tip: Try different combinations of loan amount, tenure and rate of interest to decide the most affordable EMI and tenure combination as per your need and budget.

Calculating your EMIs before applying helps you:

Rate of Interest

Bank of Baroda offers personal loans at interest rates starting from 10.40% p.a. Loan applicants who avail personal loans at lower interest rates will be paying lower EMIs along with saving on their total interest costs and vice versa. Thus, loan applicants should ensure to compare the personal loan interest rates offered by top banks and non-banking financial companies (NBFCs) before applying for Personal Loan.

Loan Tenure

Bank of Baroda Personal Loan comes with loan tenures of up to 7 years. Prospective personal loan borrowers can lower their EMI amount by opting for longer repayment tenures. However, longer personal loan repayment tenures lead to an increase in the total interest costs.

Loan Amount

Loan applicants can avail Bank of Baroda Personal Loans for loan amounts of up to Rs 20 Lakh. Higher loan amounts leads to an increase both in EMIs and in total interest costs. Your personal loan eligibility in terms of loan amounts would primarily depend on factors like your repayment capacity and loan tenure.