Bank of Baroda Personal Loan EMI Calculator

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What is Personal Loan EMI?

Personal Loan EMI is the amount payable by the loan borrower in monthly instalments until the end of the loan tenure. Personal loan borrowers will have to pay the EMI amount, which includes both principal and interest component of the loan, every month till the entire loan amount is repaid. The EMI will remain the same throughout the loan tenure for personal loans availed at fixed interest rates.

What is Bank of Baroda Personal Loan EMI Calculator?

Bank of Baroda Personal Loan EMI Calculator is an online calculation tool provided by Bank of Baroda to help its personal loan applicants compute the instalment amount payable every month. The EMI amount would vary based on Bank of Baroda Personal Loan interest rates, loan tenure and loan amount selected by the individual. Alternatively, loan applicants can also use Paisabazaar’s Personal Loan EMI Calculator to find out the optimum loan tenure and EMIs for Bank of Baroda Personal Loan based on their repayment capacity.

How do I select the ROI for the Bank of Baroda Personal Loan EMI Calculator?

Bank of Baroda Personal Loan EMI Calculator provides loan applicants’ the option to select the ROI from a wide range of interest rates. Personal loan applicants can try different combinations of interest rates, loan tenures and loan amounts to find the respective EMIs for each combination. However, note that the final ROI offered for your personal loan will be based on your personal loan eligibility, which is based on multiple factors including your monthly income, credit score, age, occupation profile, repayment capacity etc.

Personal Loan Interest Rate Comparison of different Banks

Note: Interest rates as on 6 Jan 2025.

Also Check: Which bank/NBFC is best for availing personal loans in India?

Factors affecting Bank of Baroda Personal Loan EMI

Rate of Interest

Bank of Baroda offers personal loans at interest rates starting from 11.05% 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 Bank of Baroda 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. Personal loan applicants can use the Paisabazaar Personal Loan EMI Calculator to ascertain a feasible loan tenure depending on their repayment capacity.

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.

Benefits of Using Bank of Baroda Personal Loan EMI Calculators

The main benefits of using the online Bank of Baroda Personal Loan EMI Calculators are as follows:

Easy to Use

Bank of Baroda Personal loan EMI Calculator helps loan applicants calculate the EMI amount without much hassle. Once loan applicants enter the principal loan amount, the interest rate and loan tenure in the EMI calculator, they will get to know the actual value of their monthly instalments.

Provides Quicker and Accurate Results

Bank of Baroda Personal EMI Calculator allows loan applicants to determine the monthly instalments payable for their personal loans without having to perform complex calculations using different formulas. Additionally, Bank of Baroda Personal Loan EMI Calculator also provides the accurate monthly instalment amount for loan applicants because there is zero scope of human errors that comes with manual calculations.

Budget Management

As EMIs for personal loans with fixed interest rates remain constant during the entire loan tenure and loan applicants know the exact EMI amount while availing the personal loan, they can regulate their monthly expenses accordingly to fit in the EMI amount.

Improve Personal Loan Eligibility

Lenders usually approve personal loan applications of individuals whose total EMIs, including the EMI of the proposed personal loan, does not exceed 50% – 60% of their monthly income. As personal loan applicants can get a fair idea of their EMIs by using the Bank of Baroda Personal Loan EMI Calculator, those exceeding the above-mentioned limit can select longer personal loan repayment tenures and/or lower personal loan amounts to reduce the EMI while applying for personal loans. Doing so can help such applicants increase their chances of personal loan approval.

Healthy Credit Scores

Prospective personal loan borrowers who have already computed their EMIs using the Bank of Baroda Personal Loan EMI Calculator would be better prepared to handle their finances in order to repay their personal loans within the given tenure. Thus, such applicants would be less likely to default on their EMIs. This in turn should help applicants to maintain or improve their credit scores.

Considering the aforementioned benefits, you should use the Bank of Baroda Personal EMI Calculator to decide the optimum EMIs and loan tenure for your Bank of Baroda Personal Loan based on your repayment capacity. You can also use Bank of Baroda Personal Loan EMI calculator or Paisabazaar’s Personal Loan EMI Calculator to determine and compare the personal loan EMIs of other lenders as well.