With Bank of Baroda (BoB), you can avail a personal loan up to Rs. 10 lakh to meet any personal financial need. BoB personal loans are offered at an attractive interest rate starting as low as 10% p.a. and can be repaid over a flexible tenure ranging up to 60 months. Bank of Baroda’s personal loan EMI calculator lets you know your EMI payout even before you apply for a loan and helps you choose a loan amount that suits your budget. Read on to know more about various key aspects relating to BoB personal loan EMI including its calculation method, ways to make EMI payments, factors affecting EMI amount and so on.
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How Bank of Baroda Personal Loan EMI Calculator Functions?
An EMI calculator is a handy tool that lets you assess the monthly payout that you would be required to make in order to repay a loan. Bank of Baroda’s personal loan EMI calculator is a free online tool that lets you compute your monthly EMI payout even before you apply for a loan. It lets you try various combinations of different loan parameters such as loan amount, interest rate and tenure, to arrive at the most suitable EMI for yourself. However, you can also use the Paisabazaar personal loan EMI calculator to check your EMI payout instantly and for free.
An EMI calculator functions on the basis of the following 3 parameters:
- Loan Amount: It is the amount of money that you borrow from the lender. Bank of Baroda offers personal loans ranging between Rs. 50,000 to Rs. 10 lakh. Generally, a higher loan amount results in higher EMI payouts.
- Interest Rate: It is the rate at which the lender charges interest on the amount borrowed. BoB personal loan interest rate starts at 10.50% p.a. Generally a higher interest rate translates into higher EMI payouts and vice versa.
- Loan Tenure: It is the period over which you can repay the loan. BoB personal loans can be repaid over a flexible tenure ranging between 12 to 60 months. Generally the EMI amount decreases as the loan tenure increases and vice versa. However, a longer tenure can lead to an increase in the total interest payout of the loan.
Monthly EMI Payment Comparison of Popular Banks in India
The table below gives a comparison of the monthly EMI payments of popular banks in India for different loan amounts, tenure and interest rates:
| Bank Name and Interest Rate | EMI Payout for Loan Tenure of 1 Year | ||
| Loan Amount of Rs. 1 lakh | Loan Amount of Rs. 5 lakh | Loan Amount of Rs. 10 lakh | |
| Bank of Baroda @ 10.50% p.a. | Rs. 8,815 | Rs. 44,074 | Rs. 88,149 |
| Citibank @ 9.99% p.a. | Rs. 8,791 | Rs. 43,956 | Rs. 87,911 |
| ICICI @ 10.50% p.a. | Rs. 8,815 | Rs. 44,074 | Rs. 88,149 |
| Axis @ 11% p.a. | Rs. 8,838 | Rs. 44,191 | Rs. 88,382 |
| HDFC @ 10.50% p.a. | Rs. 8,815 | Rs. 44,074 | Rs. 88,149 |
| SBI @ 9.60% p.a. | Rs. 8,773 | Rs. 43,865 | Rs. 87,730 |
Bank of Baroda Personal Loan EMI Calculation
The EMI payable on Bank of Baroda personal loans is calculated using the reducing balance method. The following table gives EMI calculation for Bank of Baroda personal loans using varying combinations of loan amount, interest rate and repayment tenure:
| Loan Amount (Rs.) | Interest Rate (p.a.) | Tenure (months) | EMI (Rs./month) |
| 1 lakh | 12% | 24 | 4,707 |
| 2 lakh | 10.5% | 12 | 17,630 |
| 3 lakh | 15% | 48 | 8,349 |
| 4 lakh | 13% | 36 | 13,478 |
| 5 lakh | 16% | 60 | 12,159 |
Charges Levied on Non Payment of EMI
Some charges that may be levied in case BoB personal loan EMIs are not paid on time are given below:
| Particulars | Charges |
| Penal Interest Charges | 2% on overdue amount |
| Cheque/ECS Bounce Charges | Rs. 100 each time for savings account ECS or cheque / Rs. 200 each time for current account ECS or cheque |
Factors Affecting Bank of Baroda Personal Loan EMI
The following are some key factors which affect Bank of Baroda personal loan EMIs:
- Loan Amount: Loan amount/ principal is the amount of money that you borrow from the lender. The EMI payout generally increases with an increase in the loan amount and vice versa.
- Interest Rate: It is the rate at which interest is charged on the loan amount. The EMI payout increases with an increase in the interest rate and decreases when the interest rate falls.
- Loan Tenure: It refers to the loan repayment period. EMI payouts are usually lower over a longer tenure. However, a longer tenure can lead to an increase in the total interest payout of the loan.
- Interest Calculation Method: The interest calculation method adopted by the lender also determines the EMI amount. Generally EMIs computed using the reducing balance method are slightly lower as compared to those calculated using the flat rate method.
FAQs
Q1. When should I start repaying my BoB personal loan?
You must start repaying your BoB personal loan from the month subsequent to the month of loan disbursal.
Q2. Is it possible to prepay my BoB personal loan?
Yes you can part prepay/ foreclose your BoB personal loan at nil foreclosure/ part prepayment charges.
Q3. Is it possible to autopay my Bank of Baroda personal loan EMIs?
Yes. You can autopay your personal loan EMIs by using the ECS or NACH facility.
Q4. What is the maximum number of EMIs within which I can repay my personal loan?
Bank of Baroda personal loans come with a flexible repayment tenure ranging between 12 to 60 months. Thus, you can repay your personal loan in a maximum of 60 EMIs.