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Bank of Baroda Business Loan EMI Calculator India May 2022

Business Loan EMI Calculator Bank of Baroda

Last Updated 19th May 2022

Get monthly EMI as low as ₹ 3,423 per lakh on Bank of Baroda business loan. Business loan EMI in Bank of Baroda depends upon loan annual turnover, gross receipts, number of years of ITR, loan amount, loan tenure and interest rate.

Loan Amount1 Year Loan2 Year loan3 Year loan
₹ 1 Lakh₹ 8,983₹ 4,806₹ 3,423
₹ 5 Lakh₹ 44,917₹ 24,030₹ 17,113
₹ 10 Lakh₹ 89,834₹ 48,060₹ 34,226
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Business Loan Calculator Bank of Baroda

  • Business loan EMI (or equated monthly installment) is a fixed amount of money paid by you to Bank of Baroda against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
  • Bank of Baroda offers business loans with loan tenure up to 36 months that translates into a lowest loan EMI of ₹ 3,423 per lakh, which makes it affordable for business loan borrowers. Lowest Rate of interest offered by Bank of Baroda on business loan is 14.10%.

Use EMI Calculator to Calculate your EMI on Business Loan at Different Tenure

Business loan EMI for ₹ 10 Lakh loan amount at lowest 14.10% interest rate offered by Bank of Baroda for different tenures

1 year 2 year 3 year
Bank of Baroda EMI for loan amount of ₹ 10 Lakh at 14.10% ₹ 89,834 ₹ 48,060 ₹ 34,226
Total amount you pay back to the bank including principal and interest ₹ 11,48,632 ₹ 13,19,356 ₹ 15,15,454
Interest you have to pay over loan tenure ₹ 1,48,632 ₹ 3,19,356 ₹ 5,15,454
  • The above table shows the longer your loan tenure, lower is the EMI you pay on the loan. However, your total interest outgo is significantly higher in a long tenure loan. In the above example, if you take ₹ 10 Lakh loan for a period of 3 years, you pay the lowest EMI of ₹ 34,226. However, you pay an interest of ₹ 5,15,454 on a ₹ 10 Lakh loan.
  • In contrast, if you take a ₹ 10 Lakh loan from Bank of Baroda at the lowest loan rate offered for a period of 1 year, you pay a higher loan EMI of ₹ 89,834 and pay an interest of only ₹ 1,48,632 which is less than half of what you paid in a 3 year loan. Hence, it is advisable to choose your loan tenure wisely as longer tenure means high interest expenses.

Factors affecting Bank of Baroda Business Loan EMI

  • Loan amount - This is the amount borrower promises to repay to the bank with the interest applied. Bank of Baroda gives minimum business loan of ₹ 1,00,000 up to an amount of ₹ 2,00,000.
  • Interest rate - Interest rate is the rate charged over the principal amount borrowed. Higher interest rate increases your loan EMI which will increase the total cost of the loan. Lowest interest rate offered by Bank of Baroda is 14.10%. Do complete market research and compare rates online before you apply for a business loan.
  • Loan tenure - This is the period in which you can repay your business loan to the bank. Longer loan tenure means lower loan EMI. Generally, Bank of Baroda offers business loan for a maximum tenure of 48 months.

Bank of Baroda Business Loan Amortization Calculator

Bank of Baroda Business Loan amortization schedule gives a break up of your monthly EMI into interest and principal repayment. Bank of Baroda gives you a detailed amortisation schedule with the sanction letter and you can calculate the total interest outgo as well as the pace at which your loan amount will be repaid during the loan tenure.

How to read an amortization schedule

Suppose if you take a Business Loan of ₹ 9 Lakh for 4 years from Bank of Baroda at an interest rate of 14.10%. EMI calculated for this loan amount is ₹ 24,639 and the total annual EMIs to be paid annually is ₹ 2,95,668. The EMI schedule of loan for 4 years is explained below in the table –

Amortization Schedule for a Business Loan of ₹ 9 Lakh over the 4 years

Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
2022 ₹ 79,863 ₹ 1,17,249 ₹ 1,97,112 ₹ 7,82,751
2023 ₹ 97,911 ₹ 1,97,757 ₹ 2,95,668 ₹ 5,84,994
2024 ₹ 68,153 ₹ 2,27,515 ₹ 2,95,668 ₹ 3,57,479
2025 ₹ 33,917 ₹ 2,61,751 ₹ 2,95,668 ₹ 95,728
2026 ₹ 2,828 ₹ 95,728 ₹ 98,556 -₹ 0

In the above illustration, on a Bank of Baroda Business Loan of₹ 9 Lakh, taken at the lowest interest rate of 14.10, EMI paid is ₹ 24,639 and an annual total of EMIs is ₹ 2,95,668, the interest component is ₹ 1,15,555 while the principal component is ₹ 1,80,113 in year 1 of loan disbursement. You repay only 20.01% of the total principal after paying 12 EMIs during the first year.

Bank of Baroda Business Loan Calculator Formula

P*r* (1+r)^n/([(1+r)^n]-1)
Here is an illustration of how Bank of Baroda business loan EMI is calculated:
In above formula,
P = Loan amount. This can range from ₹ 1,00,000 to ₹ 2,00,000
r = Rate of interest per month. Current rate is 14.10%
n = tenure in month. For Bank of Baroda, this can be 48 months

Tips to decide the right amount of Bank of Baroda Business Loan EMI

  • Ascertain the amount you need to borrow: It is important that before approaching Bank of Baroda for business loan, you need to estimate the amount of loan you need to borrow. Remember business loan is an unsecured short term loan, and hence it is advisable to minimize your loan amount to the extent possible. Also, based on the EMI you can service, try to opt for lowest tenure of loans as long tenure loans result in huge interest outgo.
  • Review your current obligations: Before taking loan from Bank of Baroda, it is advisable to do an evaluation of your current monthly expenses including any EMI obligations that you have on your current loans. The assessment will help you to estimate the amount of EMI you can pay comfortably after taking into account other obligations. Once you arrive at the EMI you can service, you can also decide on the right loan tenure.

FAQs

What is the calculation of Bank of Baroda Business Loan EMI?

Business Loan EMI (or equated monthly installment) is a fixed amount of money paid by you to Bank of Baroda against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.

  • Business Loan EMI (or equated monthly installment) is a fixed amount of money paid by you to Bank of Baroda against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
  • With Bank of Baroda offering business loan with loan tenure up to 36 months, the loan EMI can be as low as ₹ 3,423 per lakh, to make it more affordable and convenient to meet your business needs. Rate of interest offered by Bank of Baroda are as low as 14.10%. You can check EMI for other tenures using our Bank of Baroda business loan calculator.
  • This EMI consists of both interest payment and principal repayment. Though the EMI amount will remain constant, the principal component keeps increasing and on the other hand the interest component keeps reducing.

How does MyLoanCare business loan calculator calculate EMI?

This calculator calculates EMI considering a combination of loan amount, interest rate and loan tenure.

  • This calculator considers “reducing balance basis” and assumes that payment of EMI is made in arrears (means interest is charged for the month preceding the EMI payment date) and not in advance.

Will the Bank of Baroda business loan EMI remain constant or change in future? What happens in case of increase or decrease in interest rate?

Typically, the business loan EMI remains unchanged unless the customer requests for a change and the same is approved by Bank of Baroda subject to its eligibility conditions (note that nominal charges may apply for effecting a customer initiated change in EMI).

  • In case the floating rate of interest on your business loan increases, Bank of Baroda will typically keep the EMI constant but increase the loan tenure. So, you will pay the same EMI but for a longer duration. In case the interest rates increase to an extent that the revised loan tenure is more than the maximum permissible by Bank of Baroda, the bank may increase your EMI amount.
  • For partly disbursed loans availed under tranche EMI scheme, your loan EMI will increase with each disbursement.

Will business loan EMI change in case of prepayment?

Bank of Baroda allows prepayment at nil charges or penalty in case of floating rate business loans.

  • When you make a prepayment, the outstanding principal amount on your loan reduces. In this case, you may choose to either keep the EMI same and reduce the loan tenure (that is paying off the loan faster) or reduce the EMI and keep the loan tenure same (that is paying lesser amount every month). It is beneficial to keep the EMI constant and reduce the loan tenure as you pay less interest to the bank in this option.

Why should I calculate Bank of Baroda loan EMI before taking a loan?

In case EMI comes out to be more than your monthly budget, then you have the chance to apply for a lower loan amount which fits your monthly budget and makes EMI easily affordable.

  • If you already know the EMI you have to pay each month, then you can plan your expenses accordingly.
  • Based on the EMI amount, you can opt for making prepayment of your business loan in future when you have surplus amount.

Compare Business Loan EMI of All Banks

Bank of Baroda Business Loan Customer Care Toll Free Number
City Customer Care Number
Agra 0562-253567
Ahmedabad 1800-223-344
Ambala 1800-223-344
Anand 0265-2361852
Aurangabad Bihar 0832-224003

Bank of Baroda Business Loan Reviews 5/5  by 1 customers
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Banks Service
5/5.0
Farhin Ahmed, Dibrugarh
Reviewed on 24th Mar 2017
5 / 5 stars
Bank of Baroda Business Loan Availed in Mar-17

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Bank of Baroda Business Loan News - May 2022
  • 2022-04-19 : Bank of Baroda Aims to Click on More Loans Digitally
    The public sector lender, Bank of Baroda, is targeting at least 65% of retail originations and 35% of MSME loans (value-wise) to be done digitally by the end of the current fiscal year. The bank is also targeting ₹50,000 crores of digital lending in the current fiscal year.
  • 2022-04-06 : Bandhan Bank Achieves 16% Growth for the Q4 2021-22
    For the last quarter of 2021-22, the loans and advances of the bank stood at ₹1.01 lakh crore, up 16% year-on-year and 15% quarter-on-quarter. The same was ₹87,043 crore in the same period last year and ₹87,998 crores in the December quarter. Additionally, the deposits also grew by 24% for the Q4 of 2021-22.
  • 2021-12-14 : Bank of Baroda Introduces Wearable Products for Small-ticket payments.
    Bank of Baroda has launched wearable products for making payments up to Rs 5,000. These products will allow you to make payments without a PIN while shopping on the PoS machine.
  • 2021-11-11 : Bank of Baroda Reports Profit in Q2
    Bank of Baroda has reported a 24% year-on-year rise in standalone profit for quarter two. As a result, the profit increased from ₹1,679 crore to ₹2,088 crores.
  • 2021-08-09 : Bank of Baroda posts Q1 profit of Rs 1,209 crore
    Bank of Baroda has clocked a standalone profit after tax of Rs 1,209 crore in the quarter ended in June 2021 on higher growth in net interest income (NII) and lower provisioning for bad loans. The bank reported a net loss of Rs 864 crore on a standalone basis in the corresponding quarter of the previous fiscal.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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