MyLoanCare is a FREE of cost service for borrowers Apply Online

MyLoanCare - Baat Aapke Interest Ki

MyLoanCare Customer Ratings - 4.5/5.0 Apply Online


Bank of Baroda Car Loan EMI Calculator

Bank of Baroda Car Loan Calculator India 2021

Last Updated 14th Apr 2021

  • Get monthly EMI as low as ₹ 1,526 per lakh with Bank of Baroda now offering vehicle loans with loan tenure upto 7 years.
  • Lowest car loan interest rate currently offered by Bank of Baroda is 7.35%, for which the EMI per ₹ 1 Lakh loan amount comes to ₹ 4,493 for a 2 year loan and ₹ 1,997 for a 5 year loan.
Loan Amount2 Year Loan4 Year loan7 Year loan
₹ 5 Lakh₹ 22,466₹ 12,054₹ 7,632
₹ 10 Lakh₹ 44,931₹ 24,109₹ 15,264
₹ 15 Lakh₹ 67,397₹ 36,163₹ 22,897
Apply for Car Loan @ 8.70%*
Best Offers on Personal Loan offerOffers
Bank/NBFCs Rate* EMI per Lakh* Action

* Starting From

Car Loan EMI Calculator Bank of Baroda

Bank of Baroda Car Loan EMI

  • Car 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 vehicle loans with loan tenure upto 7 years, the loan EMI can be as low as ₹ 1,526 per lakh, to make it more affordable and convenient to meet your car needs. Rate of interest offered by Bank of Baroda are as low as 7.35%.

The 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.

Features of Bank of Baroda Car Loan

  • Borrower age should be between 21 years to maximum 70 years.
  • Maximum vehicle loan amount offered by Bank of Baroda is upto 90% of on-road price.
  • Interest rates starts @ 7.35% depending upon down payment, net income and other factors.
  • Processing fee in Bank of Baroda is 0.75% of the cost of the car Maximum ₹ 10,000.

Car Loan EMI Calculator Bank of Baroda at different tenure

Car Loan EMI for different loan amounts and tenures @ 7.35% interest rate
Loan Amount 2 Years 3 Years 5 Years 7 Years
1 Lakh₹ 4,493₹ 3,104₹ 1,997₹ 1,526
3 Lakh₹ 13,479₹ 9,311₹ 5,990₹ 4,579
5 Lakh₹ 22,466₹ 15,519₹ 9,983₹ 7,632
10 Lakh₹ 44,931₹ 31,037₹ 19,967₹ 15,264
  • As you can see in the above table, for various loan amounts taken at the lowest rate of interest, EMI differs with changes to tenure at 2 to 7 years. Your EMI is higher when you take loan for a shorter tenure of 2 years and it is lower when you apply for a higher tenure of 7 years.
  • Your EMI consists of both interest payment and principal repayment. Though the EMI amount will remain constant, every month the proportion of interest payment and principal repaid within each EMI is different. With every EMI, the proportion of principal repayment in EMI keeps increasing and the interest component in EMI keeps reducing.

Use EMI Calculator to calculate your interest on vehicle loan at different tenure

Vehicle Loan EMI for ₹ 1 Lakh loan amount at lowest 7.35% interest rate offered by Bank of Baroda for different tenures
2 years 3 years 5 years
Bank of Baroda EMI for a loan amount ₹ 1 Lakh at 7.35% ₹ 4,493 ₹ 3,104 ₹ 1,997
Total amount you pay back to the bank including principal and interest ₹ 1,07,835 ₹ 1,11,735 ₹ 1,19,800
Interest you have to pay over loan tenure ₹ 7,835 ₹ 11,735 ₹ 19,800

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 a ₹ 1,00,000 loan for a period of 5 years, you pay the lowest EMI of ₹ 1,997. However, you pay an interest of ₹ 19,800 on a ₹ 1,00,000 loan.

In contrast, if you take a ₹ 1,00,000 loan from Bank of Baroda at the lowest loan rate offered for a period of 2 years, you pay a higher vehicle loan EMI of ₹ 4,493 and pay an interest of only ₹ 7,835 which is less than half of what you paid in 5 year loan. Hence, it is advisable to choose your loan tenure wisely as longer tenure means high interest expenses.

Factors affecting Bank of Baroda Car Loan EMI

  • Loan amount – This is the amount borrowed by a borrower from Bank of Baroda. If you apply for a higher loan amount, your monthly EMI will be high. Bank of Baroda gives maximum loan of 90% of on-road price of the car.
  • Interest rate - Interest rates is the rate charged by Bank of Baroda on your vehicle loan. 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 7.35%. However, it is advisable to do complete market research and compare rates online before you apply for loan.
  • Loan tenure – This is the period in which you can repay your loan in Bank of Baroda. Longer loan tenure means lower car loan EMI. Generally, Bank of Baroda offers loan for a maximum tenure of 7 years.

Bank of Baroda Car Loan Calculator Formula

Emi Calculator Formula


  • P represents the principal amount that you want to apply for.
  • r is the rate of interest per month which is calculated as rate of annual income/ (12*100)
  • n is the tenure of loan in months
  • E represents the monthly payment or EMI

Here is an illustration of how Bank of Baroda Car Loan EMI is calculated:

Let’s say you take out a car loan for ₹ 7,00,000 to be paid back over five years (or 60 months) at an interest rate of 10%. Your monthly payments for this loan after applying the above formula would be ₹ 14,873.

In above formula,

P = loan amount. This should be 90% of on-road price

n = tenure in months. For Bank of Baroda, this can be 7 years.

r = rate of interest per annum. Current Bank of Baroda interest on car loan is 7.35%

Tips to decide the right amount of EMI

  • Ascertain the amount you need to borrow: It is important that before approaching a bank for loan, you need to estimate the amount of loan you need to borrow. Limit your loan amount after accounting for your own available funds. 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 a loan 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.
  • Calculate your Bank of Baroda car loan eligibility: Your eligibility is an assessment of your repayment capacity based on your monthly income. Bank of Baroda provides an LTV upto 90 % of on-road price and expects the borrower to fund the remaining value of property by own money. For example, at its lowest LTV, Bank of Baroda would expect its borrowers to provide margin money. In case this margin payment is higher than your available funds as estimated by you, you might need to look for higher LTV loans, which may carry higher interest rates and hence, will result in higher EMIs.
    • Multiplier based loan amount eligibility – Bank of Baroda calculates your loan amount eligibility by applying a multiplier to your net take home salary. This is the simplest method for calculating a loan eligibility used by banks. Generally it is 2.5 to 3 times the annual salary for salaried individuals and 6 times the annual income for self-employed professionals. The multiplier depends on the bank’s internal categorization of your employer company based on its reputation, stability, size and growth in turnover.
    • FOIR based loan amount eligibility – Bank of Baroda will also estimate your Fixed Income to Obligations Ratio (FOIR) to ascertain the maximum EMI you can service based on your current income and other monthly expenses. The bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations to calculate your fixed obligations. The proportion of fixed income to your calculated fixed obligations gives your FOIR. Generally, banks lend up to a maximum FOIR of 0.50. Based on the FOIR, the bank will also estimate the maximum amount of EMI you can service as a borrower. Bank of Baroda's assessment may be different from your own assessment. Any differences in assessment may require you to readjust your loan amount requirement. You may also consider paying back other running short term loans to improve your eligibility.

Quick guide on Bank of Baroda Car Loan

  • Key Features
    • Loan available for both salaried and self employed.
    • Borrowers within the age group of 21 and 70 years.
    • Maximum loan tenure of 7 years.
    • Interest rates in the range of 7.35% to 10.10%.
    • Lowest EMI of ₹ 1,526 per lakh.
  • Processing Fees: 0.75% of loan amount. Maximum ₹ 10,000
  • Bank of Baroda vehicle loan calculator calculates EMI considering a combination of loan amount, interest rate and loan tenure.

Car loan EMI – EMI changes in case of prepayment

In case you prepay your vehicle loan, a small penalty is levied. Prepayment in Bank of Baroda is Nil. When you prepay, the outstanding balance on your vehicle loan reduces. Bank of Baroda gives you two options:

  • Reduce your loan tenure and keep EMI on your car loan unchanged: This option allows you to close your loan earlier and save the interest outgo associated with the remaining tenure. This is suitable for borrowers who feel that they have adequate income to continue servicing the same level of EMIs.
  • Reduce the amount of EMI and keep your loan tenure same: This option allows you to reduce your monthly EMI and hence, increases the availability of monthly surplus which you can deploy for other purposes. This is suitable for borrowers who anticipate higher monthly personal expenses and hence, would want to reduce their monthly EMI obligations.


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

It is advised to calculate vehicle loan EMI prior to taking a loan. There are several benefits of calculating your Bank of Baroda housing loan EMI as discussed below-

  • 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 spending accordingly.
  • Based on the EMI amount, you can opt for making prepayment of your car loan in future when you have surplus amount.

What is the lowest EMI per lakh offered by Bank of Baroda on Car loan?

Bank of Baroda offers car loan at 7.35% interest rate and hence lowest EMI on per lakh loan amount is ₹ 1,594

Can I prepay my Bank of Baroda car loan?

Bank of Baroda offers you an option of prepayment at Nil charges.

Is there any processing charge on car loan from Bank of Baroda?

Car Loan from Bank of Baroda charges a processing fee of 0.75% of loan amount Maximum is ₹ 10,000

Will I get the car loan from Bank of Baroda if I have a bad credit score?

No, for taking a loan from Bank of Baroda, an applicant must have a good credit score of 700 and above. Usually, most of the banks avoid giving loans if you have low credit score.

How does a car loan repayment happen?

The repayment of a car loan happens in the form of an EMI (Equated Monthly Installment) through the customer's bank account. The customer is required to present a few post dated cheques and sign an ECS mandate in favor of the bank at the time of disbursing the loan.

Can I have a co-applicant while applying for a Car loan with Bank of Baroda?

Yes, you can opt for a co-applicant to take car loan from Bank of Baroda that will increase your car loan eligibility as the income of the co-applicant is also taken into account.

Bank of Baroda Car Loan News - Apr 2021
  • 2021-03-17 : BOB to focus on new digital platform to expand retail lending
    Bank of Baroda is planning to expand its retail loans portfolio which include home, personal, LAP, gold, two-wheeler and car loans through a self made digital lending platform. The digital platform assesses credit risk through varied public and private data points like bank account statements, tax statements and consumption trends.
  • 2021-01-28 : Bank of Baroda reported Q3 net profit of ₹1,061 crore
    Bank of Baroda posted a net profit of ₹1,061 crore backed by home, personal, car, two-wheeler and gold loans along with business and mudra loans for the third quarter ended December 31, 2020 as compared to a net loss of ₹1,407 crore due to a sharp reduction in provisioning for bad loans. Total income was lower at ₹20,664 crore as compared to ₹21,809 crore in the year earlier.
  • 2020-12-28 : BOB launches Digital Lending Platform
    Bank of Baroda launched the Digital Lending Platform. The platform will allow to enables prospective customers to avail retail loan like home, personal, car, gold and two-wheeler and education loans digitally. The main objective of the initiative is to provide exceptional customer experience, personalized customer journeys and scale the lending business through digitization.
  • 2020-10-30 : Bank of Baroda Q2 profit surges 128%
    Bank of Baroda reported a net profit of ₹1,679 crores for the quarter ending 30 September. Net interest income during the quarter grew by 6.8% to ₹7,508 crores. The consolidated net profit stood at ₹1,771 crores in the September quarter. Further, the advances backed by retail loans like home, personal, car, two-wheeler and gold loans along with business and mudra loans increased by 5.3%. CASA ratio increased to 39.78%, up by 190 bps year-on-year.
  • 2020-08-11 : Bank of Baroda reported a net loss of ₹864 cr in Q1
    Bank of Baroda posted a net loss of ₹864 crores for the three months to June, owing to higher provisions for loans. Net interest income backed by retail loans like home, personal, gold, car, two-wheeler and gold loans along with business and mudra loans increased 5% y-o-y to ₹6,816 crores in Q1 FY21. Further, The total advances grew 8.6% y-o-y to Rs. 7.36 trillion.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
Please wait while your information is being processed...