Bank of Baroda Personal Loan EMI Calculator - May 2017
Bank of Baroda Personal Loan Calculator
Lowest EMI on Bank of Baroda Personal Loan - Rs. 3,302 per lakh
|Loan Amount (Rs.)||2 Years||3 Years||5 Years|
|100,000||Rs. 4,689||Rs. 3,302||Rs. 2,204|
|300,000||Rs. 14,066||Rs. 9,907||Rs. 6,613|
|500,000||Rs. 23,443||Rs. 16,512||Rs. 11,021|
|1,000,000||Rs. 46,887||Rs. 33,024||Rs. 22,043|
Factors affecting Bank of Baroda Personal Loan EMI
- Borrower age should be between 21 years to maximum 60 years.
- Maximum personal loan amount offered by Bank of Baroda is upto Rs. 200,000.
- Interest rates range from 11.60% to 16.60% depending upon customer profile, loan amount and other factors.
- Processing fee in Bank of Baroda may be 2%, Min Rs. 250 of loan amount.
Bank of Baroda Personal Loan EMI
- Personal 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 Personal Loans with loan tenure upto 3 years, the loan EMI can be as low as Rs. 3,302 per lakh, to make it more affordable and convenient to meet your personal needs. Rate of interest offered by Bank of Baroda are as low as 11.60%.
- 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.
Bank of Baroda Personal Loan calculator formula
Here is an illustration of how Bank of Baroda Personal Loan EMI is calculated:
In above formula,
P = Loan amount. This can range from Rs. 20,000 to Rs. 200,000
r = Rate of interest per month. Current rate is 11.60%
n = tenure in month. For Bank of Baroda, this can be 36 months
Personal loan EMI calculator Bank of Baroda - How it works?
- Bank of Baroda personal loan calculator calculates EMI considering a combination of loan amount, interest rate and loan tenure.
- Bank of Baroda personal loan 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.
Personal Loan EMI - EMI Changes in case of prepayment
- In case you prepay your personal loan, the outstanding balance on your personal loan reduces. Bank of Baroda gives you two options:
- Reduce your loan tenure and keep your personal EMI same
- Reduce the amount of EMI and keep your loan tenure same It is better to keep the EMI constant and reduce the loan tenure as you pay less interest to the Bank of Baroda in this option.
Frequently Asked Questions on Bank of Baroda EMI Calculator
Bank of Baroda offers personal loan at 11.60% interest rate and hence lowest EMI on per lakh loan amount is Rs. 3,302.Can I prepay my Bank of Baroda personal loan?
Bank of Baroda offers you an option of prepayment after 1 months at Nil prepayment charges.Is there any processing charge on personal loan from Bank of Baroda?
Personal Loan from Bank of Baroda charges a processing fee of 2%, Min Rs. 250.
Bank of Baroda Personal Loan EMI Calculator Customer Care Number, Email, Application Status, Branches
|City||Customer Care Number|
|Mohali Sas Nagar||0172-701617|