Calculate Your Bank of Baroda Personal Loan EMI Online
Bank of Baroda(BOB) Personal Loan EMI Calculator
Principal Amount
₹10,00,000
Total Interest
₹0
Total Amount
₹0
The Bank of Baroda offers its customers over five kinds of different personal loans; Covicare personal loans, COVID 2.0 personal loans, the Baroda Personal loan, the COVID19 Loan, the pre-approved personal Loan, and more.
These personal loans are offered to salaried persons and self-employed persons of various kinds. It is also easy to repay a personal loan; individuals can choose to easily repay the Loan with EMIs (equated monthly installments) that are fixated amounts for each month.
If you want to take a personal loan from the Bank of Baroda but are worried about what the EMI amount would be, you can estimate the EMI amount of the personal loan before you can apply for it through the Bank of Baroda Personal Loan EMI Calculator.
What is the BOB Personal Loan EMI Calculator?
The Bank of Baroda (BOB) Personal Loan EMI Calculator is a free digital tool that computes your Equated Monthly Installments (EMIs) within seconds. Simply input your loan amount, tenure, and interest rate to get an accurate EMI estimate. Whether you’re planning for medical expenses, education, or a vacation, this calculator helps you budget confidently.
Key Factors Affecting Your BOB Personal Loan EMI
The calculator uses three variables to determine your EMI:
- Loan Amount (Principal): The total amount borrowed.
- Loan Tenure: Repayment duration (12–60 months).
- Interest Rate: BOB’s competitive rates (starting at 9.5%).
Adjust these values to find an EMI that suits your budget.
How the BOB Personal Loan EMI Calculator Works
The calculator applies the standard EMI formula:
EMI = [P × r × (1 + r)^n] /[(1+r)n–1]∗∗[(1+r)n–1]
Where:
- P = Principal Loan Amount
- r = Monthly Interest Rate (Annual Rate ÷ 12)
- n = Tenure in Months
Example Calculation:
Ms. Sharma borrows ₹10 lakhs from BOB at 9.5% interest for 3 years (36 months).
- Monthly Interest Rate (r): 9.5% / 12 = 0.0079
- EMI: ₹10,00,000 × 0.0079 × (1 + 0.0079)^36 /[(1+0.0079)36–1]
- =₹32,052[(1+0.0079)36–1]
- =₹32,052
BOB Personal Loan Amortization Schedule
For a ₹10 Lakh Loan at 9.5% over 3 Years:
| Year | Interest Paid (₹) | Principal Paid (₹) | Total Payment (₹) | Remaining Loan (₹) |
|---|---|---|---|---|
| 1 | 85,200 | 2,99,424 | 3,84,624 | 7,00,576 |
| 2 | 58,150 | 3,26,474 | 3,84,624 | 3,74,102 |
| 3 | 29,522 | 3,55,102 | 3,84,624 | 0 |
Total Interest Paid: ₹1,72,872
Benefits of Using the BOB Personal Loan EMI Calculator
- Compare Scenarios: Test different loan amounts/tenures to find affordable EMIs.
- Error-Free Results: Eliminate manual calculation mistakes.
- Transparent Planning: Understand interest vs. principal breakup.
- No Hidden Costs: Free to use with no personal data required.
- Instant Access: 24/7 availability—no bank visits needed.
FAQs: Bank of Baroda Personal Loan EMI Calculator
Q1. Can I use the BOB EMI calculator without applying for a loan?
Yes! The calculator is free for anyone to use, regardless of loan application status.
Q2. Does the calculator include processing fees?
No. The EMI result excludes processing fees. Contact BOB for exact charges.
Q3. How accurate is the EMI estimate?
Results are based on your inputs and BOB’s current rates. Final EMI may vary slightly.
Q4. Can I prepay my BOB personal loan?
Yes, BOB allows prepayment with applicable charges. Use the calculator to see how prepayment reduces interest.
Q5. Is my data safe when using the calculator?
Absolutely. The tool doesn’t require personal details like phone numbers or emails.