Bank of Baroda Car Loan EMI Calculator

How to use BankBazaar Bank of Baroda EMI calculator to understand your car loan repayment?

To be certain of their debt-to-income ratio - customers can use the Bank of Baroda Car Loan EMI Calculator to decide the tenure of the loan. The Bank of Baroda Car Loan EMI Calculator on the BankBazaar website gives customers EMI calculations in seconds and in addition displays the amortisation table - a graphical representation of the loan breakup and the progress of the loan.

Bank of Baroda EMI Calculator - How does it work?

To calculate the car loan EMI from Bank of Baroda, customers will have to enter the below mentioned components of a car loan. The EMI calculator will give the customer an accurate result in seconds after the details have been entered.

1. Loan amount - To select the loan amount one wishes to avail from the bank, customers have to drag the pointer on a scale to arrive at the loan amount you. For example, Rs.1 lakh, Rs.5 lakh, Rs.10 lakh.
2. Tenure - Choose the loan tenure with the help of the pointer.
3. Interest rate - Enter the interest rate that is offered by Bank of Baroda on car loans.
4. Processing fee - The processing fee charged by Bank of Baroda has to be entered.
5. Pre-payment - Customers can choose whether they want to make the EMI calculation with or without the prepayment.
   1. If the customers does not want to include the prepayment charges in the EMI calculation, he/she can directly click on "calculate".
   2. If one chooses to make pre-payments, he/she will have to provide the information listed below:
      1. How the prepayment applies
      2. Prepayment fee
      3. Prepayment amount
      4. Prepayment frequency

Click on the 'Calculate' once the information has been entered. The page will also display the amortisation graph.

Currently, the rate of interest on car loans offered by Bank of Baroda is 9.75% (floating). Let us calculate the EMIs a customer would be required to pay for different tenures. We will also assume that the processing fee is 2%.

Features and Benefits

The Bank of Baroda car loan EMI calculator helps customers plan their finances well in advance by giving them accurate results in seconds. Apart from this, listed below are some of the features and benefits of the Bank of Baroda car loan EMI calculator.

1. Through the BankBazaar user-friendly EMI calculator, customers will have EMI results in seconds.
2. If they have any queries, or issues regarding the EMI Calculator, customers can contact the support team of BankBazaar.
3. On the BankBazaar website, customers can make any number of calculations - all free of cost.
4. Once the calculation has been made, the BankBazaar website displays the amortisation table - a graphical representation of the loan breakup and progress.
5. On this financial tool, customers can enter different interest rates, processing fees, tenure and so on, to decide which tenure and loan amount will suit their current financial situation.
6. Customers can make EMI calculations using the prepayment charges as well.

Eligibility Criteria

The eligibility criteria that must be met in order to avail a car loan from Bank of Baroda are mentioned below:

1. Person of India Origin (PIOs) can avail the loan.

1. Non-Resident Indians (NRIs) can opt for the loan.

1. Trusts, Public Limited, Private Limited, and Partnerships.

1. Partnership Firm partners.

1. Proprietors.

1. Public Limited Company directors.

1. Private Limited Company directors.

1. Farmers

1.  Professionals.

1. Businessmen.

1. Salaried employees.

What is the formula used to make EMI calculations?

EMI Is calculated using the following formula:

EMI = [P x R x (1+R) ^N] / [(1+R) ^N - 1],

Where, P is the principal amount, R is the interest rate on a monthly basis, and N is the number of installments.

This formula does not take into account the pre-payments that you make towards the loan.

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