Description

Having its headquarters in Vadodara, Gujarat, Bank of Baroda is one of the largest owned banks in the country. Offering an array of banking and financial solutions for personal banking and commercial needs. The personal loans offered by Bank of Baroda are available at attractive interest rates.

The loans availed can be used for various purposes of planning a wedding, traveling to exotic locations, purchasing a two-wheeler, consolidating several small debts into one, home renovation, etc.

Bank of Baroda personal loan EMI Calculator

This free tool available at the bank’s website lets you calculate the total monthly outflow of debt amount, in a fraction of seconds. It helps in negotiating the interest rate with the lender. The dynamics of this tool are well known for accuracy, which can be completely relied on while looking for quick calculations.

It is easy to use and gives the desired results in a blink of the eyelid. It is widely used for getting the desired results by the borrowers. All one is required to do is, put the loan amount, loan tenure and interest rate. 

 

Personal loan EMI Calculator results by computing different tenures. 

Bank of Baroda offers personal loan at an interest rate of 11.60%

Loan Amount

1 year

2 year

3 year

4 year

5 year

Rs 1,00,000

8,866

4,688

3,302

2,613

2,204

Rs 2,00,000

17,732

9,377

6,604

5,227

4,408

Factors affecting Bank of Baroda Personal Loan

  • Interest Rate- The lowest interest rate offered by Bank of Baroda is 11.60%. For salary account holders Bank of Baroda interest rates can be lower than their quote rates. 
  • Loan Tenure – Bank of Baroda offers the loan for a maximum tenure of 3 years. Lowering of personal loan EMI is dependent on longer tenure.
  • Loan Amount – Higher loan amount invites higher EMI. Bank of Baroda offers a minimum loan of Rs 50,000 which can go up to Rs 2 lakh.

Bank of Baroda Personal Loan EMI Calculation Formula 

Bank of Baroda calculates EMI using below formula:

Where P = principal loan amount

lowest r = rate of interest per month [i.e. r = Rate of Annual Interest/ (12*100)]

n = loan tenure in months

Bank of Baroda Personal Loan EMI Calculator - Features and Benefits

The EMI Calculator is a free tool that does the calculations for you within minutes, giving an estimate of monthly outflow of debts. The dynamics of the tool can better be understood by computing different details every next time.

Let us find out the benefits of using a personal loan EMI Calculator. 

  • Graphical representation of data- The role of EMI Calculator is not restricted to mere providing data. The graphical representation of the data, make the individual aware of the gradual payment which they are going to make towards the loan amount. 
  • Accuracy – The result displayed by the EMI Calculator on computing details like loan amount, loan tenure, and interest rate, will be accurate. This may not be possible in case of manual calculation.
  • Time Saver- Manual calculation of the EMI would take much time posing chances of incorrect details at times. Using EMI Calculator will reduce the task to the friction of seconds. It is more suitable in deriving a correct estimate.
  • 24/7 availability – There is no restriction on using the EMI Calculator as many times one wants. An applicant can check the details by computing the loan amount, interest rate, tenure and figure out by analyzing how much loan is required. It allows to adjust the details and check which one is working for you.

How to use Afinoz Personal Loan EMI Calculator 

Using Personal loan EMI Calculator at Afinoz is quite simple and can be easily made use of even by the first- time user. Afinoz is a marketplace for users to compare and shop for the best loans under one umbrella. The interest rates offered are affordable.  

Visit the website www.afinoz.com and go to the section of the EMI calculator. Compute the details and get results within a fraction of seconds. The EMI Calculator is simple to use and gives you the details, without putting up much effort. The accuracy of the data is noteworthy and can be made use of in figuring out the future requirement of applying for the loan amount.

Bank of Baroda Personal loan interest rate

Bank of Baroda offers personal loans at an interest rate of 11.60% p.a. 

The various factors which influence interest rates of personal loan are credit score, employer of the applicant, the income of the applicant, age, etc.

The process of applying for the loan is easy, convenient and hassle-free. There is complete transparency with no hidden terms and conditions. 

Bank of Baroda personal loan eligibility criteria

Bank of Baroda offers personal loans to the following individuals

  • An applicant with a minimum one year of service in Central/State Government./ Autonomous Bodies/ Public/ Joint Sector Undertakings, Public Limited Co./ MNCs and Educational Institutions.
  • An applicant with a minimum one year of continuous service in Proprietorship, Partnership firms, Private Limited Companies, Trust. 
  • Applicants who are doing business as Insurance Agents for a minimum of 2 years.
  • Applicants with a minimum of 1 year of stability of profession as Doctors, Engineers, Management Consultants, Interior Designers, etc.
  • Business Persons with a minimum of 1 year stability in business.
  • The age limit to apply for the loan is a minimum of 21 years.
  • For a salaried person, the age of borrower plus the repayment period should not exceed the retirement age of 60 years, whichever is lower.
  • For self-employed individuals, the repayment period plus the age of the borrower should not exceed 65 years.

Documentation required to avail a personal loan at Bank of Baroda

  • Bank of Baroda offers personal loans with minimal documentation.
  • Here is a checklist of documents to submit along with the loan application:
  1. Complete application form along with the required information
  2. Identity proof and address proof are not required if the e-KYC process has been materialized.
  3. Latest salary slips-past 3 months of the salary account
  4. Passport size photographs
  5. Valid PAN card
  6. Minimum 1 year business existence documents.

How to apply for a Personal loan with Bank of Baroda?

With the banking system being digitized, availing loan at few taps of button is in trend these days. Applicant can visit the website of www.afinoz.com and can apply for the loan. Applicant will have to fill the application form and upload few minimal documentation.

Borrower is required to check first the eligibility criteria, before applying for the loan. A good credit score will always be favourable for the borrower in getting the loan application approved. It creates a positive impression in the mind of the lender about the repayment of the debt amount. It also gives the opportunity to the borrower to avail loan at lesser interest rate.