For customers wishing to avail a car loan to fund their dream cars, the first thing that they would wish to know is the EMI they would have to pay every month towards repaying the loan. With the Bank of Baroda Car Loan EMI Calculator customers can calculate the EMI they would have to pay in a few seconds. Customers can also check their eligibility for a car loan on the BankBazaar website.
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.
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.
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%.
|Loan amount (Rs.)||Interest rate||Processing fee||EMI for 2 years (Rs.)||EMI for 3 years (Rs.)||EMI for 4 years (Rs.)||EMI for 5 years (Rs.)||EMI for 6 years (Rs.)||EMI for 7 years (Rs.)|
*Interest rates are subject to change following the inclusion of GST from July 1, 2017.
Features and benefits of Bank of Baroda Car Loan EMI Calculator
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.
Bank of Baroda EMI car loan calculator FAQs
1. Can I change the interest rate and tenure using the Bank of Baroda EMI car loan calculator?
Yes you can change the interest rate and tenure any number of times using the Bank of Baroda EMI car loan calculator.
2. Can you explain what an is amortization table?
A car loan amortization table displays the breakup of the principal amount, interest rate, the total paid amount, and the outstanding loan balance. It basically a graphical representation of the loan breakup and the loan progress.
3. 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.
4. What is the subscription fee for the BankBazaar EMI calculator?
The BankBazaar EMI calculator is completely free of cost. At no point will customers be charged to use this tool.
5. Is it faster to make EMI calculations manually?
No, it’s not possible to make EMI calculations faster manually than the EMI calculator. Also, making such calculations manually will lead to errors.