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Personal Loan EMI Calculator
You can calculate your loan with the Bank of Baroda Personal Loan EMI calculator tool. This personal loan EMI calculator online calculates the EMI value in no time.
On the three sliders, enter the principal amount borrowed, the interest rate of the bank and the period of repayment. By adjusting the sliders, you can compare the variables and fix them as per your suitability. You can pay low EMIs by opting for lower loan amounts, thus reducing the interest rate, or increasing the loan tenure. The calculator makes predictive calculations quite easily for you.
How can an EMI calculator for a personal loan assist you?
The handy and automatic online calculator gives you a head start in calculating the EMI numbers that you will need to pay while calculating your personal loan EMI. It allows you to assess your affordability and determine the loan term that is best for you.
If you can pay many EMIs, the interest rate will be lower, but the loan repayment period will be longer. Changing the EMI amount and numbers can help you find the best loan repayment term.
The loan interest rate is determined by the EMI and the loan term. Choose an interest rate from a vendor, who offers a competitive value.
Must Read: Smart Ways to Calculate EMI on Personal Loan
Amortization Schedule for Personal Loans
The personal loan amortisation schedule is a periodic tabular representation of loan repayment. The payment amount, which includes the principal and monthly interest, is shown until the end of the term. The loan repayment is structured in such a way that most of the payment goes toward interest and the remaining goes toward principal repayment.
A personal loan amortisation schedule displays the monthly payments that are due. Dividing each payment into interest and principal. It assists you in keeping track of the monthly due amount, and the forecast assists in budgeting.
Factors that affect a Personal loan EMI amount
The factor that affects a personal loan on EMI is the interest rate, loan tenure and amount.
Income: The lender looks at the borrower's ability to repay. The loan limit is determined by an individual's income, age and loan tenure. Details of employment: This criterion is critical because the bank determines whether you work in the public, private or self-employed sectors. The nature of your job, as well as your years of service, are also considered.
Credit score: The bank decides whether your behaviour is creditworthy. If your score is greater than 800, the best interest rates are offered.
Debt-to-Income Ratio: Your EMI should not be more than 40-50% of your net take-home pay. If your salary is Rs. 80,000 and your monthly EMI is Rs. 45,000, your debt-to-income ratio is nearly 60%. In such cases, the bank charges a higher interest rate. But you will get a competitive interest rate if the debt-to-income ratio is healthy.
Must Read: A Complete Guide to Personal Loan
Benefits of using the BOB Personal Loan EMI Calculator
User-friendly: The tool is simple to use and provides adequate guidance, allowing the lender to understand what they are attempting to achieve at each stage. Select the desired personal loan amount and set the interest rate and repayment term. Your EMI is calculated automatically.
Time saver: This is a quick loan calculator that eliminates the need for manual calculations.
Correct results: These automatic PL EMI Calculators are completely accurate and make no errors, which are common in manual modes. You can change the factors for a comfortable EMI with time-saving accuracy.
Aids in better planning: You can plan accordingly once you understand the EMI calculation, the interest and principal payable on the loan amount. The repayment schedule for personal loans is broken.
How do banks calculate EMI for personal loans?
The banks consider the interest rate, principal amount, and tenure. The standard formula for calculating the EMI amount is:
EMI = [P x R x (1+R) ^N]/[(1+R) ^N-1], wherein P is principal, R is the rate of interest, and N is the number of instalments.
How do I use the Bank of Baroda personal loan EMI calculator?
If you want to easily obtain the EMI amount due on a Personal Loan, you can rely on the Bank of Baroda Personal Loan EMI Calculator. It is simple to use, and you only have to fill in important details about your personal loan.
Those details would be – the amount borrowed, interest rate, and tenure by sliding the selection bars on the tool.
You will be able to see the EMI amount payable each month within seconds!
What is personal loan amortisation schedule?
When you repay a Personal Loan, the EMI amount consists of both the principal amount and interest payable. In the initial months, the interest amount will be greater than the principal amount, which progressively reduces. An amortisation schedule gives you a breakdown of the principal repayment and interest component of your EMI month by month.
How is the Personal Loan EMI to be paid?
You can make Personal Loan EMI payments via various methods, including post-dated cheques, standing instructions, bank transfers, etc. It is best to check the policy of the bank in question. Bank of Baroda allows you to pay via cash, cheque, or bank transfer.
What are the factors that affect personal loan EMI?
Personal Loan EMI depends upon the interest rate, principal amount, and tenure. The higher the Personal Loan interest rate, the higher will your EMI be. Similarly, EMI increases with a higher principal amount. However, while EMI reduces with a longer tenure, the overall interest pay-out on the loan increases. Your credit score, age, and income also play a significant role in determining your loan amount, interest rate, and EMI amount.
How is personal loan interest rate calculated?
Personal Loan interest rates are determined by different banks as per their policies and discretion. However, certain factors can impact this decision. Banks usually consider credit score and repayment history, the amount borrowed, and the tenure while setting an interest rate.
How can a personal loan EMI calculator help with a loan selection?
A Personal Loan EMI Calculator helps you enter different parameters of a loan to see what the possible EMI would be. Thus, you can alter the amount borrowed, the tenure, or interest rates and get an idea of the EMI due each month. This helps you understand what kind of EMI fits within your budget and aligns with your financial goals. Thus, you can opt for a loan on terms that make EMI repayment more feasible for you.
How to calculate the lowest EMI for your Personal Loan?
To calculate the lowest EMI payable on your Personal Loan, you can use a Personal Loan EMI Calculator. Move the sliders for the different terms like the principal, interest rate, and tenure. When you hit the minimum limit for each, you will be shown the lowest EMI at which you can get a Personal Loan.
Why choose bank of baroda's personal loan?
Bank of Baroda offers Personal Loans of higher amounts at:
- Attractive interest rates
- Allows flexible repayments tenures
- Flexibility in the use of funds
- Repayment through easy EMIs.
With simple documentation and eligibility criteria, applying for a personal loan at the bank of baroda is a hassle-free process.