Announcement for shifting branch premises of Bank of Baroda, Doliya Branch, Ta. Sayla, Dist. Surendranagar
Bank announces Financial Results for Quarter ended, 30th June 2026.
As an enhanced security measure, our official Corporate Website has migrated to a new domain : https://bankofbaroda.bank.in
With Bank Of Baroda personal loan, you get lowest interest rates, instant approval with minimal documentation. Checkout Bank of Baroda personal loan interest rates & eligibility. Apply now!
Apply for Bank of Baroda Home Loan online at the lowest interest rates. Checkout our home loan eligibility, interest rates, documentation. Get instant home loan approval. Apply now!
Car Loan: Apply for auto loan online by Bank of Baroda at an attractive interest rates & easy EMI option. Upto 90% financing on on-road price. Buy your dream car today!
Why should finance come in the way of future? Getting an education loan is an easy way to finance your dreams. A student loan can help you get into the university of your choice. Bank of Baroda is here to finance your dreams, education & career goals.
The easiest way to save for you, for your loved ones, and for your future. A savings account gives you the liberty to choose according to your needs and additionally give you benefits for all your transactions. With a gamut of savings account features on the table, Bank of Baroda is here to make your banking simple and easy!
Open Current Account online at Bank of Baroda to meet all your banking needs. Go to our website to learn more about the different types of current accounts we offer and apply now!
Bank of Baroda deposit plans offer convenient solutions to both working individuals as well as senior citizens. These deposits are categorised into deposits with a term period of less than 12 months, more than 12 months and recurring deposits.
An account for all. B3 Silver Account comes with maximum savings and zero Quarterly Average Balance (QAB). Also, make the most of coins and annual offers from Loyalty Rewardz to fulfill yearlong subscriptions and shopping.
Locate Us, Anytime, Anywhere
Bank of Baroda focuses on its employees, offering a career rather than just a job. Various initiatives are in place to groom employees throughout their life cycle. A comprehensive talent management system to groom future leaders of the bank.
Bank of Baroda offers various types of personal banking cards such as Credit, Debit, Prepaid, Business & Travel Cards. Choose the one best suited card for your needs.
31 Oct 2022
What is Personal Loan? (Meaning & Definition of Personal Loan)
What are Different Types of Personal Loan?
Personal Loan Eligibility
Documents Required for Personal Loan
Personal Loan Fee & Charges
Personal Loan Interest Rates
Your CIBIL Score for Personal Loan
Calculate Your Personal Loan EMI
Prepayment of Personal Loan
Personal Loan Tenure
Since these loans are unsecured- at what rate of interest you will get the loan and how much, whether or not you will get the loan-depend on the credit quality of the borrower. If you have good creditworthiness, you are likely to get the loan at an attractive rate of interest. If you have been a long time customer with the bank, with sound track record of financial discipline, you may also get a pre-approved personal loan sanction.
Bank of Baroda lists the following types of employees/self-employed individuals who are eligible for personal loans.
Your CIBIL Score for Personal Loan enables you:
The formula used to calculate EMI on personal loan is:
EMI = [P x R x (1+R) ^n] / [(1+R) ^ n-1]
Where P= Principal loan amount R= Rate of interest & n= Number of monthly installments.
For example: Let us assume, P= Rs. 3 lakh, R= 15 percent per annum= 15/12= 1.250 per month, N= 60 months then, EMI = [300000*1.250/100*(1+1.250/100) ^60]/ [(1+1.250/100) ^60-1] = Rs. 7,137
Prepayment refers to paying off your personal loan before the designated repayment tenure ends. It helps the borrower save on the interest compounded on the principal loan throughout the repayment tenure. It also enables the borrowers to successfully clear the debt and free up his/her finances.
Personal Loan tenure may vary from a minimum of 12 months to a maximum of 84 months depending on the borrower’s income, credit history, etc.
The contents of this article/infographic/picture/video are meant solely for information purposes and do not necessarily reflect the views of Bank of Baroda. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Bank of Baroda and/ or its Affiliates and its subsidiaries make no representation as to the accuracy; completeness or reliability of any information contained herein or otherwise provided and hereby disclaim any liability with regard to the same. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Bank of Baroda or its affiliates to any licensing or registration requirements. Bank of Baroda shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
Loans fulfil quick cash requirements and are thus anyone’s best financial friend in times of need. With skyrocketing prices and limited income, it's hard to save from your earnings or make short-term financial investments. So, where do you find funds when you need them immediately? Several types of personal loans are first partner of choice for emergencies and money management mantras for smart spenders. Taking loans are not a bad habit if you can repay timely in disciplined manner.
A personal loan does not require the borrower to provide collateral and so it is an unsecured loan. Since these are unsecured loans, the rate of interest on these loans are believed to be quite higher than all other types of loans. The purpose or intention of a personal loan is to fund immediate financial contingencies. It could either be for business capital, marriage, education or even foreign trips, though the end use of the loan really depends on the borrower, as long as it is for a legitimate financial need.Before you apply for a Personal Loan, you may want to get down to the basics, to shop for the best offers on personal loans in the market. Among the most popular ones is the Bank of Baroda’s Personal loan product which apart from having the pedigree of belonging to one of the oldest and largest Indian banks, comes replete with some amazing features like flexible repayment options, affordable EMIs (Equated Monthly Instalments) that sit easy on your pocket and sizable loan amount among others in the category of personal loans.Calculating the EMI on personal loansThe EMI calculations mainly rely on three variables- the loan term or the tenure of the loan, the loan value and the rate of interest. The rate of interest is one of the aspects that comes determined by the bank.Calculating using the PMT formulaThis is a longer, tedious and round about approach to calculating the EMI on your personal loan. Here, you can run the PMT formula on Microsoft Excel to calculate the EMI, wherePMT is your EMI,NPER or number of periods is the total number of payments for the loanPV is the loan value or the principalRate is the rate of interest/12The formula isPMT (Rate, NPER, pv).You can keep trying the formula for various combinations and then choose the one with the lowest EMI, though this is a roundabout approach that could be prone to human error.Online EMI CalculatorOr a far easier option to calculate the affordable EMI, is using, for example, Bank of Baroda’s online personal loan EMI calculator.Here, you will find a slider on the range of each of the three basic variables on your screen- the loan amount you are likely to need, the tenure or the repayment period of the loan that suits your finances and the rate of interest.Now, the rate of interest is what you get from the bank, while the other two aspects, i.e., the loan amount and the tenure of the loan are the ones you can play around with here.When you place the cursor on a particular value of the loan term, rate of interest and loan amount, the calculator throws up a monthly payment value, which is your EMI. You can move the cursor horizontally along the range provided to pick the various values.Here’s why using a Bank of Baroda personal loan EMI calculator works.If EMI is too highYou can pick a longer loan term orYou can make the loan amount smaller.If you find the EMI is affordable or even lower than ideal then you can plan to repay faster by eitherTaking a larger loan value orA shorter loan term.
Related Articles
Request Call Back