Purchasing a car is a dream for most people as it can be expensive. One option is EMI on a car loan to ease the purchasing process. Banks and financial institutions provide car loan EMI to buyer’s basis on their financial requirements.
Through EMI, one pays the borrowed amount (car loan amount) in EMIs with interest across the tenure of the loan. To make the process more approachable, the Bank of Baroda offers car loans a high loan amount at an attractive interest rate payable through easy EMI options for your convenience.
How is EMI calculated for a car loan?
The tool calculates it for you! The EMI due each month on your car loan is ascertained with a mathematical formula:
EMI Amount = [P x R x (1+R) ^N]/[(1+R) ^N-1], wherein P in principle, R is the rate of interest, and N is the number of installments.
Make calculations easier with the use of the Car Loan EMI Calculator offered by the Bank of Baroda.
How does a Home Loan Eligibility Calculator work?
Home Loan Eligibility Calculators work based on a mathematical formula that helps evaluate the loan amount you are eligible for. It considers several factors to conduct the calculations. The Bank of Baroda Home Loan Eligibility Calculator requires you to enter basic details like loan amount, tenure, and interest rate.
How does a car loan EMI calculator work?
The calculations are generated after one adds the details of their car loan. Since it is computer-based, the results are accurate and show the real-time EMI amounts.
How to use a car loan EMI calculator?
Using a car loan EMI calculator is very straightforward. All you have to do is enter the pertinent details required, and the EMI amount will be displayed to you. Or you can slide the toggle in front of the fields to change the values.
For instance, if you use the Bank of Baroda car loan EMI calculator, all you have to provide is:
- The amount borrowed,
- The rate of interest, and
- The tenure
You will get to see the EMI amount payable each month within seconds!