Home >> car Loan EMI Calculator >> Bank of India

Bank of India Car Loan EMI Calculator

Get upto Rs 5,000/- Cashback*
Terms & Conditions Apply*
Apply Online

Lowest EMI Rs. 1665 with Interest Rate at 10.10%, Tenure upto 7 years

Bank of India EMI Calculator

What is Bank of India Car Loan EMI?

  • car Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to Bank of India against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
  • With Bank of India offering car Loans with loan tenure upto 7 years, the loan EMI can be as low as Rs. 1,665 per lakh, to make it more affordable and convenient to meet your car needs. Rate of interest offered by Bank of India are as low as 10.10%. You can check EMI for other tenures using our Bank of India car Loan EMI calculator.
  • This EMI consists of both interest payment and principal repayment. Though the EMI amount will remain constant, the principal component keeps increasing and on the other hand the interest component keeps reducing.

How does Car Loan EMI calculator calculate EMI?

  • This calculator calculates EMI considering a combination of loan amount, interest rate and loan tenure.
  • This calculator considers “reducing balance basis” and assumes that payment of EMI is made in arrears (means interest is charged for the month preceding the EMI payment date) and not in advance

Bank of India Car Loan: Features

Some of the key features of Bank of India car loan are listed below:

  • Age limit : Bank of India offers loan to borrowers with minimum age of 18 years and a maximum age of 65 years.
  • Interest Rates : Bank of India offers competitive interest rates and quick processing of your loan. car loans are offered in the interest rate ranging from 10.10% to 0.00%.
  • Processing fee : Bank of India offers processing fee 1.00% . Min Rs. 500 Max Rs. 0
  • Prepayment Charges : Under certain schemes, Bank of India offers Nil.
*My Finance Care Advisors Pvt. Ltd., or https://www.myloancare.in is a bank neutral multi bank platform that helps borrowers and bank customers compare loans and deposits of all banks in India at one place. Information carried at this website is based on perusal of public sources and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not assure as to the correctness of information carried at the website. Lenders/ banks/ other parties may contact us at info@myloancare.in to provide corrections or updates. We may act as and/ or be associated with channel partners of banks and other sellers of financial products.