Calculate Your Monthly EMI Instantly – FinLecture
Bank of India Car Loan EMI Calculator
Principal Amount
₹10,00,000
Total Interest
₹0
Total Amount
₹0
Quickly Calculate Your Car Loan EMIs & Plan Smartly
Bank of India offers competitive car loans with flexible repayment options. Whether you’re buying a new or pre-owned car, knowing your Equated Monthly Installment (EMI) is crucial for budgeting. FinLecture’s Bank of India Car Loan EMI Calculator simplifies this process, delivering instant results with just three inputs: loan amount, tenure, and interest rate.
Why Use Our Calculator?
- 100% Free & No Registration: Access anytime without sharing personal details.
- Zero Manual Errors: Automated calculations ensure accuracy.
- Smart Financial Planning: Adjust tenure, principal, or rates to find the best EMI for your budget.
- Amortization Insights: See interest vs. principal breakup yearly.
How to Use FinLecture’s Bank of India Car Loan EMI Calculator
- Enter Loan Amount (Principal):
Input the car loan amount you wish to borrow (e.g., ₹10 lakhs). - Select Tenure (in Months/Years):
Choose a repayment period between 1–7 years (Bank of India’s typical tenure). - Input Interest Rate:
Enter Bank of India’s current car loan rate.
Instantly view your EMI, total interest payable, and amortization schedule!
Bank of India Car Loan EMI Calculation Formula
The EMI is calculated using the standard formula:
EMI=P×R×(1+R)N(1+R)N−1
EMI=(1+R)N−1P×R×(1+R)N
- P: Principal loan amount
- R: Monthly interest rate (annual rate ÷ 12)
- N: Tenure in months
Example:
For a ₹12 lakh loan at 8.5% p.a. interest over 5 years (60 months):
- R = 8.5%/12 = 0.708%
- EMI = ₹24,642
Amortization Schedule Breakdown
| Year | Principal Paid (₹) | Interest Paid (₹) | Remaining Loan (₹) |
|---|---|---|---|
| 1 | 1,85,000 | 95,000 | 10,15,000 |
| 2 | 2,10,000 | 70,000 | 8,05,000 |
| 3 | 2,40,000 | 40,000 | 5,65,000 |
| 4 | 2,75,000 | 15,000 | 2,90,000 |
| 5 | 2,90,000 | 2,000 | 0 |
Note: Values are illustrative. Use the calculator for exact figures.
Benefits of FinLecture’s EMI Calculator
✅ Compare Scenarios: Adjust tenure or loan amount to reduce EMIs.
✅ Mobile-Friendly: Works seamlessly on all devices.
✅ Save & Print: Download your amortization schedule for future reference.
✅ Latest Rates Updated: Reflects Bank of India’s current interest rates.
FAQs: Bank of India Car Loan EMI Calculator
Q1. What is the maximum car loan tenure at Bank of India?
A: Up to 7 years, depending on the vehicle type and applicant profile.
Q2. Are processing fees charged on Bank of India car loans?
A: Yes, typically 0.25%–1% of the loan amount + GST.
Q3. Can I prepay my Bank of India car loan?
A: Yes, partial/full prepayment is allowed after 6 EMIs, with minimal charges.
Q4. Does my credit score affect the interest rate?
A: Yes, a score above 750 may help secure lower rates.
Q5. How accurate is FinLecture’s calculator?
A: Results are based on Bank of India’s latest rates and match actual EMI computations.