Bank of India Car Loan EMI Calculator

Bank of India Car Loan EMI Calculator

The Bank of India Car Loan EMI Calculator helps you estimate your monthly repayments for a car loan from BOI. Whether you’re planning to buy a new or used vehicle, this tool gives you an accurate breakdown of your monthly EMIs based on key loan inputs.

How the BOI Car Loan EMI Calculator Works

This calculator uses the standard EMI formula to determine the monthly amount you need to pay towards your car loan. It requires three main inputs:

• Loan Amount (Principal): The total amount you wish to borrow.
• Loan Tenure: The repayment period in months or years.
• Interest Rate: The annual rate of interest charged by the Bank of India.

Formula Used

EMI = [P × R × (1+R)^N] / [(1+R)^N – 1]

• P: Principal loan amount
• R: Monthly interest rate (Annual Rate ÷ 12 ÷ 100)
• N: Loan tenure in months

Example Calculation

Let’s assume:

• Loan Amount: ₹8,00,000
• Interest Rate: 8.85% p.a.
• Tenure: 5 years (60 months)
• Monthly Interest Rate (R): 0.007375

EMI = ₹16,529 approx.

This is the fixed monthly repayment amount for the entire tenure.

Benefits of Using the EMI Calculator

• Quick & Accurate: Instantly calculates EMI based on real-time inputs.
• Flexible: Test different loan amounts, tenures, or interest rates.
• Informed Planning: Helps you assess affordability before applying.

Current Bank of India Car Loan Details (Q1 FY 2024–25)

• Interest Rate: Starts from 8.85% p.a.
• Loan Tenure: Up to 7 years
• Loan Amount: Up to ₹100 lakh, depending on eligibility
• Processing Fee: As applicable by BOI

Please check with the bank for the latest terms before applying.

Disclaimer : The results given by the above calculator are for illustration purpose only. They are often based on a number of assumptions. The results given are in no way any guarantee of the returns that will be given. Investments in stock markets and securities markets are subject to market risks and other risks. There is no guarantee of the return that will be actually given. Investment in other financial products may also be subject to market risks and other risks. There is no guarantee of the returns that will be given by them. The calculator also does not make any recommendation directly or indirectly. Please consult a registered Financial Advisor before taking any investment decision.