Bank of India is one of India's top private operated banks with over 4,000 branches spread across the country and which offers a wide portfolio of pocket-friendly car loans to its large customer base. Bank of India gives customers the opportunity to avail the best possible deals on car loans depending on the make and model of the car. The interest rates which are offered by Bank of India are susceptible to market rates which is why it's offered as a floating interest rate.
How to use BankBazaar Bank of India Car Loan EMI Calculator to understand your car loan repayment
The EMI Calculator which is offered by BankBazaar to calculate the Equated Monthly Instalments EMI can be used by an individual to check and see which would have to be paid after taking a car loan from Bank of India. The EMI Calculator is very simple to use and understand which makes it a very user-friendly tool. The user is provided with an amortization table along with the analysis of the loan sanctioned by Bank of India. This table or graph makes it visually appealing to the user and also makes it a lot easier to understand the loan repayment procedure and timetable of the loan.
Bank of India Car Loan EMI Calculator – How does it work?
You will have to provide a few personal details when using the Bank of India Car Loan EMI Calculator to know your monthly car loan EMIs. Listed below are the details you need to enter:
- Select the loan amount you want to borrow on the Bank of India Car Loan EMI Calculator which is offered on the BankBazaar website.
- Enter the processing fees levied on the car loan by the bank (if any).
- The website will also require the interest rate offered by Bank of India on a car loan
- Select the tenure of the loan amount by dragging the pointer under the "Loan Tenure" tab.
- A loan applicant may or may not want to make a pre-payment towards their loan. The bank provides two options which comes under the “Pre-payment” tab:
- If you select the option "Yes", the following details will have to be provided to ensure that you get the most accurate information pertaining to your loan amount:
- How the pre-payment applies
- Pre-payment fee
- Pre-payment frequency
- Pre-payment amount
- If you have no intention of making a pre-payment towards your car loan, you can the "No" option by clicking the "Calculate" button. Once this is done, you will be given a page which gives you the breakup of the total loan amount which you will have to repay. The webpage will also show your amortization table apart from your car loan details.
After this, you can select the "Calculate" button which provides a detailed breakup of the total loan amount that is payable. Details of your loan amount along with the amortization table will be provided on this webpage.
Let us now analyse the EMIs (for various tenures) on car loans using the BankBazaar Bank of India Car Loan EMI Calculator. Let’s consider the lowest interest rate currently offered by Bank of India is 9.35% (floating) and if processing fee is 2% of the total loan amount and is non-refundable. The example below assumes that no pre-payments are made towards the loan.
|Loan amount (Rs.)||Processing fee||Interest rate (Mean)||EMI for 2 years (Rs.)||EMI for 3 years (Rs.)||EMI for 4 years (Rs.)||EMI for 5 years (Rs.)||EMI for 6 years (Rs.)||EMI for 7 years (Rs.)|
Features and benefits of Bank of India Car Loan EMI Calculator
The Bank of India Car Loan EMI Calculator performs complicated calculations quickly and this is the primary reason why this tool is very helpful. Some of the key features include:
- You can use this tool at no charge
- The customer support team is very quick is addressing any queries or problems that you might face when using the Bank of India Car Loan EMI Calculator which is available on the BankBazaar website
- It is a user-friendly tool which displays the amortization graph along with the EMI details of your loan
- The tool can be used to calculate the EMI which you will have to pay towards the repayment of a loan by taking into account any pre-payments that you intend on making
- The Bank of India Car Loan EMI Calculator which is available on the BankBazaar website is easy to understand as it displays the breakup of the amortization schedule and the amount payable in an attractive graphical format
- You can use the tool multiple times until you arrive at the right combination of principal and tenure to help your find the right EMI option
Bank of India Car Loan EMI Calculator FAQs
1. I know there is a pre-payment penalty levied by my lending bank, but do not know the exact amount I will have to pay for the same. How can I get accurate results from the tool then?
It is a smart and safe move by the user if they ensure that they read the offer documents carefully. You can contact the bank’s customer care number of you can also visit the bank branch to request for the very same. You can then input these charges into the EMI Calculator like any pre-payments which have to be made after which you can view the amortization schedule almost instantly.
2. What are the main features of the Bank of India Car Loan?
The Bank of India car loan is characterized by the following features:
- Competitive interest rates with no hidden charges
- The Bank of India Car Loan is easy to apply and avail
- The car loan application is processed and the loan amount is disbursed in a very short time span
- There are special benefits offered by the bank along with innovative loyalty schemes for its car loan customers
3. Is it easier to calculate the EMI using the formula or an excel sheet, in comparison to the EMI Calculator tool?
Calculating the EMI using the formula or an excel sheet would be error-prone and time-consuming. Moreover, it would be really complicated if we have to calculate the EMI when pre-payments are made towards the debt. To avoid such problems, it is recommended that we use the BankBazaar Bank of India Car Loan EMI Calculator for the same.
4. What is the formula employed for calculating car loan EMI?
EMI = [P x R x (1+R) ^N] / [(1+R) ^N – 1],
Where, P is the principal amount, R is the interest rate on a monthly basis, and N is the number of instalments.
This formula does not take into account the pre-payments that you make towards the loan.
5. What is the amortization table provided when using the EMI Calculator available on the BankBazaar website?
A car loan amortization table shows the user the payment schedule of your debt in a tabular format which is easy to read and understand. It displays the breakup of the principal amount, interest rate, the total paid amount, and the outstanding loan balance.