Bank of India Car Loan EMI Calculator
The Bank of India Car Loan EMI Calculator on BankBazaar shows your monthly EMI, total interest and repayment schedule before you apply. Bank of India car loans carry floating interest rates, starting at 7.85% p.a. for eligible four-wheeler borrowers. Enter your loan amount, rate, tenure and processing fee to plan your repayments.
Bank of India is one of India's top public sector banks with over 5,300 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 what 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 amortisation 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 come 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 select 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 amortisation 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 amortisation table will be provided on this webpage.
Bank of India links its car loan rates to its Repo Based Lending Rate (RBLR), which is 8.35% p.a. with effect from 07 October 2026, and charges interest at monthly rests. The rate you are offered for a four-wheeler costing above Rs.5 lakh depends on your CIBIL personal score or external rating, so enter the rate that applies to you in the calculator. The rates for each score band are given in the table below.
CIBIL Personal Score / External Rating | Interest Rate (p.a.) |
800 and above / A rated and above | 7.85% |
760 to 799 / BBB rated | 8.30% |
725 to 759 / Below BBB rated | 8.75% |
700 to 724 | 9.05% |
Score of -1 and 0 | 8.55% |
Below 700 (only for review) | 10.25% |
Note: The interest rates are effective from 07 October 2026.
Bank of India charges a processing fee of 0.25% of the loan limit on a new four-wheeler loan, subject to a minimum of Rs.2,500 and a maximum of Rs.10,000, excluding GST. From 01 October 2026 to 31 March 2027, individuals with a CIBIL personal score of 725 and above, or a score of -1 or 0, pay nil processing charges. Enter the processing fee applicable to you in the processing fee field of the calculator.
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 that the lowest interest rate currently offered by Bank of India is 7.85% p.a. (floating) and the processing fee is nil for individuals with a CIBIL personal score of 725 and above. The example below assumes that no pre-payments are made towards the loan.
Loan amount (Rs.) | Processing fee | Interest rate (p.a.) | 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.) |
10 Lakh | Nil | 7.85% | 45,159 | 31,267 | 24,343 | 20,205 | 17,460 | 15,512 |
15 Lakh | Nil | 7.85% | 67,738 | 46,901 | 36,514 | 30,307 | 26,190 | 23,267 |
20 Lakh | Nil | 7.85% | 90,318 | 62,534 | 48,685 | 40,409 | 34,920 | 31,023 |
25 Lakh | Nil | 7.85% | 1,12,897 | 78,168 | 60,856 | 50,512 | 43,650 | 38,779 |
30 Lakh | Nil | 7.85% | 1,35,477 | 93,802 | 73,028 | 60,614 | 52,380 | 46,535 |
35 Lakh | Nil | 7.85% | 1,58,056 | 1,09,435 | 85,199 | 70,716 | 61,110 | 54,291 |
40 Lakh | Nil | 7.85% | 1,80,636 | 1,25,069 | 97,370 | 80,819 | 69,840 | 62,046 |
Note: The interest rates are effective from 07 October 2026.
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 in 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 amortisation 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 amortisation 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 you find the right EMI option
Summary
The Bank of India Car Loan EMI Calculator on BankBazaar helps you estimate your monthly EMI, total interest and amortisation schedule before you borrow. Enter your loan amount, interest rate, tenure and processing fee, and add prepayment details to see how part-payments change your repayment. Use the calculator to compare tenures and confirm the final loan terms with Bank of India before you apply.
FAQs on Bank of India Car Loan EMI Calculator
1.What is the Bank of India Car Loan EMI Calculator?
The Bank of India Car Loan EMI Calculator is a free online tool on BankBazaar that works out the monthly EMI on a Bank of India car loan. It also shows the total interest payable and an amortisation table. You can use it before you apply to see how much the loan will cost you.
2. Is the Bank of India Car Loan EMI Calculator free to use?
Yes, the Bank of India Car Loan EMI Calculator on BankBazaar can be used at no charge. You can run it as many times as you like to compare loan amounts and tenures.
3.What details do I need to enter in the Bank of India Car Loan EMI Calculator?
The Bank of India Car Loan EMI Calculator needs the loan amount, the processing fee, the interest rate and the loan tenure. You can also tell it whether you plan to make a pre-payment and, if you do, enter the pre-payment details. Click Calculate to see the results.
4.Which interest rate should I enter in the Bank of India Car Loan EMI Calculator?
Enter the interest rate that Bank of India offers you for your car loan in the Bank of India Car Loan EMI Calculator. Bank of India car loan rates are floating and linked to market rates, so they are revised from time to time. The current rates are listed in the rate table above.
5.What pre-payment details can I add in the Bank of India Car Loan EMI Calculator?
If you choose Yes under the pre-payment option, the Bank of India Car Loan EMI Calculator asks how the pre-payment applies, the pre-payment fee, the pre-payment frequency and the pre-payment amount. If you do not plan to pre-pay, choose No and click Calculate.
6.How do I find the exact pre-payment penalty to enter in the Bank of India Car Loan EMI Calculator?
Read your offer documents carefully or ask Bank of India through its customer care or your branch for the exact pre-payment penalty. You can then enter these charges in the Bank of India Car Loan EMI Calculator like any other pre-payment and view the amortisation schedule almost instantly.
7.What does the Bank of India Car Loan EMI Calculator show after I click Calculate?
The Bank of India Car Loan EMI Calculator shows a breakup of the total loan amount you will have to repay, along with your amortisation table and car loan details. The results appear on the same webpage.
8.What is the amortisation table in the Bank of India Car Loan EMI Calculator?
The amortisation table in the Bank of India Car Loan EMI Calculator shows the payment schedule of your car loan in an easy-to-read tabular format. It breaks the payments into principal and interest and shows the total amount paid and the outstanding loan balance.
9.What is the formula used to calculate the Bank of India car loan EMI?
The Bank of India Car Loan EMI Calculator uses the standard formula:
EMI = [P x R x (1+R) ^N] / [(1+R) ^N - 1], where P is the principal amount, R is the monthly interest rate and N is the number of instalments. This formula does not take into account any pre-payments you make towards the loan.
10.Is it easier to use the Bank of India Car Loan EMI Calculator than the EMI formula or an Excel sheet?
Yes, the Bank of India Car Loan EMI Calculator is easier and more reliable than the formula or an Excel sheet, which are time-consuming and error-prone. The manual method becomes even more complicated when pre-payments are made towards the loan.
11.Can I try different loan amounts and tenures in the Bank of India Car Loan EMI Calculator?
Yes, you can use the Bank of India Car Loan EMI Calculator any number of times with different loan amounts and tenures. This helps you find the combination of principal and tenure that gives an EMI you are comfortable paying.
12.Does the Bank of India Car Loan EMI Calculator include the processing fee?
Yes, the Bank of India Car Loan EMI Calculator has a processing fee field where you can enter the fee levied by the bank, if any. The processing fee applicable to you is explained in the section above.
13.What are the main features of a Bank of India car loan?
Bank of India offers car loans to a large customer base, with floating interest rates that depend on the make and model of the car and on market rates. You can use the Bank of India Car Loan EMI Calculator to check the EMI before you apply.
14.Is the EMI shown by the Bank of India Car Loan EMI Calculator the final EMI I will pay?
No, the EMI shown by the Bank of India Car Loan EMI Calculator is an estimate based on the figures you enter. The final EMI depends on the loan amount, rate and tenure that Bank of India sanctions for you, so confirm these with the bank before you borrow.
15.Will my EMI change if the Bank of India car loan interest rate changes?
It can, because Bank of India car loan rates are floating and linked to market rates. Run the Bank of India Car Loan EMI Calculator again with the revised rate to see how your EMI changes.
Car Loan Articles
- Car Prices in India
- How To Transfer a Car Loan to Another Person
- How GST Affected Car Prices in India
- Car Lease Vs Car Loan
- Car Loan Foreclosure Procedure
- Vehicle Registration
- Car Loan Document Checklist
- Bad Credit Car Loan
- Car Loan Refinancing
- Zero Downpayment Car Loan
- Commercial Car Loan
- Car Loan for Nris
- Car Loan Schemes for Women
- Car Loan Preclosure
- Transfer Car Registration
- Top 10 Banks for Car Loan
- Car Loan Schemes for Government Employees
- Fuel Efficient Sedan Cars
- Automatic Cars for Women
- Chepest Cars in India
Disclaimer
Credit Card:
Credit Score:
Personal Loan:
Home Loan:
Fixed Deposit:
Copyright © 2026 BankBazaar.com.