If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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    Bank of India Car Loan EMI Calculator

    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.

    Calculate your Car Loan EMI

    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.)
    10 Lakh 2% 9.35% 45,845 31,963 25,052 20,929 18,200 16,267
    15 Lakh 2% 9.35% 68,768 47,944 37,577 31,393 27,300 24,401
    20 Lakh 2% 9.35% 91,691 63,926 50,103 41,857 36,399 32,535
    25 Lakh 2% 9.35% 1,14,614 79,907 62,6299 52,322 45,499 40,668
    30 Lakh 2% 9.35% 1,37,536 95,899 75,155 62,786 54,599 48,802
    35 Lakh 2% 9.35% 1,60,459 1,11,870 87,680 73,250 63,699 56,935
    40 Lakh 2% 9.35% 1,83,382 1,27,852 1,00,206 83,715 72,799 65,069

    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.

    Car Loan Reviews

    • Bank of India Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my car loan with Bank of India, the loan amount they have given me was sufficient, they have charged nominal rate of interest and even processing fee is also nominal, so far there service is have experience was good, they have not taken any hidden charges ,there overall service is good.
      Was this review helpful? 4
      , bhubaneshwar
      Reviewed on Dec 12, 2018
    • Bank of India Car Loan
      "You can go with them for some loans"
      0.5 4.0/5 "Great!"
      I am running a car loan with Bank of India. They took 3 to 4 months time to process the application. The rate of interest and charges are normal. I have not did any down payment. I have purchased a Maruti Swift car. There is an option for part payment and pre closure.
      Was this review helpful? 2
      , secunderabad
      Reviewed on Nov 30, 2018
    • Bank of India Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      My car loan experience was good with Bank of India, the loan amount was for Rs 3.5 lakhs with rate of interest of 9.5% which is nominal rate. It was a new car and my loan was approved based on the on-road price. There are no charges on foreclosure and the tenure period for this loan is 7 years.
      Was this review helpful? 2
      , indore
      Reviewed on May 16, 2018
    • Bank of India Car Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      My car loan experience with Bank of India was very good, the loan amount was for Rs 4.70 lakhs with the rate of interest of 11.9% which is nominal rate of interest. Customer service was very good and there was no delay in their service. The tenure of the loan is 5 years and it was overall a good service from BOI.
      Was this review helpful? 5
      , kolkata
      Reviewed on Jan 09, 2018
    • Bank of India Car Loan
      "Better service"
      0.5 5.0/5 "Blown Away!"
      The car loan service was very good with bank of India. They have disbursed the loan amount within 2 days of time. The customer support was very prompt in their service, they came to my place to collect the required documents . The rate of interest is nominal with bank of India car loan.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Nov 17, 2017
    • Bank of India Car Loan
      "Nice experience"
      0.5 4.0/5 "Great!"
      It was a very convenient process to get the car loan from Bank of India. The customer services are good and there are no hassles. They were on time for the paper work. I got the loan as needed. I am also comfortable with the rate of interest and processing charges.
      Was this review helpful? 0
      , udaipur
      Reviewed on Oct 15, 2017
    • Bank of India Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I got a car loan experience with bank of India. This loan has the tenure of 3 years. I have got the required loan amount. The customer service is good with bank of India. The rate of interest is nominal with Bank of India,. I am satisfied with bank of bank of India car loan service.
      Was this review helpful? 0
      , patna
      Reviewed on Oct 04, 2017
    • Bank of India Car Loan
      "Good experience"
      0.5 2.0/5 "Expected more"
      I have taken 2 car loans with BANK OF INIDIA years back and now I have recently taken one more car loan for 5.50lacs.Their customer service and responses was not satisfactory. They have to work on their net banking system which was very worst. Their rate of interest was 8.3% and there is no charge for the pre closure .Here the part payment option is very good .
      Was this review helpful? 3
      , bangalore
      Reviewed on Sep 24, 2017
    • Bank of India Car Loan
      "Excellent Service"
      0.5 3.5/5 "Pretty good"
      The car loan process with bank of India was good and smooth. They have disbursed my loan within 3 to 4 working days. The required loan amount has been given, the part payments option is available and the there is no foreclosure charges. The processing fee was nominal .The rate of interest is nominal with bank of India.. I am satisfied with bank of India the car loan service.
      Was this review helpful? 2
      , ahmedabad
      Reviewed on Aug 14, 2017
    • Bank of India Car Loan
      "Need Transparency in the process"
      0.5 3.0/5 "Satisfactory"
      I met the branch manager and asked for the car loan with bank of India and they told they can offer the loan with 9.25 % interest rate, while submitting the documents they told based on their bank norms,they cannot proceed with the loan for the commercial vehicles. The rate of interest is low but it cannot doable at present. They need to improve on their customer service , because if the customer is asking for the commercial loan, the bank need to give the proper response to the customers at the beginning stage itself.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 09, 2017
    • Bank of India Car Loan
      "Its Excellent and Good Experience"
      0.5 5.0/5 "Blown Away!"
      Bank of India not even taken three days to process my car loan, they sanctioned the amount immediately and delivered the dd to the dealer. I had taken a loan amount of Rs.5 lakhs with rate of interest of 9.5% and there was no processing fee and also there was no part payment or pre closure charges too.
      Was this review helpful? 2
      , thane
      Reviewed on Apr 19, 2017
    • Bank of India Car Loan
      "Super fast process & lesser ROI"
      0.5 5.0/5 "Blown Away!"
      This is my first experience with Bank of India and I got the approval for my car loan within 24 hours from them. The process was swift and the documentation was also on the normal side. The best is I got a lesser rate of interest when compared to other banks. The charges was also nominal for me.
      Was this review helpful? 1
      , ludhiana
      Reviewed on Nov 29, 2016
    • Bank of India Car Loan
      "Satisfied"
      0.5 5.0/5 "Blown Away!"
      I would to give more than 5 stars for BOI car loan as I did not encounter any issues with them as such. They were quick enough to resolve any issue which was raised to them. Their rate of interest is slightly higher than other banks.This car loan was taken from the branch directly and they took around 10 days of time to disburse he funds.
      Was this review helpful? 5
      , gurgaon
      Reviewed on Sep 20, 2016
    • Bank of India Car Loan
      "Car loan services"
      0.5 4.0/5 "Great!"
      Bank of India is following a wonderful process when it regards to the car loan application which is submited.The process was very fast and there is no difficulties at all.The customer support offered was really good but still some improvement can be done which is for the betterment.
      Was this review helpful? 2
      , kolkata
      Reviewed on Jun 27, 2016
    • Bank of India Car Loan
      "User Friendly Nationalized Bank "
      0.5 5.0/5 "Blown Away!"
      I approached the Bank of India for the car loan and got 85% of the loan amount. For the new car they have offered 10% interest rate with 0% processing fee which was under the scheme before two years. They do have the part payment and pre closure charges.
      Was this review helpful? 0
      , chennai
      Reviewed on May 27, 2016
    • Bank of India Car Loan
      "Excellent experience and approachable"
      0.5 5.0/5 "Blown Away!"
      I had taken a new car loan with Bank of India. I had actually applied through a normal walk in. They offered me an interest rate of 10.5% with a processing fee of around Rs.1000+. They do not have foreclosure charges. The process is very smooth as long as you have all the documents required in place. They handed over the keys once the loan was processed in about two weeks.
      Was this review helpful? 2
      , pune
      Reviewed on Apr 21, 2016
    • Bank of India Car Loan
      "Very good"
      0.5 5.0/5 "Blown Away!"
      BOI has taken a hardly a day's time . Interest rate offered by them was 9.59%. They have offered the loan for the maximum tenure which is 7 years. I am a marketing person and they are attaching importance for my salary. Morning 9.30 am I have applied they have verified my documents and on the same day they conducted verification and the very next day morning they were giving the DD around 11 AM
      Was this review helpful? 2
      , ernakulam
      Reviewed on Nov 26, 2015
    • Bank of India Car Loan
      "Easy approval!"
      0.5 5.0/5 "Blown Away!"
      Once I reached the branch for a new car loan, they responded me promptly. Even they sanctioned up to 90% of the vehicleâ??s on road price. Interest rate offered for the loan amount was 10.21%, which is a bit high with them. Further on the loan amount was processed within 2 days.
      Was this review helpful? 3
      , bangalore
      Reviewed on Nov 14, 2015
    • Bank of India Car Loan
      "Needs improvement in the process "
      0.5 2.0/5 "Expected more"
      I took the car loan from Bank of India with 11% interest but the processing fee was high . Within five days the loan was disbursed. I went to the bank directly for the loan the response was average. My suggestion they have to be go some more with the process.
      Was this review helpful? 2
      , noida
      Reviewed on Nov 04, 2015
    • Bank of India Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      I took a car loan from Bank of India as the bank is available in the village.They disbursed the loan within 15 days. Interest rate charged was 10% as we farmer and processing fee was 1500 with the less documentation .
      Was this review helpful? 2
      , mumbai
      Reviewed on Sep 01, 2015
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