# Bank of India Car Loan EMI Calculator

₹ 50k ₹ 50L
6.0% 30.0%
6 months 30 years
Principal Amount
Interest Amount

Monthly EMI

Principal Amount

Interest Amount

Tenure (Month)

Total Amount

## 2024

Month Principal Paid Interest Charged Total Payment Balance
Aug ₹3,942.44 ₹500.00 ₹4,442.44 ₹46,057.56
Sept ₹3,981.86 ₹460.58 ₹4,442.44 ₹42,075.70
Oct ₹4,021.68 ₹420.76 ₹4,442.44 ₹38,054.01
Nov ₹4,061.90 ₹380.54 ₹4,442.44 ₹33,992.11
Dec ₹4,102.52 ₹339.92 ₹4,442.44 ₹29,889.60

## 2025

The Bank of India Car Loan EMI Calculator is a useful resource for potential car buyers. With over 4,000 branches nationwide, the Bank of India is a prominent private bank. It offers a variety of affordable car loan options tailored to different car models and makes. Using this EMI calculator, you can quickly determine your monthly payments and plan your finances more effectively before making a purchase.

In this article, we will learn how to use a car loan EMI calculator, like the one offered by Wishfin, along with other details related to Bank of India car loans.

## How to Use Wishfin Bank of India Car Loan EMI Calculator?

Using the Bank of India car loan calculator on Wishfin is straightforward. Simply input the following details:

• Principal Amount : This is the total amount you're borrowing from the Bank of India, excluding any additional fees or the down payment.
• Interest Rate : This is the rate at which the Bank of India will charge interest on your car loan.
• Loan Tenure : This is the period over which you will repay the loan.

Once you enter these details, you'll instantly see both the total interest you will pay and the monthly EMI for your car loan. This quick calculation helps you understand your financial commitments right from the start.

## Formula to Calculate Bank of India Car Loan EMI Calculation

The calculator uses the below formula to give you the EMI calculation:

[PxRx(1+R)^N]/[(1+R)^N-1]
In this formula:
P = Principal amount
R = Rate of Interest per month
N = Tenure in months
For instance, Priyam Sharma takes out a car loan of ₹7.5 lakhs from the Bank of India for 5 years with an interest rate of 11.4% per annum. According to the formula:

• The Principal Amount (P) is ₹7,50,000
• The Tenure (N) is 5 years or 60 months
• The Monthly Interest Rate (R) is 11.4% divided by 12, which equals to 0.057

EMI = [7,50,000 x 0.057 x(1+0.057)^60] / [(1+0.057)^60-1]
= ₹16,457

## Bank of India Car Loan Amortisation Schedule

Let's see how the calculator functions with an example. Raj Malhotra, a 35-year-old Marketing Director, is looking to purchase a car. He needs a loan of ₹12 Lakh in Pune. Bank of India has approved this loan amount at an interest rate of 11% per annum for a term of 6 years. Before finalizing the loan, Raj wants to fully understand his monthly outgo. He uses the car loan EMI Calculator to determine his monthly EMI, the total interest he will pay, and the total amount he will repay over the loan's duration.

Year

Principal

(A)

Interest

(B)

Total Payment

(A + B)

Outstanding Loan Balance

2024

₹ 72,694

₹ 64,352

₹ 1,37,045

₹ 11,27,306

2025

₹ 1,57,890

₹ 1,16,201

₹ 2,74,091

₹ 9,69,417

2026

₹ 1,76,161

₹ 97,930

₹ 2,74,091

₹ 7,93,256

2027

₹ 1,96,546

₹ 77,545

₹ 2,74,091

₹ 5,96,710

2028

₹ 2,19,290

₹ 54,801

₹ 2,74,091

₹ 3,77,420

2029

₹ 2,44,666

₹ 29,425

₹ 2,74,091

₹ 1,32,754

2030

₹ 1,32,754

₹ 4,292

₹ 1,37,045

₹ 0

## The Lowest EMI Offered by Bank of India on Car Loans

Bank of Baroda offers car loans with interest rates between 8.60% and could go up to 11%, varying based on the borrower's income and credit score.
Below are the lowest and highest monthly EMIs for various loan amounts. These are calculated using annual interest rates of 8.60% and 11% over 5 years:

Interest Rate of 8.60%

Interest Rate of 11%

5 lakh loan amount - ₹10,282 p.m.

5 lakh loan amount - ₹10,871 p.m.

10 lakh loan amount - ₹20,565 p.m.

10 lakh loan amount -  ₹21,742 p.m.

12 lakh loan amount - ₹24,678 p.m.

12 lakh loan amount -  ₹26,091 p.m.

14 lakh loan amount - ₹28,791 p.m.

14 lakh loan amount -  ₹30,439 p.m.

16 lakh loan amount - ₹32,904 p.m.

16 lakh loan amount - ₹34,788 p.m.

## Main Benefits of Using the Bank of India Car Loan EMI Calculator

Here are the main advantages of utilizing a car loan EMI calculator by Bank of India:

• The Bank of India EMI calculator is incredibly user-friendly and doesn't require any technical know-how, making it accessible to everyone.
• The calculator clearly outlines the principal, the total interest to be paid, and the total repayment amount, ensuring you have a clear understanding of your financial commitments.
• It allows you to tweak the loan details like amount and tenure to see various scenarios, helping you find the right balance between monthly payments and the loan term.

## Bank of India Car Loan Eligibility Criteria

When applying for a car loan, salaried individuals need to be at least 21 years old, with the maximum age at the end of the loan term being 60 years. Self-employed applicants must be at least 18 years old at the time of application and no older than 65 years at loan maturity.

Salaried employees are required to have a minimum of one year of continuous employment, whereas self-employed individuals should have been in the same business for at least three years.

## Factors that Impact Bank of India Car Loan EMI

Here are the main factors that affect the EMI for a Bank of India car loan:

Income-to-Debt Ratio: This important figure is closely looked at by lenders when assessing car loan applications. It shows how much debt you have compared to your income. A low ratio indicates that you can handle your monthly EMI payments easily, making you a more appealing candidate for a loan. Ideally, your monthly loan payments shouldn’t be more than 50% of your income.

Credit Score: Your credit score plays a crucial role in securing a car loan. It acts as proof of how reliable you are financially and your track record for paying off debts on time. A higher credit score, ideally above 725, improves your likelihood of getting the loan approved.

Income and Occupation: Lenders look at your income and the stability of your job as well. Regular income and a steady job decrease the risk of you defaulting on the loan, showing that you can likely repay the loan as agreed.

Age of the Vehicle: The age and condition of the vehicle are important because the vehicle is used as security for the loan. Newer vehicles from well-known brands tend to hold their value better, which can affect the interest rates you're offered by the bank.

Loan Tenure: Typically, choosing a longer loan term can lead to lower interest rates. However, this also means you’ll be making payments for a longer time. It’s wise to calculate EMIs for various loan durations and choose one where you pay the least amount of interest overall.

## Bank of India Car Loan Fees and Charges

Here are the fees and charges related to Bank of India car loans:

Fee Type

Charges

Processing Fees

For new four-wheeler or water vehicle loans, the fee is 0.25% of the loan amount, with a minimum of Rs. 1,000 and a maximum of Rs. 5,000.

For new two-wheeler loans or second-hand vehicle loans (both two and four-wheelers), the fee is 1% of the loan amount, ranging from a minimum of Rs. 500 to a maximum of Rs. 10,000.

Prepayment Charges

NIL