Bank of India Car Loan EMI Calculator

Bank of India has been known to offer various products and services to its customers, and along with that, its car loans are also gaining popularity. The customers and the potential customers who are looking forward to borrowing a car loan from the Bank of India will have to repay the loan through EMIs, which are known as equated monthly installments.

These EMIs are specific amounts (they consist of the principal amount + interest amount) that need to be paid on a particular date each month. You can easily identify what would be your EMI amount if you borrowed a car loan from Bank of India through the Bank of India car loan calculator provided by Groww.

What is the Bank of India Car Loan EMI Calculator?

The Bank of India Car loan EMI calculator is an online algorithmic tool that will allow you to instantly check your EMI amount for a car loan from the bank. It is a tool that is completely free and can be accessed through the website of Groww.

You will require this instrument when you are opting for a car loan from the Bank of India, and you would like the EMI amount and the interest amount that you would be paying for the loan that you borrowed.

It will work on minimal details and even when you lack technical expertise because it is a user-friendly and easy-to-use tool. Since the tool was in a formula box, it did not require any manual calculations. It can be used for future estimations of an EMI based on principal, tenure, and the Rate of interest.

How Can the Bank of India Car Loan Calculator Help You?

The Bank of India car loan calculator will only require basic information from the user and function instantly to give results. Since there is no need for any kind of manual calculations of the EMI amount, the tool will also eliminate all the human errors that happen during calculations. It can be a time-saving and instant tool for assistance on car loan details that are required by every customer.

It can also help plan ahead of the monthly expenses that will be incurred as an EMI from the Bank of India for the car loan. It consists of the benefit of efficient planning and decision-making. You would not require any technical expertise to use the tool, and it is completely free of cost for anyone. You can easily access it from anywhere to know the primary information on a car loan from the Bank of India.

How Can I Use the Bank of India Car Loan Calculator?

The method of using the Bank of India loan calculator is simple and can be used with three basic information sets. All you need to do is adjust these three-minute data:

1) The Principal

This is the principal amount you want from the Bank of India as a car loan.

2) The Tenure

The period you would like the loan to be for.

3) The Rate

This is the rate that the Bank of India will charge for the car loan.

After all of this information has been adjusted on the calculator, you will be displayed the EMI amount you will be paying each month.

What is the Process to Calculate the Car Loan EMI from the Bank of India?

You can also use the standard formula to calculate the monthly EMI for a car loan borrowed from the Bank of India, and that is:

[PxRx(1+R)^N]/[(1+R)^N-1]

Here, P will stand for the principal amount you want to borrow.

R will stand for the Rate of interest that is charged by the Bank of India for a car loan.

N will mean the tenure you choose for this loan.

This formula can also be explained with the help of an example.

Mr X wants to take a loan from the Bank of India, and the details of the car loan that he wants to take are mentioned below:

The Principal Amount = Rs. 12,00,000

The Tenure of the Loan = 3 Years (36 Months)

The Rate of the Car Loan = 8%

EMI = [12,00,000 x 12/100/12 x (1+8/100/12)^36] / [(1+8/100/12)^36-1]

EMI = Rs. 37,604

Table of Amortization for Bank of India Car Loan

Based on the example that has been mentioned above, we can draw an amortization table to see the breakup of the loan as a whole:

What are the Benefits of Using this Calculator from Groww?

There is a broad range of advantages to using the calculator of Groww for Bank of India car loans, and some of them are:

• You will be granted enough time to make car purchase decisions, and there will be no need to do time-consuming manual calculations of the interest amount and the EMIs.
• Every user will be using the calculator without having to sign in or register and for free of cost.
• It is a good way to make plans before the visit to the bank or contact the bank for the loan.
• It lets the customer know if he can afford the loan from the Bank of India or not.