Car Loan 

Bank of India Car Loan – Interest Rates 2024, EMI Eligibility Calculator

48917 Views

Bank of India Car Loan – Interest Rates, Documents, Eligibility of BOI Car Loans. Details on Processing Fees & Charges of Bank if India for New & Used Cars.

Bank of India Car Loan Interest Rates

Interest Rates 7.75% – 9.45%
Repayment Period 7 Years
Lowest EMI per Lakh Rs. 1,546
Maximum loan amount Upto 2 Crore
Processing Fees Upto Rs.10000/-
Minimum Income Per Month Rs.20000

Why to Choose Car loans through Bank of India:
Bank of India Currently offers much more liberties to customers for choose upto flexible repayment period, lowest interest rates, Special schemes come at festival seasons, new year time etc.

Eligibility For BOI Car Loans:

✓ Salaried employees, Professionals, Self-employed, individuals with high networth, People engaged in trade/commerce/ business, Directors of Companies, Senior Citizens, Pensioners, Farmers, Staff Members, Retired employees (other than dismissed/compulsorily retired) of our Bank.

✓ Non-Resident Indians in India – advance to be granted jointly with Resident Indians (close relative)
✓ (Age of the individual borrower not to exceed 65 years at the time of availing the advance)
✓ Companies, Partnership Firms, Proprietary concern and other types of Corporate entities.
✓ HUFs not permitted.

Bank of India Car loan EMI Calculator

Bank of India car loan emi calculator helps you to know how much emi per month you have to pay against the loan taken for purchasing the new car. you can select or choose the right loan amount as per your financial condition and it helps you in selecting the car variant as per your paying capacity of EMI. For calculation you have to just select the right loan amount, Interest Rate and Repayment period.

Calculate Loans EMI Online
Loan Amount
Interest Rate (Reducing) % Per Annum
Loan Tenure (in Months)
 
Monthly EMI
Total Amount with Interest
Total Interest Amount
Yearly Interest Amount

For an example, You can take a loan amount of Rs. 6 lakh for Maruti Baleno or Hyundai I20 car for 5 years repayment period at 7.75% rate of interest than you emi calculations are as follows:

  • Loan Amount = Rs. 6,00,000
  • Monthly Installment (EMI) = Rs. 12,094
  • Total Interest Amount = Rs. 1,25,651
  • Total Amount (Principal + Interest) = Rs. 7,25,651
Year Principal Interest Balance Amount
1 Rs. 102,208 Rs. 42,920 Rs. 497,792
2 Rs. 110,416 Rs. 34,712 Rs. 387,376
3 Rs. 119,282 Rs. 25,846 Rs. 268,094
4 Rs. 128,866 Rs. 16,262 Rs. 139,228
5 Rs. 139,306 Rs. 5,914 Rs. 0

QUANTUM OF LOAN:
✓ INDIAN MADE VEHICLE- RS 25 LACS
✓ IMPORTED – RS.75 LACS

Loan to Individuals: (for New four Wheeler Loan: Rs.500/- per application, irrespective of limit.

Bank of india Car loan Processing Fees

For New Two Wheeler Loan/2nd hand vehicle(both 2/4 wheelers) : 0.25% of limit, minimum Rs.1000/- and Max.Rs.5,000.

No processing charges for Senior Citizen, Retired Employees of the Bank and Pensioners drawing Pension from the Bank

For Rural Branches – Processing charges will be 75% that of applicable to individuals, subject to minimum of Rs.500/- in respect of loans availed by borrowers of rural from the Rural Branch.

Processing charges waived for senior citizens, staff members and retired employees of the Bank and pensioners drawing pension from the Bank.

Available Products of Bank of India:

Source: Bank of India Website

Related Posts: