However, during the tenure of the loan, subsequent EMIs contribute more towards repayment of principal amount as compared to previous EMIs.

It is a well-known fact that the initial EMIs contribute more towards payment of interest due as compared to the principal amount. This means that pattern of reduction of principal amount through payment of each EMI will typically follow similar trend across all financial institutions. Thus, for a given loan amount, tenure and interest rate, the EMI calculated and the amortisation schedule offered by banks and Non-Banking Financial Companies (NBFCs) will typically be similar. This also means that with the payment of each EMI, the pattern of reduction of the principal due generally follows a similar trend across all financial institutions.īanks and financial institutions, in general, calculate EMI through a common mathematical formula. So, the EMI calculated and the amortisation schedule given by different banks and NBFCs will typically be similar for a given loan amount, tenure and interest rate. But the later EMIs contribute more towards the repayment of the principal.īanks and financial institutions generally calculate EMIs using a common mathematical formula. The first few EMIs contribute more towards the payment of interest and less towards repayment of principal. The proportion of each EMI used for repayment of the principal and the interest changes over time. Processing charges waived for senior citizens, staff members and retired employees of the Bank and pensioners drawing pension from the Bank.Each EMI repays a part of the principal (or the amount borrowed) and the interest due on that principal outstanding. No processing charges for Senior Citizen, Retired Employees of the Bank and Pensioners drawing Pension from the Bankįor 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. Bank of india Car loan Processing Feesįor New Two Wheeler Loan/2nd hand vehicle(both 2/4 wheelers) : 0.25% of limit, minimum Rs.1000/- and Max.Rs.5,000.

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

Total Amount (Principal + Interest) = 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: For calculation you have to just select the right loan amount, Interest Rate and Repayment period.įor an example, You can take a loan amount of Rs. 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. Bank of India Car loan EMI Calculatorīank 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. ✓ Companies, Partnership Firms, Proprietary concern and other types of Corporate entities. ✓ (Age of the individual borrower not to exceed 65 years at the time of availing the advance) ✓ Non-Resident Indians in India – advance to be granted jointly with Resident Indians (close relative) ✓ 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. Why to Choose Car loans through Bank of India:īank 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.

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