Bank of India's new car loan interest rates start from 6.85% and Bank of India's used car loan interest rates start from 6.85%. These are floating-rate loans and one of the best car loan rates in India. The rate of interest varies according to the business of the borrower, loan amount, and loan tenure.
₹
500000
36
months
10
%
Monthly EMI
₹
₹ 32,124.56
Total Interest
₹
10,622.78
Principal Amount
₹
500000
Payable Amount
₹
160,622.78
| Pay No. |
Begining Balance | EMI | Principal | Interest | Ending Balance |
|---|---|---|---|---|---|
| 1 | 150000.00 | 32124.56 | 28637.06 | 3487.50 | 121362.94 |
| 2 | 121362.94 | 32124.56 | 29302.87 | 2821.69 | 92060.07 |
| 3 | 92060.07 | 32124.56 | 29984.16 | 2140.40 | 62075.91 |
| 4 | 62075.91 | 32124.56 | 30681.30 | 1443.26 | 31394.61 |
| 5 | 31394.61 | 32124.56 | 31394.64 | 729.92 | -0.03 |
Salaried employees, Professionals, Self-employed Salaried employees, Professionals, Self-employed Non-Resident Indians- 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 Eligible
For all loans amounts: 0.25 % of loan amount Min. Rs. 1500/- Max. Rs. 20000/-
Processing charges to be double that of applicable to individuals. i.e. @ 0.50% of the loan amount Min. Rs.3000/- and Max. Rs.40000/-
Processing charges 75% of that applicable to individuals in respect of loans availed by borrowers from rural branches. Min. Rs.1500/- & Max. Rs.20000/-
Car loan refers to the various financial products which allow someone to acquire a car, including car finances and leases.
As per current interest rates, Bank of India car loan interest rates are in the range of 6.85%to 8.55%.
Bank of India gives car loans at extremely attractive interest rates based on your eligibility and the amount you borrow as a loan and the loan period that you choose. Any salaried or self-employed borrower between the ages of 21-58 years with a decent credit score, a constant occupation, and a firm income is qualified to apply for a Yes Bank car loan.
Lowest EMI per lakh is ₹ 1,535 for Bank of India for a loan availed at an interest rate of 6.85% and for a tenure of 7 years.
You can check your car loan status in the Bank of India by visiting the nearest branch or by checking the bank’s website.
You can repay your Bank of India car loan in a flexible period of 7 years.
Note: This content is taken from Bank of India website
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