A car loan calculator is an online financial tool for individuals considering purchasing a car. It allows prospective buyers to estimate their monthly car loan payments and make informed decisions about the purchase. If you are looking for car loan options from the Bank of India, then use the Bank of India car loan EMI calculator to calculate your EMI before making the financial commitment.
On Angel One website the Bank of India car loan EMI calculator is a simple and user-friendly tool that can help you in calculating your car loan EMIs in seconds. This calculator will help you to estimate monthly payments, and interest rates, which will ensure that you enter into car financing with clarity and confidence.
- The Bank of India car loan calculator formula used to compute your car loan EMI is,
EMI = [PxRx(1+R)^N]/[(1+R)^N-1]
- P = Principal amount
- R = Rate of interest
- N = Loan tenure
Let us take an example to understand this formula better. Mr Aman wants to take a car loan from the Bank of India of Rs. 10,00,000 at an interest rate of 8% for 5 years.
EMI = [10,00,000 x 8/100/12 x (1+8/100/12)^60] / [(1+8/100/12)^60-1] EMI = Rs. 20,276
This means that Mr Aman has to pay an EMI of Rs. 20,276 on his car loan. But all these manual calculations can be hectic and prone to errors. That is where the online car loan EMI calculator comes to your rescue.
The usage of the online Bank of India car loan EMI calculator on Angel One is simple and involves basic steps as follows:
- Open the Angel One Bank of India car loan calculator
- Enter the loan amount
- Enter the interest rate
- Enter the loan tenure
You’ll get a quick result on the monthly EMI and total interest on the loan.
- Plan finances: Using a car loan EMI calculator can help you plan your finances easily. You’ll know the EMI on your car loan and can work on the monthly budget accordingly.
- Assess affordability: Knowing how much EMI you can afford is a vital part while getting a loan. And the online Bank of India car loan EMI calculator can help you assess that. According to your monthly budget range, you can check how much loan to borrow. But remember that the loan EMI varies with interest rates.
- Free to use:The online Bank of India car loan EMI calculator is available for free on Angel One website. You can use the calculator at any time from anywhere at your convenience.
- Error-free and instant results: Manual calculations are prone to errors which can be avoided by using an online calculator. Also, the results provided by an online car loan EMI calculator are quick and instant. All you need to do is just enter the basic details like loan amount, interest rate and tenure.
- The interest rate on the car loan is a crucial factor that affects your monthly EMI. It is determined by several factors like the loan applicant’s profession, age, credit score, etc.
- The tenure of the loan you opt for also affects your monthly payments. Taking a long tenure may make your monthly EMI low but the interest you’ll be paying will be high.
The Bank of India car loan EMI calculator is an essential financial tool for calculating the Bank of India car loan EMIs. This online calculator eliminates the errors from manual calculations and gives instant results in seconds.
The online Bank of India car loan EMI calculator on Angel One is simple and user-friendly. Just enter the loan amount, interest rate and loan tenure. You’ll get results of the monthly instalment amount along with the total interest on the loan.
Yes. The Bank of India car loan EMI calculator on the Angel One website is free to use. It is accessible from anywhere and can be used at any time, according to your convenience.
The interest rate is determined based on your profession, age and credit score. Additionally, banks also consider economic factors while determining the interest rate on loans.
Factors like interest rate, loan amount and the tenure of the loan have a direct impact on the car loan EMI.