Monthly EMI: ₹10,343 at 8.85% for 5 years. Total interest: ₹1,20,580.
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With a ₹5 Lakh car loan from Bank of India at 8.85% for 5 years, you will pay a monthly EMI of ₹10,343. The total amount payable is ₹6,20,580, of which ₹1,20,580 is interest.
At 8.85% interest rate for 5 years, the EMI for ₹5 Lakh Car Loan from Bank of India is ₹10,343 per month. Total interest payable: ₹1,20,580.
Bank of India offers Car Loan at 8.85 - 10.85% p.a. The actual rate may vary based on your credit score, income, and the loan amount.
For ₹5 Lakh at 8.85% for 5 years, you would pay approximately ₹1,20,580 as total interest, making the total repayment ₹6,20,580.
Bank of India's prepayment policy for Car Loan: Nil after 12 months. Making prepayments can significantly reduce your total interest outgo.
Bank of India offers competitive rates starting from 8.85 - 10.85% with tenure up to 7 years. Compare with other banks on this page to find the best option for your ₹5 Lakh car loan.