Principal- The principal is the BOI- Bank of India car loan amount that you avail from the lender or banker. It is directly proportional to your other EMIs - lower principal of loan will lower your monthly instalments and vice versa.
Rate of interest- The rate of interest is the rate at which the lender or banker offers you the BOI- Bank of India car loan. It is also directly proportional to the value of your BOI- Bank of India car loan EMIs.
Tenure- The tenure is the time within which you repay your BOI- Bank of India car loan. The tenure is inversely proportional to your other loan EMIs - longer tenure makes the monthly installments or EMI amount cheaper and vice versa.
Things to consider that affect the BOI- Bank of India car loan: