Bandhan Bank Car Loan EMI Calculator

Thinking about getting a car loan from Bandhan Bank? Check out their Car Loan EMI Calculator! It's a super useful tool that helps you figure out your monthly car loan payments. Just plug in the loan amount, interest rate, and how long you want to take to pay it back. This way, you can see exactly how much you'll need to pay each month and plan your budget accordingly. Whether it's your first car or an upgrade, using the EMI calculator makes planning for your new car straightforward and stress-free.

How to Use Wishfin Bandhan Bank EMI Calculator?

Using the Bandhan Bank car loan calculator on Wishfin is straightforward. Simply input the following details:

• Principal Amount: This is the amount you're borrowing from Bandhan Bank, excluding any extra charges or the down payment.
• Interest Rate: This is the rate at which Bandhan Bank will apply interest to your car loan.
• Loan Tenure: This is the time period over which you'll repay the loan.

After entering these details, you'll instantly see both the total interest you'll be paying and the monthly EMI for your car loan. This helps you understand your financial commitment right away.

Formula to Calculate Bandhan Bank Car Loan EMI

You can also calculate the EMI amount using the standard EMI calculation formula, which is:

[PxRx(1+R)^N]/[(1+R)^N-1]
Here the formula stands for the following -
P = Principal
R = Rate of Interest
N = Tenure (in months)
This can also be explained with an example -
Rohit Sharma avails a car loan of ₹ 7 lakhs from Bandhan Bank for a tenure of 5 years at an agreed-upon interest rate of 10%. So, as per the formula:

The Principal Amount (P) = ₹ 7,00,000
The Tenure (N) = 5 Years (60 Months)
The Rate (R) = 10% p.a. (which is 10/12/100 = 0.0083

EMI = [7,00,000 x 0.0083 x(1+0.0083)^60] / [(1+0.0083)^60-1]
= ₹14,873

Bandhan Bank Car Loan Amortisation Schedule

Let's see how Bandhan Bank EMI car loan calculator works with a straightforward example.

Imagine Ankita Sharma, a 32-year-old Senior Manager, is looking to finance a car. She needs a loan of ₹10 Lakh in Mumbai. Bandhan Bank has agreed to this loan amount at an interest rate of 10.30% per annum over 5 years. Before she commits to the loan, Ankita wants to clearly understand her monthly payments. She uses the car loan EMI Calculator to find out her monthly EMI, total interest, and the overall amount she will end up paying back.

The Minimum EMI Offered by Bandhan Bank on Car Loans

Bandhan Bank provides car loans at interest rates starting from 9.47% and going up to 12%, depending on the borrower's income and credit score.

Below, you'll find the lowest and highest monthly EMIs for different loan amounts, calculated using annual interest rates of 9.47% and 12% over a period of 5 years:

Benefits of Using Bandhan Bank Car Loan EMI Calculator

Here are the main advantages of utilizing Bandhan Bank car loan EMI calculator:

• The calculator gives you immediate EMI estimates with just a few inputs, saving you time and effort compared to manual calculations.
  
• You can quickly compare EMIs for different loan amounts, interest rates, and tenures to find the most suitable option for your needs.
  
• The calculator provides a clear breakdown of the principal and interest components of your EMI. This gives you a comprehensive view of your loan repayment structure.
  
• Bandhan Bank's Car Loan EMI Calculator is a free tool that you can use as many times as needed without any charges.

Bandhan Bank Car Loan Eligibility Criteria

You need to meet the following eligibility criteria in order to apply for a car loan with Bandhan Bank:

• Salaried / Self-employed professionals / Self-employed non-professionals and non-individual entities
• Minimum age at the time of application:
  • Salaried individual – 21 years
  • Self-employed individual – 23 years

Factors that Impact Bandhan Bank Car Loan EMI

Here are some key factors that influence your eligibility for a car loan from Bandhan Bank:

1. Income: Your monthly salary determines your eligibility for a car loan. A higher income improves your chances of securing a car loan from Bandhan Bank.
   
2. Market Fluctuations: The interest rate on your loan can vary with market conditions. Higher inflation often leads to higher interest rates, so it’s wise to monitor market trends before applying for a car loan.
   
3. Loan Amount: The amount you borrow affects the interest rate you are charged. Generally, larger loan amounts attract higher interest rates.
   
4. Repayment Tenure: The length of time you choose to repay the loan influences the interest rate. Longer repayment periods typically mean higher interest rates.
   
5. Income-to-Debt Ratio: Bandhan Bank will assess your income-to-debt ratio when reviewing your loan application. A lower ratio means you have more income relative to your debt, which can help you secure better loan terms.
   
6. Banking Relationship: Having a strong relationship with your bank can help you get a better interest rate. It’s often beneficial to apply for a car loan at a bank where you already have an account, as longstanding customers may receive more favorable rates.

Fees and Charges Associated with Bandhan Bank Car Loan

Given below are the fees and charges applicable to your Bandhan Bank car loan: