Bandhan Bank Home Loan EMI Calculator

Want to calculate your monthly installments but not sure how? The Bandhan Bank Home Loan EMI Calculator is here to help. This smart, effective tool provides you with precise figures for your monthly installments, interest outgo, and total amount payable, all in a hassle-free way. In this article, we'll show you how to use the Wishfin home loan calculator to quickly and easily get your EMIs and monthly repayment schedule.

How to Use Wishfin Bandhan Bank Home Loan EMI Calculator?

The Wishfin Bandhan Bank home loan calculator is a valuable tool for borrowers to estimate their Equated Monthly Installments (EMI) before applying for a loan. Home loans can span up to 30 years, making it essential to choose a tenure that fits your financial plan. To use the calculator, simply input:

• Tenure
• Interest Rate
• Loan Amount

The calculator will then swiftly compute your monthly EMIs, total interest payable, and the cumulative amount you will repay over the loan’s duration, providing a comprehensive financial snapshot. Along with this, an amortization table will also be shown to you, to help you know how your loan will progress over time.

Bandhan Bank Home Loan EMI Calculation Formula

The calculator uses the below formula to calculate an EMI.

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

where,

EMI = Equated Monthly Installment

P = Principal Loan Amount

R = Monthly Interest Rate

N = Number of Monthly Installments

For instance, a borrower avails a home loan worth ₹60,00,000 for a tenure of 20 years at an agreed-upon interest rate of 12%. So, as per the formula:

• Principal Amount (P): ₹60,00,000
• Interest Rate (R): 12% per annum (which is 12/12/100 = 0.01 per month)
• Loan Tenure (n): 20 years, or 240 months

Let’s see how it works:

[60,00,000 x 0.01 x (1 + 0.01) ^ 240]/[(1+0.01) ^240 -1] =66,065

The EMIs you will be required to pay is ₹66,065

Bandhan Bank Home Loan Amortisation Schedule

Let’s just know more about the same with the help of an example below.

Suppose, a 32-year-old, Ankita Sharma, Senior Manager by profession is looking for a home loan of INR 15 Lakh in Mumbai. She has applied for the same loan amount and Bandhan Bank has approved the same at an interest rate of 10.30% per annum for a tenure of 15 years. Before saying yes to the lender, she wants to know the exact calculations of his monthly installments. Thus, she used the home loan EMI Calculator for the same. So, let’s know the EMI, Interest and Total Amount Payable in Ankita’s case.

Bandhan Bank Home Loan Interest Rates 2024

When choosing a suitable home loan option for you, the interest rate is the most important thing that an individual needs to keep an eye on. Bandhan Bank Home Loan interest rate is one of the best in the market because of which so many people opt for it. Ranging from 9.16% - 13.33% per annum, you would be paying lower monthly installments while repaying the home loan.

We are providing some of the important details related to the Bandhan Bank Home Loan Interest rates in the table below. Check them out!

The Lowest EMI Offered by Bandhan Bank on Home Loans

Here are the monthly payments for various home loan amounts from Bandhan Bank, calculated using interest rates of 9.16% and 13.33% over a 20-year period:

Advantages of Using Bandhan Bank EMI Calculator

It’s time to dive into the several advantages offered by Bandhan Bank home loan EMI calculator:

• Accurate and Instant Calculations: The Bandhan Bank home loan calculator provides quick and precise calculations of your EMIs. By entering the loan amount, tenure, and interest rates, you can easily determine your monthly repayments and save time by freeing yourself from the hassle of manual calculations.

• Loan Options Comparison: You can compare different loan scenarios by adjusting loan amount, tenure, and interest rates. This feature helps you choose the most suitable loan option based on your financial situation and repayment capacity.

• Accessibility and Convenience: The Bandhan Bank home loan calculator can be easily accessed online. You can use it from anywhere and at any time without having to visit a bank branch.
  
• Amortization Schedule: Some versions of the EMI calculator also provide an amortization schedule, which details the repayment schedule over the loan tenure. This helps you visualize how your loan balance decreases over time and how much interest you will pay throughout the loan period.
  
• Error-free Calculations: Using an online EMI calculator eliminates the risk of errors that can occur with manual calculations. This ensures that the EMI amounts and repayment schedules are accurate, and you can avoid potential financial discrepancies.

Bandhan Bank Home Loan Eligibility

Here are the eligibility criteria you need to fulfill to avail the different types of home loans offered by Bandhan Bank:

For Suraksha/Sajavat/Suvidha Home Loan

• Age: 21-75 years
• Surplus income or monthly disposable income is taken into consideration

Su-awas Home Loan

Micro-banking clients who have completed at least one full loan cycle may be eligible for further financing.

Factors that Affect Bandhan Bank Home Loan EMI

Here are key factors that influence the Equated Monthly Installment or EMI for a Bandhan Bank home loan:

• Loan Amount: The principal amount borrowed significantly impacts the EMI. A higher loan amount will result in higher EMIs, as the total repayment amount increases. Conversely, a smaller loan amount will lead to lower EMIs.

• Interest Rate: It is a crucial determinant of the EMI. Bandhan Bank offers home loans starting at an interest rate of 9.16%. Higher interest rates increase the EMI, while lower interest rates reduce it. The interest rate can be influenced by several factors such as credit score, income, and overall financial profile.

• Credit Score: A higher credit score can help secure a lower interest rate, thereby reducing the EMI. Bandhan Bank considers the applicant's credit score when determining the final interest rate for the loan.

• Income and Financial Profile: The applicant's income and overall financial health are also considered. A higher disposable income can make you eligible for a larger loan amount or a lower interest rate, both of which can affect the EMI.
  
• Prepayment and Part Payment Options: Making prepayments or part-payments on your loan can reduce the principal amount, thereby lowering future EMIs. Bandhan Bank allows prepayment of home loans without any charges on floating rate loans, which can be a strategic way to manage and reduce EMIs over time.

Other Fees and Charges Related to Bandhan Bank Home Loan

Here are the fees associated with Bandhan Bank home loan that you must be aware of:

Limitations of Using Bandhan Bank Home Loan EMI Calculator

Here are a few drawbacks of using Bandhan Bank home loan EMI calculator:

• Generalized calculations: The calculator uses general assumptions and does not account for specific financial situations or lender-specific conditions that might apply to individual borrowers.
  
• Influence of Credit History: It does not consider your credit history, which can significantly influence the interest rate offered by the bank and, consequently, your EMI.
  
• Loan-to-Value Ratio : The calculator does not take into account the loan-to-value ratio, which can affect loan approval and conditions.
  
• Non-Inclusion of Prepayment Flexibility: The tool might not accurately reflect the financial impact of partial or full prepayments made during the loan tenure, which can significantly alter the cost of the loan over time.
  
• Interest Rate Sensitivity: It may not accurately reflect how sensitive your payments are to changes in interest rates, especially if you have a variable-rate loan where the interest rate can increase or decrease.