Bandhan Bank Personal Loan EMI Calculator

Knowing the monthly installments of your personal loan has become easier and simpler with none other than Bandhan Bank Personal Loan EMI Calculator. A fast, smart and reliable online tool that allows you to know the exact calculations of your EMI, Interest Outgo and Total Amount Payable towards a loan. The device functions really quick and allows you to plan your expenses accordingly.

How to use Wishfin Bandhan Bank Personal Loan EMI Calculator

Using Wishfin Bandhan bank personal loan EMI calculator is quite easy and straightforward. The device takes into consideration the following details:

• Interest Rate
• Tenure
• Loan Amount

After feeding these details, the tool fetches the values and gives the results in just a few seconds. So that one can easily know the exact calculations related to EMI, interest outgo and total amount payable. You can also drag the sliders to adjust the details and get the EMI results instantly.

An Example to Understand the Working of Bandhan Bank Personal Loan EMI Calculator

Let us understand the concept of a personal loan EMI Calculator via an example below.

Suppose, Ankit Aggarwal, a 30-year-old, Senior Manager by profession is looking for a personal loan of ₹5 Lakh. The bank has agreed to offer him the same amount at an interest rate of 12% per annum for a tenure of 3 years. Now let’s look at the calculations of EMI, Interest and Total Amount Payable below on the page.

Table Showing EMI, Interest Outgo, and Total Repayment Amount

Bandhan Bank Personal 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

If the principal amount is ₹2 lakh with an interest rate of 10% and a tenure of 5 years, the EMI will be calculated as follows:

• Principal Amount (P): ₹2,00,000
• Interest Rate (R): 10% per annum (which is 10/12/100 = 0.0083 per month)
• Loan Tenure (n): 5 years, or 60 months

Let’s see how to calculate it:

[2,00,000 x 0.0083 x (1 + 0.0083) ^ 60]/[(1+0.0083) ^60 -1] = ₹4,249

Bandhan Bank Personal Loan Amortisation Schedule

Here is the amortization schedule for the example provided above, to assist you further:

What is the Lowest EMI Offered by Bandhan Bank on Personal Loans?

Here are the EMIs for different loan amounts under Bandhan Bank Personal Loan, calculated at interest rates of 10.10% and 18% over a period of five years:

Benefits of Using Bandhan Bank Personal Loan EMI Calculator

The key advantages of using the Bandhan Bank personal loan calculator are:

• Easy to Use: The calculator allows potential borrowers to easily determine their monthly installment amounts. Simply input the principal amount, interest rate, and loan duration to calculate your monthly payments.
  
• Accuracy and Speed: This Bandhan Bank personal EMI calculator quickly performs complex calculations, which helps save time and reduce errors that can occur with manual calculations.
  
• Budget Planning: By knowing the exact monthly payment, borrowers can better manage their budgets. Since the EMI for fixed-rate personal loans doesn’t change, planning your finances becomes more straightforward.
  
• Enhances Loan Eligibility: The calculator helps applicants understand their potential EMIs in advance, ensuring that their total monthly obligations (including any new loan) do not exceed 50-60% of their income. This not only improves eligibility for a Bandhan Bank personal loan but also increases the likelihood of approval.
  
• Maintains Credit Health: By using this calculator, borrowers can plan their repayments efficiently, reducing the risk of missed payments and helping to maintain or improve their credit scores.

Bandhan Bank Personal Loan Eligibility

Here’s the eligibility criteria to apply for a personal loan with Bandhan Bank

• Employment Status: The applicant must either be self-employed or a salaried individual with a steady income.
  
• Minimum Age: Applicants must be at least 21 years old when they apply for the loan.
  
• Maximum Age: Applicants should not be older than 60 years at the time of application.
  
• Bank Relationship: Applicants need to have been with Bandhan Bank for at least 6 months to qualify for a personal loan.
  
• Account Activity: The applicant's bank account must show at least one credit and one debit transaction each month, initiated by the customer.

Factors that Impact Bandhan Bank Personal Loan EMI

Here are the factors that affect the personal loan EMIs of Bandhan Bank:

• Loan Amount: When you opt for higher loan amounts, the EMIs you need to pay also increase. This is because the total sum that needs to be repaid over the life of the loan is larger.
  
• Interest Rate: Higher interest rates increase the EMI, as more interest is accrued on the principal amount. Conversely, smaller EMIs are paid when interest rates are lower.
  
• Loan Tenure: Longer tenures reduce the EMI amount, as the repayment is spread over a longer period. However, this also means paying more interest over the life of the loan. Shorter tenures increase the EMI but reduce the total interest paid.
  
• Income and Repayment Capacity: Better repayment capacity and higher income levels can result in more favorable terms. This means lower interest and EMI.
  
• Credit Score: A higher credit score can lead to lower interest rates, thereby reducing the EMI. ON the other hand, a lower credit score might result in higher interest rates and higher EMIs.

Fees and Charges Related to Bandhan Bank Personal Loan EMI

Disadvantages of Using Bandhan Bank Personal Loan EMI Calculator

While Bandhan Bank EMI calculator offers several advantages, it has some limitations as well. A few of them are listed below:

• Fixed Parameters: Interest rates input into the calculator are assumed to be fixed throughout the loan tenure. However, for loans with variable interest rates, actual EMIs might fluctuate with changes in the base rate, which the calculator cannot predict.
  
• Excludes Additional Costs: The calculator may not include other loan-related fees such as processing charges, prepayment penalties, and late payment fees. This can result in a discrepancy between the calculated EMI and the actual payment.
  
• Oversimplification: By providing quick calculations, the tool may oversimplify the borrowing process. This leads potential borrowers to underestimate the complexity of loan agreements and the full cost of borrowing.
  
• Reliance on User Input : The accuracy of the EMI calculation depends entirely on the accuracy of the input values. Any error in entering the loan amount, tenure, or interest rate can lead to misleading results.