Bandhan Bank Personal Loan EMI Calculator

Bandhan Bank is a well-established private-sector bank in India. It offers a range of financial solutions, including personal loans designed to meet diverse financial needs. Before applying for a personal loan, assessing your repayment capacity using the Bandhan Bank Personal Loan EMI Calculator is crucial.

This blog will explore how the Bandhan Bank EMI Calculator works, its benefits, the formula used, applicable interest rates, and more. Stay with us to make a well-informed borrowing decision.

What Is Bandhan Bank's Personal Loan EMI Calculator?

The Bandhan Bank personal loan EMI calculator is an online tool to determine the monthly instalment amount you must pay every month after opting for a loan from Bandhan Bank. You must provide basic information about the loan, such as the principal amount, interest rate and loan tenure, in the calculator to get the most accurate results.

The EMI calculator for Bandhan Bank personal loan does not include any other charges that may arise when applying for the loan. However, you can estimate the EMI amount you must pay for the amount you borrow and the tenure at which you wish to repay your loan from Bandhan Bank.

How Can Bandhan Bank's Personal Loan EMI Calculator Help?

The Bandhan Bank loan EMI calculator is a hassle-free and straightforward tool that helps you analyse your monthly instalment amount. Here is how Bandhan Bank’s personal EMI calculator will assist you:

• Accurate Calculations: Ensures accurate EMI calculations without manual errors, confidently helping you decide on loan repayment plans.
• Fast Comparisons: This feature allows you to easily compare various loans of the same amount to find the least expensive and most suitable repayment option.
• Transparency: The amount repayable with interest will be shown explicitly, allowing borrowers to know the total amount.
• Budget Planning: Facilitates the borrower's proper monthly budget planning with the help of an advance estimate of EMI.

Bandhan Bank Personal Loan EMI Calculator Formula

While calculating the EMI for Bandhan Bank personal loans, the calculator uses a standard, relatively easy formula. It is primarily based on compound interest, as the interest calculated is on the principal amount and the accumulated interest. Here is the formula:

E = P x r x (1+r)^n/((1+r)^n-1)

Where,

• P stands for the principal loan amount granted by the bank
• N indicates the tenure of the loan
• R is the applicable rate of interest

Bandhan Bank Personal Loan EMI Calculator Example

Let us take an example of payment to understand the EMI calculation. For instance, you have applied for a personal loan of Rs. 8,00,000 from Bandhan Bank at the rate of interest of 11%, with a tenure of 5 years. So, your EMI payable will be determined in the following way:

Principal (P) = Rs. 8,00,000
Rate of Interest (R) = 11/12 = 0.91667 per month
No. of EMIs = 5 x 12 = 60

Applying the above formula, EMI amount= 8,00,000 x [{0.91667 x (1 + 0.91667) ^ 60} / {(1 + 0.91667)^60 - 1}] 

= Rs. 17,394

For the present example, you must pay an EMI of Rs. 17,394 each month for 5 years or 60 months. 

Bandhan Bank Personal Loan Amortisation

The amortisation or repayment schedule contains a detailed breakdown of your repayments throughout the predetermined tenure. It shows how the principal and interest of each EMI contribute to repaying the loan until the maturity date. Once you put in the required values, you can get the amortisation schedule for the entire tenure.

Here is a detailed overview of the Personal Loan amortisation schedule of Bandhan Bank: 

How to Use Bandhan Bank's Personal EMI Calculator?

Using the personal calculator of Bandhan Bank is quite easy. It has been built to be an easy tool that any individual can work on. Therefore, you will have to follow the steps mentioned below.

• Visit the Cleartax Bandhan Bank personal loan EMI calculator webpage.
• Enter the principal amount you require as a personal loan from the Bandhan Bank.
• Select a preferred tenure and interest rate for the repayment of the loan.
• Check the specific personal scheme of Bandhan Bank that you must enter precisely into the calculator.
• The EMI amount will be displayed on the screen with the total interest amount applicable to the loan.

The calculator will automatically calculate the EMIs and instantaneously show you accurate answers to the EMIs you will have to pay per month throughout your chosen tenure.

Bandhan Bank Personal Loan EMI Calculator Advantages

Go through the following points to learn about some of the significant advantages of using the Bandhan Bank personal loan interest rate calculator:

User-friendly: 

• The Bandhan Bank Personal Loan EMI Calculator by Cleartax has a very user-friendly interface. 
• You can use the calculator even without technological expertise or background. 
• You will only require a stable internet connection and the input variables, and you will be ready to go.

Instant and Right Solutions: 

• The calculator saves you from manual computation, which consumes time and leads to wrong results. 
• Using the Bandhan Bank personal loan calculator, you can obtain correct results based on the variables you provide within minutes, thus saving time and effort.

Helps in Managing Finances: 

• Before making any financial commitments, learning about your loan repayment ability is essential. 
• This calculator enables you to do that by providing accurate answers every time you use it. 
• It allows you to understand which loan amount suits your financial situation and the timeframe within which you should repay it, acting as a budget management tool.

Enables Constructive Comparison: 

• The Bandhan Bank personal loan calculator allows you to try out different combinations of variables required to calculate the EMIs for your loan and compare several loan amounts. 
• This way, you can assess and evaluate the loan amount you should take out without facing any financial setbacks.

Offers Flexibility and Convenience: 

• These online calculators can be accessed from anywhere, anytime, with a stable internet connection. 
• You are not required to pay additional charges for using them, adding to your convenience.

Bandhan Bank Personal Loan EMI Charges

Bandhan Bank comes with a few additional charges, increasing the cost of each instalment. The following table showcases the different types of applicable charges:

Note: Goods and Services Tax (GST) will be charged extra as per the applicable rates on all the charges (wherever GST is applicable).

Bandhan Bank Personal Loan Calculator Eligibility

To apply for a personal loan from Bandhan Bank, you must fulfil the following eligibility criteria:

• Age: A salaried individual must be between 21 and 60 to apply for this loan. In addition, self-employed individuals must be between 23 and 65 to apply for a personal loan from Bandhan Bank.
• Nature of Employment: All salaried customers and self-employed professionals can apply for personal loans from the bank, provided they fall in the income bracket.
• Salaried: A minimum of one customer-induced transaction is required in the salary account monthly.
• Self-Employed Professionals/Self-Employed Non-Professionals: Minimum one debit and two credit transactions (customer induced) required every month or 12 credit transactions in the last 12 months (in the main account only).

Bandhan Bank Personal Loan Interest Rate

The following table illustrates the Bandhan Bank personal loan interest rate calculator:

The Bandhan Bank personal loan EMI calculator is handy for obtaining clarity and precision while planning your finances. It simplifies loan management by enabling the computation of EMI with accuracy, such as a quick understanding of total repayment and comparing loan options at a glance. Hence, you can assess your affordability, budget planning, and other arrangements regarding loan tenure and amount after using this simple tool. It is designed to be user-friendly and instant, making it a pleasant experience. 

Other Banks Personal Loan EMI Calculator:
1. IDBI Personal Loan EMI Calculator
2. Bank of India Personal Loan EMI Calculator
3. Indusind Personal Loan EMI Calculator
4. Union Bank Personal Loan EMI Calculator
5. Canara Bank Personal Loan EMI Calculator
6. Axis Bank Personal Loan EMI Calculator
7. Indian Bank Personal Loan EMI Calculator
8. YES Bank Personal Loan EMI Calculator
9. IDFC Personal Loan EMI Calculator
10. Central Bank of India Personal Loan EMI Calculator
11. Ujjivan Small Finance Bank Personal Loan EMI Calculator