A Bandhan Bank home loan EMI calculator is an online tool to help you estimate the Equated Monthly Instalment (EMI) on a Bandhan Bank home loan. It is a useful tool that calculates prospective EMI amounts based on variables such as loan amount, interest rate, and loan tenure. The EMI is a fixed monthly amount you must pay your lender until the loan is fully repaid. Planning a repayment schedule will let you comfortably repay the loan without any hiccups or delays.
Bandhan Bank offers all eligible customers affordable home loans. The online Bandhan Bank home loan EMI calculator helps you estimate the monthly instalment for these loans. It also shows the breakups of principal and interest components, helping you understand the structure of your loan repayment over time.
A home loan EMI calculator considers essential factors such as the loan amount, the interest rate, and the loan tenure in calculating the prospective EMI. It employs a predefined formula for EMI calculation, aiding borrowers in accurately estimating their home loan repayment amount.
The Bandhan Bank home loan EMI calculator formula is the following:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
- P = Principal amount
- R = Rate of interest
- N =Tenure
Here is an example of using the online Bandhan Bank home loan EMI calculator formula.
Suppose you want a home loan of Rs. 70 lakh. The interest rate is 7%, and the tenure is 20 years. Employing the standard formula, the calculator will return the results - the EMI is Rs. 54,271, the total interest amount is Rs. 60,25,022, and the total repayment amount is Rs. 1,30,25,022. It automated and expedited the calculation process.
Bandhan Bank home loan EMI calculator uses simple user inputs for effortless home loan EMI calculation.
- Principal: It is the total amount you have borrowed and need to pay back to the lender. The principal amount directly affects the EMI you should pay. If the loan amount is high, it will also increase the monthly EMI amount.
- Interest rate: It is the rate of interest calculated on the principal amount borrowed. The interest rate is decided by the bank and is subject to change.
- Tenure The tenure is the duration of a loan. A longer duration will make EMIs more affordable by extending the repayment period. However, the loan will accrue more interest when it is paid over a longer period. It will increase the amount of total interest paid on the loan.
- Time-saving - The home loan EMI calculator saves valuable time by automating the EMI calculation. Manual calculation of EMI is time-consuming and prone to errors.
- Financial planning - The Bandhan Bank home loan EMI calculator can be used to calculate your loan repayments in advance. It offers complete transparency and helps you understand the progress of loan repayment.
- Accuracy - The home loan calculator provides a precise calculation of your monthly instalment payments. It helps you understand the affordability of loans, budget effectively, and manage loan repayment efficiently.
- Easier comparison - The Bandhan Bank home loan EMI calculator empowers you to compare different home loan products. By adjusting the variables, you can check your affordability and the impact on your EMI. It helps you make an informed decision and select the best-suited home loan option. The calculator provides insights on repayment and prepayment options. You can evaluate the impacts of making early payments or increasing the EMI.
Bandhan Bank offers home loans of the following types:
- Suraksha Home Loan: The loan is offered for the purchase,construction or extension of a house. The loan amount can be up to 90% of the property value. The minimum tenure offered is 5 years, and the maximum is 30 years.
- Sajavat Home Loan: It is a home renovation and repair loan. It is available for up to 80% of the repair cost. An easy, flexible repayment option is available for a loan tenure of up to 15 years.
- Su-awas home loan: Flexi-loan repayment options are given under the scheme for people without regular salaries. The tenure for a home construction loan is 10 years, and a home renovation loan is 5 years.
- Suvidha Home Loan: Homeowners who don't have formal income proof can apply for the loan. The loan amount is assessed based on the customer's cash flow.
EMI stands for Equated Monthly Instalment, a flexible loan repayment option where you pay a fixed monthly amount to your lender to repay a loan. Each EMI has both a principal component and an interest component. EMIs make loans more affordable for a large portion of the population.
The home loan calculator is an online device designed to help homebuyers calculate the prospective EMI on their home loans, plan repayment schedules, manage finances, and ensure timely EMI payments without hiccups and delays.
Bandhan Bank offers home loans of the following types:
- Visit Angel One’s page on the Bandhan Bank home loan EMI calculator
- Enter principal amount
- Enter interest rate
- Enter loan tenure
The calculator will calculate the EMI, total interest payment, and total payable amount in seconds.
Yes, the calculator available on Angel One is free for anyone who needs to quickly check their EMI on a home loan.
The home loan calculator saves time and effort in EMI calculation and eliminates the scope of error that can occur during manual calculation. It offers a transparent view of the breakup of the principal and interest components, helping you understand the progress of loan repayment.