Bandhan Bank Personal Loan EMI Calculator

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What is Personal Loan EMI?

Personal Loan EMI is the amount payable every month until the end of the loan tenure. Personal loan borrowers must pay the EMI amount, which will include both the principal and the interest component of the personal loan, every month until they have repaid the entire loan amount in full. Borrowers should note that the EMI will remain the same throughout the tenure.

What is Bandhan Bank Personal Loan EMI Calculator?

Bandhan Bank Personal Loan EMI Calculator is an online tool provided by Bandhan Bank that helps its prospective borrowers to calculate the loan instalment amount that they will have to pay every month. The EMI amount would also vary based on the Bandhan Bank Personal Loan Interest Rate, loan amount and repayment tenure chosen by the individual. The prospective borrowers can also use Paisabazaar’s Personal Loan EMI Calculator to select the optimum tenure and EMIs for their Bandhan Bank Personal Loan based on their repayment capacity.

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How do I Select the ROI for Bandhan Bank Personal Loan EMI Calculator?

Bandhan Bank Personal Loan EMI Calculator offers the option of choosing interest rates from a wide range of ROIs. The prospective borrowers of personal loans can select different combinations of loan amounts, interest rates and repayment tenures to find specific EMIs for each combination. That said, the prospective borrowers should note that the final interest rate offered for Bandhan Bank Personal Loan would depend on the borrower’s eligibility, which is again dependent on various factors, including their monthly income, age, credit score, repayment capacity, etc.

Personal Loan Interest Rate Comparison of different Banks

Note: Interest rates as on 20th June 2024

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What are the Factors Affecting Bandhan Bank Personal Loan EMI?

Here are some common factors that may affect your Bandhan Bank Personal Loan EMI: 

Interest Rate

Bandhan Bank Personal Loan Interest Rates start from 10.25% p.a. Personal loans availed at lower interest rates would result in lower EMIs and interest costs. However, personal loans availed at higher interest rates would result in higher EMIs and interest costs. Therefore, compare the personal loan interest rates offered by the top lenders before applying for Bandhan Bank Personal Loan.

Loan Tenure

Personal loans availed from Bandhan Bank come for tenures of up to 5 years. The existing personal loan borrowers can consider reducing their EMIs by opting for longer repayment tenures. However, longer repayment tenures increase the total interest cost of the personal loan. Therefore, if you are planning to avail Bandhan Bank Personal Loan, consider using the Bandhan Bank Personal Loan EMI Calculator to find the optimal loan tenure based on your repayment capacity. 

Loan Amount

Personal loan applicants can avail Bandhan Bank Personal Loans for up to Rs 25 lakh. The higher the loan amount, the higher the EMIs and total interest cost. It is also important to note that your eligibility for a personal loan would primarily depend on your repayment capacity and loan tenure.

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What are the Benefits of Using Bandhan Bank Personal Loan EMI Calculator?

The major benefits of using Bandhan Bank Personal Loan EMI Calculator are as follows:

Ease of access

Bandhan Bank Personal Loan EMI Calculator helps prospective loan applicants calculate their EMI amount without hassle. All you have to do is enter the principal loan amount, interest rate and choose the desired loan tenure to find the value of your monthly instalments.

Provides quick and accurate results

Bandhan Bank Personal Loan EMI Calculator would help calculate complex EMI calculations in seconds and hence, save a lot of time. It would also help avoid the chances of errors that arise during manual calculations involving complicated formulas. 

Budget management

Since the EMI amount for personal loans availed at fixed interest rates remains constant during the entire tenure of the loan, the applicants can use Bandhan Bank Personal Loan EMI Calculator to find the exact amount they have to repay every month. This way, they would determine their repayment capacity and adjust their monthly expenses accordingly to fit the EMI amount.

Improve Personal Loan Eligibility

Lenders usually approve the personal loan applications of applicants whose total EMI obligations, including that of the proposed loan EMI, are at most 50-60 % of their total monthly income. Using Bandhan Bank Personal Loan EMI Calculator will also give prospective loan applicants a fair idea of their EMIs. The applicants exceeding the mentioned limit could reduce the EMI when making their personal loan application. Along with improving the eligibility for Bandhan Bank personal loans, it will also help prospective applicants to enhance their chances of getting their personal loan approved.

Healthy Credit Scores

Personal loan applicants who use the Bandhan Bank Personal Loan EMI Calculator to calculate their monthly instalments would be better prepared to manage their finances for loan repayments within the given tenure. Such applicants would also have fewer chances of defaulting on their EMIs, which will help improve or maintain their credit scores.

Also Read: How you can build or rebuild your credit score with  Step UP Credit Card co-branded with SBM Bank India Ltd.

Bottom Line

Considering the abovementioned factors, prospective personal loan applicants can use the Bandhan Bank Personal Loan EMI Calculator to determine the optimum tenure and EMI for their Bandhan Bank Personal Loan based on their repayment capacity. They can also use Paisabazar’s Personal Loan EMI Calculator to find and compare the personal loan EMIs of other lenders.

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