Bandhan Bank EMI Calculator Tells The Repayment Ahead of You

Bandhan Bank is one of the newest banks to have emerged in India. Moving away from being a non-banking finance company (NBFC) earlier, the bank received the nod from the sector regulator i.e. the Reserve Bank of India (RBI) in 2015 to set up banking operations across the country. In less than 4 years, the bank has expanded its presence with 978 branches, 480 ATMs and 3,014 doorstep service centres, with the customer base totaling to 15.33 million.

Bandhan Bank offers both accounts and loans to address unique customer needs. Its loans are always in demand because of the variety of purposes they meet. However, one must check the cost of the loan before applying so as to steer clear of any payment uncertainties that can exist otherwise. For that, you must check the function of Bandhan Bank EMI Calculator elaborated in this article, which would further detail on the loans offered by the bank.

Catch the Function of Bandhan Bank EMI Calculator

You can understand the function of the calculator easily online. First, you need to trace the calculator online before entering the values of the loan amount, tenure and interest rate at their respective space in the magical device. The moment these values are entered, the results of the EMI, which stands for Equated Monthly Installment, and interest outgo appears on the screen. You can even get to know the amortization schedule, showing the break-up of interest and principal repayments on a year-on-year or month-on-month basis. You can thus plan the repayment better using the calculator.

A Take on Loans Offered by Bandhan Bank

Bandhan Bank offers a variety of loans such as personal loans, home loans, loan against property, etc. Let’s check out the details of these loans one after another so that you can calculate the loan cost realistically using the EMI calculator.

Personal Loan

Bandhan Bank offers personal loans at interest rates ranging from 15.00%-15.45% per annum for a period of 1-3 years. The minimum and maximum loan amount equal to ₹1 lakh and ₹5 lakhs, respectively. You need to pay the processing fee, accounting for 1% of the loan amount plus applicable Goods and Services Tax (GST). There are no charges prepayment, which, however, is allowed only after 6 successful payment of the EMIs. You can get a loan in your account within 2 working days, subject to meeting the required eligibility criteria.

Home Loan

The bank provides multi-purpose home loans to alleviate the frustration one can have while living in rented accommodation. Not only you can get a loan to buy the property, but also to construct, renovate and extend the already-owned housing units. The bank can levy interest at 12.41%-13.74% per annum. The processing fee for the loan, which can be provided for a maximum of 15 years, accounts for 1% of the loan amount plus applicable GST. However, the minimum fee won’t be less than ₹5,000 plus applicable GST. You can even transfer the outstanding loan balance of another bank to Bandhan if you find the interest rate at your existing lender more. This transaction would result in enormous savings in terms of interest. You can check that effect using the Bandhan Bank EMI Calculator.

Loan Against Property

If you have any residential or commercial property, you can use the fixed asset to procure a loan for a maximum of 15 years. As much as 60% of the market value of the property can be offered as the loan. This type of credit is called as a loan against property in the lending terminology. You can get this loan at interest rates of 12.41%-14.59% per annum. The processing fee applicable is 1% of the loan amount plus applicable GST, subject to a minimum of ₹5,000 plus tax.

So, you have checked the details of some loans provided by Bandhan Bank. You can thus use the EMI calculator keeping in mind the details shown to compute the repayment estimates with respect to the loan you apply for at the bank.