How Bandhan Bank Personal Loan EMI Calculator Can Help You?

EMI Calculations can be a head scratching, if you do it at your end. And moreover, who has the time to get into such complex calculations. So it would be better if someone else does it for you. This is the age of convenience. Everyone company is trying to serve you better and make you do less. For example, Netflix has bought movies & web shows from cinema halls to your home. If you can watch movies from your house, why should you be calculating your EMI by yourself? This is why the Bandhan Bank Personal Loan EMI Calculator was introduced. Using this calculator, you can calculate your EMI well-in advance without any hassle. Let’s check out the components and the use of this Personal Loan EMI Calculator.

What is the Bandhan Bank Personal Loan EMI Calculator Made Of?

Equated Monthly Installments or EMI is calculated on the basis of three factors - Loan Amount, Interest Rate and the tenure of the loan. Even the Bandhan Bank Calculator is made of the above mentioned factors. All you have to do is to play around with these factors in order to determine your EMI.

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

Saves You From Complex Calculations: EMI calculation is made using the following formula: EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P represents the loan amount or the principal, R stands for the Rate of Interest and N represents the number of monthly installments to be paid. Imagine, the intense calculation that you’ll have to make. Doing this calculation all by yourself will also have some scope for errors. This is where Bandhan Bank gives you a sigh of relief by doing all your EMI calculations.

Planning out Your After-Loan Life: Planning is required in every endeavour of life whether it is about taking a new job or heading to your next travel destination. It is the most important when you take a personal loan. Since the loan takes a huge amount of dip in your net monthly salary, meaning personal loan EMIs take away 10-20% of your salary. But, how can you plan if you don’t have an estimate figure? Bandhan Bank Personal Loan Calculator helps you determine your EMI well-in-advance so that you can take informed decisions in the future.

Clarity About How Things Are Going To Be: Once the Bandhan Bank Calculator gives the EMI result, an Amortization Table is provided along with it. This table gives you the utmost clarity about the calculations that will happen from month to month. Meaning, how much specific interest and principal you’ll be paying every month towards your EMI. Normally, initially the interest factor in the EMI is more than the principal. But as the loan progresses towards maturity, the principal starts to take over the interest factor in the EMI.

How to Use the Bandhan Bank Personal Loan Calculator?

It’s easy-peasy. You don’t have to do anything. All you have to do is just adjust three sliders according to your needs. Choose the loan amount you desire. Then, the interest rate you want. Finally, choose the tenure period you want the Bandhan Bank Personal Loan for. Hit Enter. Within milliseconds, the result will be on your screen. Keep in mind the MCLR (Marginal Cost of funds based Lending rate) of Bandhan Bank, below which it won’t offer any interest rate. The lowest rate that you’ll be offered by Bandhan Bank is 15% per annum. Thus, choose the rate accordingly. Also, the calculations made by the Bandhan Bank Personal Loan EMI Calculator is approximate and not absolute.