1. What is EMI?

EMI (Equated Monthly Installment) is the fixed payment amount made by a borrower to a lender at a specified date each calendar month. For Bandhan Bank home loans, EMIs are paid via internet banking until the loan is fully paid off.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

• \( P \) — Principal loan amount (INR)
• \( r \) — Monthly interest rate (annual rate divided by 12 and 100)
• \( n \) — Loan tenure in months
• \( PMT \) — Monthly EMI payment

Explanation: The formula calculates the fixed payment amount that includes both principal and interest components.

3. Importance of EMI Calculation

Details: Calculating EMI helps borrowers understand their repayment obligations, plan their finances, and compare different loan options before applying for a Bandhan Bank home loan via internet banking.

4. Using the Calculator

Tips: Enter the principal amount in INR, annual interest rate in percentage, and loan tenure in years. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is Bandhan Bank's current home loan interest rate?
A: Rates vary (typically 8.50% - 10.50% p.a.) based on loan amount, tenure, and applicant profile. Check Bandhan Bank's official website for current rates.

Q2: Can I prepay my Bandhan Bank home loan via internet banking?
A: Yes, Bandhan Bank allows prepayment through internet banking, though terms may apply. Check your loan agreement for details.

Q3: How does EMI change with interest rate changes?
A: For fixed-rate loans, EMI stays constant. For floating-rate loans, EMI changes when interest rates are revised.

Q4: What other charges apply to Bandhan Bank home loans?
A: Processing fees, prepayment charges, late payment fees, etc. may apply. Consult the bank for complete details.

Q5: Can I get an EMI holiday from Bandhan Bank?
A: Some loans offer initial EMI holidays. Check with the bank for specific product features.