A Personal Loan can be applied for multiple reasons ranging from medical reasons to other personal expenses like weddings, travel, home repairs or renovations, family liability or obligations, etc. These loans are processed quicker than many other loans. The rate of interest is usually higher than other loans but on the other hand, the tenure of these loans is shorter as compared to other loans i.e. on an average for 20 years.
Bandhan Bank is one of the Best Banks for Personal Loan that offers personal loans at an attractive rate of interest starting at 11.55% p.a. onwards for a loan period of up to 5 years and a loan amount of up to INR 25 lakhs. Bandhan Bank claims the disbursal of the loan to be as quick as within 2 working days from the submission of loan-related documents.
|Bandhan Bank Personal Loan – A Snapshot|
|Interest Rate||11.55% p.a. onwards|
|Loan Amount||INR 50,000 – INR 25 lakh|
|Loan Tenure||1-5 years|
|Processing Fees||Up to 3% of the loan amount|
Features of Bandhan Bank Personal Loan
Below mentioned are the salient features of Bandhan Bank Personal Loan:
- Loan amount – ₹50,000 – ₹25,00,000
- Attractive rate of interest
- Flexible repayment tenure – up to 60 months
- Faster loan processing time with doorstep document pick-up process
- Quick loan processing
- Part-payment feature
- Nil foreclosure charges on loan amount 10 lakhs & above
Bandhan Bank offers the Lowest Personal Loan Interest Rates starting @ 11.55% p.a. The interest rates offered to the applicants basically depend upon their age, monthly income, job profile, employer’s income, credit score, loan repayment history, etc.
Mean Interest Rates
|ROI for cases disbursed in Jan – March 23|
|Personal Loan||Minimum Interest Rate %||Maximum Interest Rate %||Mean Interest Rate %|
Note: It includes various categories like fixed rate/floating rate as applicable and is based on factors such as loan amount, customer relationships, etc. Mean rate = Sum of the rate of interest of all loan accounts / Number of all loan accounts.
Processing Fees & Charges
Below mentioned are the salient processing fees & charges of Bandhan Bank Personal Loan:
|Loan Processing Charges||Up to 3% of the loan amount|
|Cheque Bouncing or Failed SI Charges||INR 500|
|Late Payment/Overdue Charges||2% per month on EMI outstanding|
|Part Payment||Allowed up to 25% of the principal outstanding, only once a year and twice during the repayment period (applicable only after the first 12 EMIs are paid)|
|Fore closure statement||INR 100|
|Foreclosure charges on Fixed rate||For the first 12 months – 4% of the principal outstanding|
|After 12 months of repayment – 2.5% of the principal outstanding|
|After 12 EMIs are paid, no foreclosure charges are applicable for loans of INR 10 lakhs and above, provided the borrower forecloses the loan with their own sources|
|Document Retrieval charges||INR 500|
|Duplicate Statement of Account||INR 100|
|Duplicate NOC||INR 300|
|Stamp duties||Actual as per state law|
Below mentioned are the eligibility criteria to apply for Bandhan Bank Personal Loan;
- An applicant should be either a salaried or self-employed professional.
- An applicant shall have a minimum age of 21 years in the case of a salaried employee and 23 years in the case of a self-employed professional.
- An applicant shall have a maximum age of 60 years on the date of maturity of the loan.
- An applicant should have a relationship of at least 6 months with the bank.
- The bank account should be in operation with a minimum of 1 credit and 1 debit customer-induced industry per month.
Personal Loan Eligibility Calculator
The Personal loan eligibility calculator is available on the bank’s website that enables the applicants to get an estimate of the eligibility for the personal loan. Applicants have to provide certain basic parameters for the determination of their eligibility for a personal loan to the bank. It also allows one to get an estimate of the amount of the personal loan that can be availed by the applicants.
Below mentioned are the parameters required for determining the eligibility for personal loan:
- Age of the applicant
- The income of the applicant
- Loan amount needed by the applicant
- Location of the applicant
- The credit score of the applicant
- Relationship with the bank
- Work experience
- Security or guarantee requirement
Below mentioned is the list of documents required to apply for Bandhan Bank Personal Loan:
- Identity proof: Passport/ Voter ID Card/ Driving License/ Aadhar card
- Address proof: Passport/ Voter ID Card/ Driving License/ Aadhar card
- Signature Proof: Passport/ PAN Card
- A Photograph
- Copy of PAN Card
- Last 3 months’ Salary Slip
- Form 16 for 1 year in the case of a Salaried Individual
- ITR for the last 2 years with Computation of Income, Balance Sheets, and P & L account in the case of Self-Employed Individuals.
Note: Original KYC documents will be required for verification purposes at the branch in case of online application.
Bandhan Bank Personal Loan EMI Calculator
It is an online tool that assists in the calculation of EMI (Equated Monthly Installments) that would be paid back in case of any amount borrowed from the bank. Provide basic details such as principal amount, etc. and the calculator will give the desired results.
It does not include any extra charges that might occur in case of loan is applied, but the EMI amount can be estimated along with its tenure for the repayment of the loan.
Below mention are the steps to use the EMI calculator:
Step 1: Enter the principal amount of the loan to be applied.
Step 2: Choose the loan tenure for repayment of the loan.
Step 3: Check with the particular personal scheme of Bandhan Bank and enter the exact rate of interest.
Step 4: The EMI amount will then be displayed on the screen along with the interest amount over the entire loan amount.
Bandhan Bank Customer Care Number
In case of any queries related to a personal loan, customers may call on below-mentioned number:
Toll-Free Numbers: 180025 88181
Email: [email protected]
Also, the queries can be sent via post to the head office and zonal offices of Bandhan Bank.
Bandhan Bank Limited
DN 32, Sector V, Salt Lake City, Kolkata- 700 091.