Navigating Financial Ascent: The Ultimate Guide to Bandhan Bank Personal Loans

A Personal Loan is a type of retail loan that can be availed to meet a variety of purposes from medical reasons to other personal expenses like weddings, travel, home repairs, renovations, family obligations, etc. This loan provides financial assistance to an individual on an immediate basis to meet their personal needs. The interest rate is higher as compared to that of home loans.

Bandhan Bank also provides an array of credit schemes and loan options suitable for all customers. It offers affordable rates of interest and flexible EMIs, lucrative offers along with minimal charges.

 

Bandhan Bank Personal Loan – A Snapshot
Interest Rate 14.00% to 18.00% p.a. onwards
Loan Amount INR 50,000 – INR 5 lakh
Loan Tenure 1-3 years
Processing Fees Up to 3% of the loan amount

 

Features and Benefits

Mentioned below are the features and benefits to apply for Bandhan Bank Personal Loan:

  • . Competitive Interest Rates:

Bandhan Bank Personal Loan offers interest based on the Marginal Cost of Lending Rate (i.e. MCLR). The interest rate ranges from 10.25% and 19% per annum.

  1. Minimal Paperwork: 

Bandhan Bank Personal Loan requires very minimal documentation to apply for the same. It includes proof of identity, residency, and income, along with the nominee statement.

  1. Fastest Approval:

As it is an unsecured loan, there is no need to provide any security or collateral. Due to this, loan approvals are quite fast and hassle-free, and get disbursed within 48 hours.

  1. Flexible Tenure:

The repayment of the personal loan can be made in Equated Monthly Installments (EMIs) ranging from a period of 12 months to 3 months.

  1. No Hidden Charges:

As there are no hidden charges, hence it leads to great transparency in the loan application process.

  1. Active Customer Support:

Bandhan Bank provides exquisite and round-the-clock customer service to all of its accountholders.

Eligibility Criteria

Mentioned below are the eligibility criteria to apply for Bandhan Bank Personal Loan:

  • An applicant shall be a Salaried or Self-Employed professional.
  • The minimum age in the case of a salaried applicant is 21 years.
  • The minimum age in the case of a self-employed applicant is 23 years.
  • The maximum age at the time of maturity in the case of a salaried individual is 60 years.
  • The maximum age at the time of maturity in the case of a self-employed is 65 years.
  • In the case of a salaried individual, a minimum of 1 transaction is required in the main account every month.

Documents Required

Mentioned below is the list of documents required to be uploaded at the time of applying for Bandhan Bank Personal Loan:

  • Identity Proof: Passport/ Voter ID Card/ Driving License/ Aadhar
  • Address Proof: Passport/ Voter ID Card/ Driving License/ Aadhar
  • Signature Proof: Passport/ PAN Card
  • A Photograph
  • Copy of PAN Card
  • Last 3 Months Salary Slip and Form-16 for 1 year for Salaried.
  • ITR for the last 2 years with computation of income, Balance Sheet, and P & L A/C in the case of Self Employed.

Note: Original KYC documents will be required for verification at the Branch for online application.

Fees and Charges

Mentioned below are the fees to apply for Bandhan Bank Personal Loans:

Particulars Charges
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 sources
Stamp duties Actual as per state law

 

How to Apply for Bandhan Bank Personal Loan?

Mentioned below are the steps to apply for a Bandhan Bank Personal Loan:

Step 1: Open the official website of Bandhan Bank.

Step 2: Click on “Apply Now” and fill out the application form with some basic details.

Step 3: Click on ‘Submit” and wait for bank executives to contact and inform you about further proceedings.

Step 4: Complete the verification of the documents to be uploaded and the loan account activation process.

What is EMI?

EMI stands for Equated Monthly Installments which refers to a predetermined fixed amount of payment that borrowers make to lenders on a specific date each month.

Navigating Financial Ascent: The Ultimate Guide to Bandhan Bank Personal Loans

EMI includes both the principal amount and the interest amount that allows applicants to pay off their loans gradually over some time every month.

Mathematically, EMI is calculated as under:

P x R x (1+R) ^ N / [(1+R) ^ N-1]

P = Principal amount of the loan

R = Rate of interest

N = Number of monthly installments.

Benefits of Bandhan Bank Personal Loan EMI Calculator

Below mentioned are the benefits of the Bandhan Bank Personal Loan EMI Calculator:

  • Easy to access
  • Saves time and energy instead of performing manual calculations
  • Provides quick results
  • Helps you ascertain if the monthly EMI is affordable or not
  • Aids you in financial planning

Calculating personal loan EMI has now become easier with Bandhan Bank Personal Loan EMI Calculator. Whether it is a 2 Lakh Personal Loan EMI for 5 years or a 5 Lakh Personal Loan EMI for 2.5 years, the EMI Calculator can be used to know the personal loan interest rates and the EMI amount.

With the help of the Bandhan Bank Personal Loan EMI Calculator, an optimal loan amount can be determined along with the loan tenure as per the available budget and choice. It takes into consideration the prevailing Personal Loan interest rates that ensure accurate calculations and reliable results, hence saving the interest on Personal loan repayments.

How to Use Bandhan Bank Personal Loan EMI Calculator?

Mentioned below are the steps to use the Bandhan Bank Personal Loan EMI Calculator:

Step 1: Enter the principal amount that is to be raised as a personal loan from the bank.

Step 2: Choose a preferred period for repayment.

Step 3: Enter the exact rate of interest. Click on “Calculate” or “Submit”.

Step 4: The EMI amount will be calculated instantly with the EMI Calculator and displayed on the screen along with the interest amount.

 

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