With an aim to make financial solutions available for all individuals, Bandhan Bank offers a plethora of financing products to its customers. Loan product offerings of the bank include retail loans, small enterprise loans, MSME loans, agricultural loans, micro loans, etc. Bandhan Bank, a fully-owned subsidiary of Bandhan Financial Holdings Ltd., was established on 23 December 2014. It offers personal loans to its customers to help them fulfil all their financing requirements. Bandhan Bank Personal Loans are easily accessible and can help customers meet all their short-term financial requirements such as medical expenses, wedding expenses, vacation expenses, home renovation, purchase of consumer durables, etc.
At least 21 years old
Less than 57 years old
Salaried / Self “ Employed
with regular income
Earn more than the minimum
Minimum income required 40 % of gross income
Maximum allowed personal loan is Rs.5 lakhs
EMIs of other loans lower
Pay off your credit card bills
Choose longer tenure loan up to 36 months
Please note that the customer will have to furnish the original documents provided as proof of identity, address, and signature for verification at the bank branch in case the loan application is done online. Additionally, the applicant does not need to provide any documents as income proof when the application is done online and the loan is eligible under a pre-qualified offer.
|Interest rate||14.00% p.a. to 17.86% p.a. (from 1 April 2016 onwards)|
|Loan repayment tenure||12 to 36 months|
|Loan processing fee||1% + applicable taxes|
Before you choose to apply for a customised personal loan from Bandhan Bank, you should learn about the features of this financing scheme mentioned in the following list:
As per the recent instructions from the Reserve Bank of India (RBI), the rate of interest charged on Bandhan Bank Personal Loan is based on the Marginal Costs of funds-based Lending Rate (MCLR). This rate is dependent on the repo rate fixed by the RBI and changes if the repo rate increases or decreases.
Furthermore, the rate of interest offered by Bandhan Bank also depends on the eligibility and income criteria decided by the bank for this scheme. Currently, the interest rate offered by the bank varies from 14% p.a. to 17.86% p.a.
When a customer applies for this loan scheme, he or she can get a loan amount between Rs.1 lakh and Rs.5 lakh if all the eligibility criteria are fulfilled.
No, Bandhan Bank does not charge any prepayment fees from its customers under this scheme. However, in order to be able to prepay the personal loan, borrowers should make on-time payment of at least 6 EMIs of the loan.
If a customer defaults during the repayment of a Bandhan Bank Personal Loan, he or she will be levied a penalty of 24% p.a. on the basis of the outstanding loan amount from the date of default.
The Bandhan Bank Personal Loan is an unsecured loan. Therefore, customers will not have to provide any collateral or third-party guarantor to secure a loan under this financing plan.
Borrowers can opt for a loan repayment tenure ranging between 12 months and 36 months under this scheme.
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