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  • Bandhan Financial Services is Rated as "Blown Away!" by 2 Users

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    Bandhan Financial Services

    Established in 2001 with a vision to empower women and reduce poverty across the length and breadth of India, Bandhan Financial Services Private Limited is one of the most awarded microfinance institutions in the country today. Starting from a village near Kolkata, Bandhan today offers financial support to people in 22 states and union territories of India, helping the country develop and prosper. The primary focus of Bandhan is on health, education, and unemployment, with its products designed to aid people in their pursuit of a better life. Bandhan Financial Services was set up under the provisions of the Companies Act of 1956 and is a registered Non-Banking Financial Company with Reserve Bank of India (RBI).

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    Products offered by Bandhan Financial Services Private Limited

    Bandhan Financial Services Private Limited believes in offering products which aid the holistic development of individuals, with a product range consisting of loans, pension and insurance. Presently, loans offered by Bandhan can be availed only by women. Listed below are the micro loans offered by Bandhan Financial Services:

    Bandhan Microfinance Suchana Loan

    This is a micro loan which is designed to aid the finances of borrowers, enabling them to take part in income generating activities.

    Loan amount – Individuals can avail loans ranging from Rs.1,000 to Rs.15,000, depending on their personal requirement. One can also choose to increase it by Rs.10,000, in exceptional cases, making the upper limit Rs.25,000.

    Loan tenure and repayment – This loan has a period of 1 year, with an option to repay the loan periodically, either through monthly, fortnightly or weekly instalments.

    Interest rate – The interest rate for this loan depends on the current Marginal Cost of funds-based Lending Rate (MCLR) and is 22.40% p.a. as on May 2018.

    Bandhan Microfinance Srishti Loan

    This is a microfinance loan which can be availed by self-help groups or communities to enhance their source of income.

    Loan amount – One can avail loan amounts ranging from Rs.16,000 to Rs.50,000, depending on their need. Bandhan can choose to increase the upper limit by Rs.10,000 in exceptional cases, provided that the loan amount is under Rs.35,000 during the first cycle.

    Loan tenure and repayment – A loan under Bandhan Srishti has a tenure of 2 years, with easy and flexible repayment modes. The amount can be repaid through weekly, monthly or fortnightly instalments.

    Interest rate – As on May 2018, the interest rate for this micro enterprise loan is 22.40% p.a. based on the ongoing MCLR.

    Bandhan Microfinance Samriddhi Loan

    This is a micro loan for small and medium enterprises, designed keeping in mind the unique requirements of micro, small, and medium enterprises (MSMEs), providing them with sufficient financial aid to grow and generate further employment.

    Loan amount – An MSME can avail loans under Bandhan Samriddhi for an amount ranging from Rs.51,000 to Rs.5 lakh, depending on their immediate requirement.

    Loan tenure and repayment – This loan has flexible tenures and repayment modes, with an option to choose a tenure of either 12, 18 or 24 months. The loan amount can be repaid through simple instalments either weekly, monthly or fortnightly.

    Interest rate – The interest rate for this loan is 22.4% p.a. as on May 2018.

    Bandhan Microfinance Suraksha Loan

    The health of a nation depends on the health of its people, and Suraksha is a micro health finance loan which aims to keep people healthy and active.

    Loan amount – Individuals can avail loans ranging from Rs.1,000 to Rs.10,000 under this scheme.

    Loan tenure and repayment – Loans under Bandhan Suraksha have a 1-year period, with an option to repay the loan in flexible instalments either weekly, monthly or fortnightly.

    Interest rate – The interest rate for Suraksha is lower than the rate for other products, currently standing at 12% p.a. as on May 2018.

    Bandhan Microfinance Susikhsha Loan

    Education is perhaps the biggest need of the hour today and Bandhan Susikhsha is a micro education loan designed to help educate people from marginalised communities.

    Loan amount – One can avail loans ranging from Rs 1,000 to Rs 10,000 to pursue their educational dreams.

    Loan tenure and repayment - The Bandhan Susikhsha loan has a 1-year period, with an option to repay the loan in flexible instalments either weekly, monthly or fortnightly.

    Interest rate – A Susikhsha education loan comes at an interest of 12% p.a..

    Bandhan Microfinance Fisheries Loan

    This fisheries loan can be used to improve the condition of people involved in the fisheries industry.

    Loan amount – One can avail loans ranging from Rs.10,000 to Rs.1 lakh under this scheme.

    Loan tenure and repayment – A borrower has the option to choose between two tenures, 1 year and 2 years. The loan amount can be repaid through regular instalments, with an option to pay either weekly, fortnightly or monthly.

    Interest rate – The interest rate for this loan is 22.4% p.a. as on May 2018.

    Note: the interest rates mentioned above are subject to change. Individuals should check the rates before applying for a microloan.

    Features of Micro Loans by Bandhan Financial Services

    • The loans offered by Bandhan Financial Services are aimed towards helping the applicants support themselves and generate regular income.
    • These loan schemes are fully in compliance with the guidelines mentioned in the RBI circular dated 3 May 2011 referring to Bank Loans - Micro Finance Institutions (MFIs) - Priority Sector Status. They are also in accordance with the guidelines for the new category of non-banking financial companies (NBFCs) - Micro Finance Institutions (NBFC-MFIs).
    • When the loan amount is disbursed, the applicant is charged a one-time fee known as processing fee.
    • Under these micro lending schemes, the borrower and his or her spouse is covered under insurance.
    • There is no penalty charged in case the borrower defaults during the repayment of the loan.
    • The applicant can prepay the loan amount if he or she wants to without having to pay any additional fee as penalty.
    • The borrowers do not require to provide any collateral in order to avail a micro loan from Bandhan Financial Services.
    • Borrowers do not need to offer any security deposit during loan disbursement or admission fee in order to secure a loan under the schemes mentioned above.
    • There are flexible repayment options for these loans. The candidate can choose to repay the loan in weekly, fortnightly, or monthly installments.

    Bandhan Financial Services Reviews

    • review Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I got the personal loan from bandhan bank around 4 months ago. The customer support service was supportive from the bandhan bank. They have disbursed the loan amount within 10 days of time. The rate of interest and the charges are low with the BANDHAN BANK personal loan services.
      Was this review helpful? 15
      , bangalore
      Reviewed on Mar 15, 2018
    • review Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My personal loan experience with Bandhan bank was good, they provided a very good service and the process was very smooth. No documents were required as i hold a salary account in this bank The loan amount was for 3 lakhs with interest rate of 14% which is nominal. Customer service was good and they responded on time.
      Was this review helpful? 25
      , mandsaur
      Reviewed on Nov 16, 2017
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