Bandhan Bank Personal Loan
Bandhan Bank delivers personal loans that adjust to match various financial needs of their customers. Bandhan Bank grants personal loans with maximum amounts up to ₹25 lakh which borrowers can repay within 5 years while enjoying rates beginning at 9.47% p.a. People who need simple financing should choose this bank because it provides fast approvals and minimal documentation needs.
These are the key characteristics of Bandhan Bank Personal Loan:
- Repayment tenure: The payment duration for your personal loan can stretch up to five years according to your chosen availability.
- Quick approval: The process for rapid approval contains simple documentation requirements.
- Flexible options: Each individual borrower can find loan options specialized to fit their particular financial requirements.
- Quick disbursement: The system must process loans efficiently therefore users obtain money funding as fast as possible.
- No collateral: Unsecured personal loans function without requiring any kind of security properties or co-signers for approval.
- Flexible usage: The funds from this loan serve multiple purposes including debt consolidation and weddings together with education expenditures and travel spending and home renovation expenses and medical expenses.
Bandhan Bank Personal Loan Interest Rates 2024
Personal loan interest rates range between 9.47 percent (for more than 3 years) to 11.55 percent (up to 3 years) for salaried persons.
For self-employed professional/ non-professional, personal loan interest rates range between 10.10 per annum (more than 3 years) to 12.55 percent (up to 3 years).
Bandhan Bank Personal Loan Interest Rate fees and charges
| 1. Loan processing charges: | Up to 3% of loan amount |
| 2. Cheque bouncing or failed SI charges | ₹500 |
| 3. Penal charges (late Payment/ default EMIs) | ₹200 per 10,000 of EMI dues |
| 4. Part payment charges | Part payment allowed after repayment of first 12 months EMI, up to 25% of principal outstanding, only once in a year and twice during loan tenure. |
| Foreclosure statement | ₹100 |
Foreclosure charges on fixed rate
A. 4% of principal outstanding within first 12 months
B. 2.5% after 12 months repayment
C. No Foreclosure charges for loans disbursed of ₹10 lakh & above, after 12 EMI, if foreclosed with own funds
| Document retrieval charges | ₹500 |
|---|---|
| Statement of account | ₹100 |
| Duplicate NOC | ₹300 |
https://bandhanbank.com/sites/default/files/2024-06/Personal-Loan-Schedule-of-charges-140624.pdf
Bandhan Bank Personal Loan Eligibility:
For salaried persons, the age bracket should be between 21 to 60 years, and for self-employed persons, the age bracket should be between 23 to 65 years.
For salaried persons, there should be a minimum of one-customer induced transaction in a salary account on a monthly basis. For self-employed persons, there should be a minimum of 1 debit and 2 credit transactions (customer induced) required on a monthly basis or 12 credit transactions in the last 12 months.
Link to Personal Loan Eligibility Landing Page:
https://www.livemint.com/loans/bandhan-bank-personal-loan-eligibility
Documents required for Bandhan Bank Personal Loan:
I. Identity and address proof: passport/driving license/proof or possession of aadhaar number/ or any other government issued ID card such as voter's ID card issued by the Election Commission or job card issued by MGNREGA/ letter issued by the National Population Register containing details of name and address.
II. One recent photograph
III. Last three months' salary slip and salary account statement for salaried.
IV. ITR with computation and last 12 months main business account statement for self-employed.
Bandhan Bank Personal Loan EMI Calculator
You can calculate the Equated Monthly Instalment (EMI) to be paid to Bandhan Bank by entering the necessary details which include the loan amount, tenure of loan and rate of interest.
The EMI calculator can help an applicant compute monthly installments of loan based on which one can plan the finances and determine the amount of loan to be applied for.
As one would notice, the amount of EMI swells as the loan amount and/or interest rate increase (s) or the loan tenure shrinks. Conversely, the EMI amount falls when the amount of loan and/or interest rate decrease (s) or the loan tenure expands.
Link to Bandhan Bank Personal Loan EMI Calculator:
https://bandhanbank.com/tools-resource/calculator/personal-loan
Calculate EMI on Personal Loan
Loan Amount
₹
Rate of Interest
%
Loan Duration
Months
EMI Payment Schedule
Other banks’ Personal Loan Interest Rates
| Bank | Interest rate |
|---|---|
State Bank of India | 11.45% onwards |
HDFC Bank | 10.85% onwards |
Bank of Baroda | 11.15% onwards |
Axis Bank | 11.1% onwards |
ICICI Bank | 10.85% onwards |
IDFC Bank | 10.99% onwards |
IndusInd Bank | 10.49% onwards |
PNB Bank | 11.15% onwards |
Union Bank of India | 11.50% onwards |
Yes Bank | 11.25% onwards |
Bank of India | 10.85% onwards |
Canara Bank | 10.70% onwards |
Kotak Mahindra Bank | 10.99% onwards |
Federal Bank | 11.49% onwards |
Indian Bank | 10.75% onwards |
IDBI Bank | 11.00% onwards |
| AU Bank | Based on customer’s profile |
Source: Bank’s website