Bandhan Bank Personal Loan

Bandhan Bank provides an array of credit schemes and loan options suitable for all customers. A personal loan is one of the main attractions in this respect. It is structured to facilitate easy disbursal and repayment options for all its customers. 

It helps you meet your financial requirements at affordable interest rates and flexible EMI options. The Bandhan Bank Personal Loan is one of the most attractive credit features that the bank offers. 

Read on to know more about Bandhan Bank's Personal Loan interest rate and how you can apply for it.

Bandhan Bank Personal Loan Details

Bandhan Bank's Personal Loan starts with an interest rate of 10.25% per annum. The bank provides loans of up to ₹25 Lakhs with tenures of up to 60 months. The bank disburses the loan amount within 2 working days post the verification and approval process. 

The following table highlights the key features of Bandhan Bank's Personal Loan:

Disclaimer: The above mentioned details may change from time to time based on the financial institutions’ policies. 

For more information about the interest rates and the EMI options, it is recommended that you visit Bandhan Bank's official website. 

Bandhan Bank Personal Loan Interest Rate

When compared with other financial institutions, Bandhan Bank's Personal Loan interest rates are quite competitive. The following table lists the interest rate at which you can avail of Bandhan Bank online personal loan:

Disclaimer: The interest rates mentioned are subject to change at the lender’s discretion.

Bandhan Bank Personal Loan Fees & Charges

Apart from the interest rates, you must also consider the fees and charges applicable to a Bandhan Bank Personal Loan. The following table lists the fees and charges that you will have to pay when availing of a personal loan from this bank:

Disclaimer: The details mentioned are subject to change at the lender’s discretion.

Bandhan Bank Personal Loan EMI Calculator

Having a clear idea about the EMI that you may have to pay allows you to plan better for the repayment of your Loan. So, for better financial planning, you can use the following Personal Loan EMI calculator.

All you need to do is enter the loan amount, interest rate, and tenure to calculate your EMI without any hassle. Within seconds of clicking on the calculate now button, the tool will determine the EMIs and interest charges for your Bandhan Bank Personal Loan. 

Here is the Bandhan Bank Personal Loan EMI Calculator you can use to decide what loan offer suits your financial needs the best. 

The following table displays the EMI, interest outgo, and total repayment amount for different tenures:

How is Bandhan Bank Personal Loan EMI Calculated 

If you wish to calculate your EMIs for Bandhan Bank Personal Loan, here is a mathematical formula that you can use:

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

Here,
P is the principal amount

R is the monthly rate of interest

N is the number of monthly instalments

Note that the monthly rate of interest is calculated as (Annual interest rate/12/100).

Now, consider the loan amount as ₹5 Lakhs with a tenure extending up to 24 months and an annual interest rate of 14%. The monthly rate of interest (R) would be (14/12/100).

R= 0.0116

Now, the monthly instalments that you will have to pay would be,

EMI= P X R X (1+R)^N / [(1+R)^N-1] = 5,00,000 X 0.0116 X (1+0.0116)^24 / [(1+0.0116)^23]

EMI= ₹24,006

Using this formula can be quite complex, and hence, using the Bandhan Bank Personal Loan EMI Calculator would be a better option. This online tool can compute this otherwise complicated calculation within seconds.

Bandhan Bank Personal Loan Features & Benefits

If you are looking to apply for Bandhan Bank Personal Loan, you must first look at its features and benefits. Here are some of its notable features:

• Competitive Interest Rates: Bandhan Bank Personal Loan offers interest based on the marginal cost of the lending rate. This interest rate range lies between 10.25% and 19% per annum.

• Minimal Paperwork: Bandhan Bank's Personal Loan document requirement for loan approval is quite minimal. These may include your proof of identity, residency, income, and nominee statement.

• Fastest Approval: There is no requirement to provide any security or collateral since this is an unsecured loan. Due to this, the approvals are quick and hassle-free, and the loan may be disbursed within 48 hours.

• Flexible Tenure: The repayment of the loan can be made in Equated Monthly Instalments (EMIs) ranging from a period of 12 months to 36 months.

• No Hidden Charges: There is a great transparency in the process to ensure the presence of no hidden charges.

• Active Customer Support: Bandhan Bank provides immaculate and round-the-clock customer support for all its account holders and personal loan benefactors. 

Bandhan Bank Personal Loan Eligibility

The criteria for Bandhan Bank Personal Loan eligibility are as follows: 

• Individuals who are self-employed or salaried are both eligible to apply

• The minimum age to apply for a Bandhan Bank Personal Loan is 21 years

• The minimum CIBIL Score must be 750

• You must not be more than 57 years by the time of loan maturity

• A minimum relationship of six months is required with the bank before applying for a personal loan

• You must have an active savings account with the bank with at least one debit and credit-induced operation per month.

Documents Required for Bandhan Bank Personal Loan

There are a handful of documents required to apply for a Bandhan Bank Personal Loan. They are as follows:

1. Identity and address proof

• Passport

• PAN card

• Voter ID card

• Driving licence

• Aadhaar card

2. Two recent photographs

3. The last 3 months’ salary slip and Form-16.

4. Income Tax Return (ITR) for the last 2 years with balance sheet and income computation. For self-employed individuals, a P&L account statement may be necessary. 

How to Apply for Bandhan Bank Personal Loan

Bandhan Bank Personal Loan application can be completed through an online as well as an offline process. You need to follow only these simple steps to apply for Bandhan Bank Personal Loan online:

• Visit the official Bandhan Bank Personal Loan webpage.

• Click on “Apply Now” and fill the online form with basic information 

• Click on ‘Submit’ and wait for bank executives to get back to you and instruct you about further proceedings

• Complete the document verification and loan account activation process to avail of Bandhan Bank online personal loan 

To apply for it offline, visit your nearest Bandhan Bank branch. All you have to do is fill out the form and submit the required documents.

While there is an array of options to choose from, a Bandhan Bank Personal Loan remains one of a kind. It offers quick and hassle-free approvals, and the interest rates are also quite low. To know more about its benefits and further processes, visit the official website of Bandhan Bank.

How Can I Get in Touch with Bandhan Bank Customer Care?

Bandhan Bank has several options that enable you to reach out. You can send an email, call or visit the branch. For email assistance, send an email on customercare@bandhanbank.com. For phone assistance, call the toll-free number   1800-258-8181. 

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