Hello friends, today we are going to talk about the Bandhan Bank personal loan. Please note that interest rates for this loan start at 9.47% per annum. It offers loan amounts of up to ₹25 lakh with a tenure of up to 5 years. The bank claims to transfer the personal loan amount within two working days of submitting the required documents. Read this article to learn how to obtain a personal loan from Bandhan Bank and for other related information.
Bandhan Bank Personal Loan Interest Rates
Bandhan Bank offers personal loans with interest rates starting from 9.47% per annum. The interest rates offered to applicants depend on factors such as age, monthly income, job profile, employer/company details, credit score, loan repayment history, etc.
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Personal Loan Interest Rates for Salaried Individuals
| Tenure | Interest Rates (p.a.) |
| Up to 3 years | Starting from 12.15% |
| More than 3 years | Starting from 9.47% |
Interest Rates for Self-Employed Professionals/Non-Professionals
| Tenure | Interest Rates (p.a.) |
| Up to 3 years | Starting from 12.55% |
| Starting from 12.55% | Starting from 10.10% |
Comparison of Bandhan Bank Personal Loan with Other Banks/Lenders
| Bank/Lender | Interest Rates (p.a.) |
| Kotak Mahindra Bank | Starts at 9.98% |
| HDFC Bank | Starts at 9.99% |
| ICICI Bank | Starts at 10.45% |
| Axis Bank | Starts at 9.99% |
| IndusInd Bank | Starts at 10.35% |
| IDFC FIRST Bank | Starts at 9.99% |
| Tata Capital | Starts at 10.99% |
| Money View | Starts at 10.00% |
| Federal Bank | Starts at 11.99% |
| L&T Finance | Starts at 11.00% |
| Piramal Finance | Starts at 12.14% |
| Aditya Birla Finance | Starts at 10.99% |
Bandhan Bank Personal Loan – Fees and Charges
- Type of Fee – Charge
- Loan Processing Fee – 3% of the loan amount
- Penal Charges (for delayed EMI payment, outstanding EMI, and EMI default) – ₹500
- Late Payment / Overdue Fee – 2% per month on the outstanding EMI
- Part-payment Fee – Up to 25% of the outstanding amount allowed; once a year and twice during the loan ten
Eligibility Criteria for Bandhan Bank Personal Loan
- Personal loans are available to salaried individuals, self-employed professionals, and self-employed individuals.
- Minimum age: Salaried individuals – 21 years; Non-salaried individuals – 23 years
- Maximum age at loan maturity: 60 years for salaried applicants and 65 years for self-employed applicants.
- It is mandatory to have at least 1 debit and 2 credit transactions (customer-initiated) on a monthly basis in the primary account, or a total of 12 credit transactions over the last 12 months.
Documents required for Bandhan Bank Personal Loan
The following documents are required for all individuals applying for a personal loan from Bandhan Bank:
- Proof of identity and address
- Passport
- PAN Card
- Voter ID Card
- Driving License
- Aadhaar Card
- Recent photograph
- For salaried* individuals: Salary slips for the last 3 months and Form-16 for 1 year
- Balance sheet and Profit & Loss account (for non-salaried individuals), along with Income Tax Returns (ITR) for the last 2 years and income computation
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FAQs
Do I need to provide collateral or security to obtain a personal loan from Bandhan Bank?
No collateral or security is required to obtain a personal loan from Bandhan Bank.
What is the minimum and maximum loan amount available from Bandhan Bank?
Bandhan Bank offers loan amounts ranging from ₹50,000 to ₹1 lakh to meet various personal financial needs.
What is the repayment tenure for a Bandhan Bank personal loan?
You can repay the Bandhan Bank personal loan over a period of 1 to 5 years, as per your convenience.
I might receive my PF (Provident Fund) from my previous employer/company. Can I prepay my loan?
Yes, the bank allows customers to prepay the loan, but only after 6 EMIs have been paid.
I receive my salary via cheque. Can I avail of a personal loan?
Yes, you can submit your bank statement for the last three months instead of salary slips. For any questions related to this, please contact the bank.
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