Will Bandhan Bank Personal Loan Interest Rate Help Fulfill Your Wants
Finance

Will Bandhan Bank Personal Loan Interest Rate Help Fulfill Your Wants?

Bandhan Bank, one would have to say, has become a bank very quickly after being incorporated as a non-banking finance company in 2014. A year later, it got converted into a bank.

Since then, it has become the matter of discussion in the financial services segment. And if you are seeking a personal loan, Bandhan Bank with its attractive interest rate has become an affordable deal for many borrowers. So, if you want to know the Bandhan Bank personal loan interest rate and its impacts on repayment, you can take a look at the article.

How Much Interest Rate Bandhan Bank Charges on Personal Loans?

The bank charges an interest rate of 14%-18.75% per annum on its personal loans. Plus, you are given a flexible repayment tenure ranging from 12 to 36 months. The minimum and maximum loan to be granted stands at 1 lakh and 5 lakhs, respectively. The loan once approved gets credited to the account within 2 working days.

How Would Interest Rate Impact Bandhan Bank Personal Loan EMI?

The interest rate influences the EMI directly, so any up and down in the rate would lead to a change in the EMI, which stands for Equated Monthly Installment, in equal measure. The relationship between interest rate and the installment amount can be best seen through Bandhan Bank personal loan EMI calculator. Well, you just need to enter the loan amount, interest rate and tenure in the calculator to get a sight of the EMI, combining portions of both interest and principal repayments month-on-month. The quantum of finance and tenure have a direct and inverse relationship, respectively, with the amount of installment.

What is the Eligibility Criteria for Bandhan Bank Personal Loan?

One must meet the following conditions to be eligible for Bandhan Bank Personal Loan.

  • Both salaried and self-employed with an age of 21-57 years can apply
  • A minimum 6 months of banking relationship with Bandhan Bank is sought
  • Account must have at least 1 credit and debit entry in a month

Documents Required

Bandhan Bank seeks the following documents to approve a personal loan.

Identity Proof – Any document from PAN Card, Aadhaar Card, Voter ID, Driving License or Passport

Residence Proof – Any document from Aadhaar Card, Voter ID, Driving License or Passport

Income Proof

  • Salary slip of last 3 months, Form 16 for 1 year (Salaried)
  • ITR showing income computation, profit & loss account and audited balance sheet for the last 2 years

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How to Apply for Bandhan Bank Personal Loan?

You can apply for a personal loan either online or offline. On the point of convenience, the online option beats the offline counterpart as the former just requires you to visit the bank’s website and then on personal loan page, click on Apply Now and enter the blanks that may come on the screen.

Just a few personal & professional details and you would finish applying with ease. However, if you are not comfortable online, you can visit the nearest Bandhan Bank branch to apply. You would need to fill in the loan application form, enter the same personal and professional details, which you would do online, before submitting it to the concerned official. Along with the form, you also need to submit the necessary documents for the application to get approved.

Jaspreet is a blogger who loves to write about anything that is related to Beauty, Fashion, Business, Travel and Lifestyle Blogger by passion.

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