Going to start your higher education and requires an education loan, facing unexpected medical expenses and requires a medical loan, longing for a dream destination wedding but can’t stretch your budget anymore, or simply other basic needs, Bandhan Bank personal loan can help make it a reality. Bandhan Bank is offering a loan as per your need; with this, you can apply for a personal loan anywhere between ₹50,000 to ₹25,00,000. It offers so much flexibility that you can choose your own EMI and tenure. The maximum tenure you get under this loan is 60 months, and that too at a competitive interest rate, which no one else is providing.
How do you apply? What is the minimum credit score, and what documents are required? All such details are furnished in this article. If any further queries are left, you can contact the bank representative to clear your doubts.
Bandhan Bank Personal Loan 2024
Anyone who fulfils the basic eligibility conditions required for the loan may apply. The bank ensure that once they receive your loan application, they process it quickly, and within two working days, the loan amount is disbursed to your bank account. You can enquire about the loan online or by visiting the bank branch. Various personal loan lenders ask for a 750+ credit score, but here, the bank has not asked for any credit score. However, a healthy score would be an additional advantage in processing the loan.
Bandhan Bank Personal Loan 2024: At a Glance
|₹50,000 to ₹25 Lakh
|Starting from 9.47%
|Any salaried or Self employed
|Online and Offline
|Quick Approval within two working day
|EMIs or Bullet Payment
|1800-258-8181 and 033-4409-9090
Eligibility Criteria for Bandhan Bank Personal Loan
Bandhan Bank personal is for everyone and can be used for various purposes. Here is the breakdown to know the eligibility details of the loan.
- Any salaried or self-employed may apply for it, but…
- The minimum age for salaried and self-employees is 21 and 23 years, respectively.
- The maximum age at loan maturity should be 60 for salaried employees and 65 for self-employed employees.
- Along with this, the minimum monthly income for salaried and self-employed is 15,000 and 18,000, respectively.
- Although the bank didn’t share it officially, a healthy credit score is necessary.
Documents required for Bandhan Bank Loan
If you have a list of documents, it would be easy for anyone to get the loan.
- Identity Proof- Aadhaar Card/Voter ID Card/Passport.
- Address Proof-Utility Bills, ID Proof Carrying such details
- Latest Passport Size photograph
- Salary Slip (last three months)
- Last two year’s ITR for self-employed.
- Bank Accounts details
Benefits of Bandhan Bank Personal Loan
Many lenders provide personal loans to their customers, but no one can beat the benefits of bandhan bank personal loan. Why are we saying this? Let’s check it out.
Interest Rate: Their interest rates are so competitive that they are unmatchable. Applicants may apply for a personal loan with a starting interest rate of 9.47%. However, the interest rate may vary depending on your loan amount and tenure.
Quick Disbursal: How good is it that you submit a loan application today, and your loan amount is in your hands within two working days? Doesn’t that sound good? Yes! The bank may process your loan.
Loan Tenure: With a huge loan tenure of 60 months, applicants can easily repay their loan without disturbing their monthly budget.
No Foreclosure Charges: If you want to foreclose your account (amounting to more than 10 Lakhs), the bank won’t charge any fee.
Doorstep Collection: Banks also offer doorstep document collection facilities to their customer once they are onboard.
Part Payment: Part Payment facility is also available, which, again, no one offers, but it comes with some terms and conditions which you need to understand in detail from their representative.
Application Process for Bandhan Bank Personal Loan
The application process for the Bandhan Bank personal loan is designed to be convenient and helpful so that everyone can submit it easily without any trouble. Here’s a step by step guide.
- Bandhan Bank Portal- Open the Bandhan Bank Official Website.
- Loan Section– Under the Personal section, select the loan link.
- Loans list: From the list of loans, select the personal loan.
- Read Details: Check the details of the loan given.
- Enter details– After reading the key details, you can submit the enquiry application form.
- Bank Representative: Once you apply, the bank representative may call you to guide you.
- Doorstep Service- You can also avail of their doorstep facility.
- Details– Provide the details and documents shared above.
Loan disbursement process
Once your application is submitted, the bank processes your loan request within a day. During this procedure, your details and documents are verified. Once satisfied with the details and documents, they accept your loan request and disburse the loan amount. Intimation about the loan approval is shared via SMS on your mobile number submitted during the form submission.
However, if there is any problem with the document verification, they will inform you, and if you clear all their doubts, they will proceed accordingly. During this, the loan disbursement may take some time longer than usual. So, it is beneficial for you to submit valid and authenticated documents during the loan application.
How can I submit a Bandhan Bank Personal Loan application?
You can submit it online or by visiting the nearest bank branch.
Who is eligible for Bandhan Bank Personal Loan/\?
Anyone who is salaried or self-employed with a minimum age of 21 for salaried and 23 for self-employed and has a decent civil score is eligible for a loan.
What is the maximum amount I can get under the Bandhan Bank personal loan?
The bank has increased the loan amount to 25 lakhs from 5 lakhs.
Within how many days did my loan request get approved?
Upon satisfying all the conditions, the bank may approve your loan within a few days.
What documents are required for Bandhan Bank Loan?
For loan applications, documents supporting identity and address proof, along with the ITR, salary slip, and latest photograph of the applicants, are required.
What is the tenure of loan repayment?
Based on the loan amount and the applicant’s choice, you can repay the loan for up to 60 months.
What is the interest rate of Bandhan Bank Personal Loan?
As of January 1, 2024, the interest rate will start at 9.47%.