Overview
Bandhan Bank Personal Loan offers you funds whether you are a Salaried-Employee, Self-Employed Professional, or a Self-Employed Businessman. It provides loans starting from Rs. 1 Lacs to up to a maximum of Rs. 5 Lacs within 2 working days. The Processing Fees charge is 1% of the loan amount plus GST as applicable and the tenure of this type of loan is 12 months to a maximum of 36 months.
The Interest rate varies from 14% per annum to up to 18.75% per annum. Here, the Pre-Payment charges are Nil and you can prepay your loan after the repayment of your first 6 EMIs, unlike other competing banks where the Prepayment charges are high. The charges of late payment of EMIs is 24% per annum on the total amount outstanding from the date of default.
Bandhan Bank is a good fit for you if?
If You Need a Small Amount of Fund
Bandhan Bank Personal loan is a good choice for you if you need funds up to Rs. 5 Lacs within a short period of time and if you don’t want to pay a large number of additional charges then you can go for this bank since there are no additional fees charged by Bandhan Bank and it comes with Zero prepayment charges which can be a good option to quickly settle it.
Bandhan Bank Personal Loan at a glance
| Annual Interest Rate | 14% – 18.75% per annum |
| Loan Term | 12 Months – 36 Months |
| Loan Amount | Rs. 1 Lac – Rs. 5 Lacs |
| Time of Funding | Within 2 working days |
| Pre-Closure Charges | Nil |
Bandhan Bank personal loans lend a minimum of Rs 1 Lacs to up to Rs. 5 Lacs within 2 working days. The annual interest charged by this Bank ranges from 14% to up to 18.75% per annum with a tenure of 12 months to up to 36 months. Here, the pre-Closure charges are Nil, and charges for late payment of EMI IS 24% per annum on the amount outstanding from the date of default.
Why Choose Bandhan Bank?
Prepayment Allowed After 6 Months
Bandhan Bank Personal loan recovers the balance of your loan just after your first 6 EMIs with applicable charges which are different in other banks such as in TATA Capital Bank, the Prepayment charges are up to 4% of the outstanding expenses which are allowed only after the first 12 months of the loan disbursal.
Low Processing Charges
The Processing fees charged by Bandhan Bank on Personal loan is equal to only 1% of the loan amount as compared to other banks and Financial Institutions such as HDFC Bank, Axis Bank, and Kotak Mahindra Bank which charges processing fees as high as 2.50% of the loan amount.
Zero Prepayment Charges
Bandhan Bank could be a good alternative for you as there are no prepayment charges applicable for a personal loan as compared to other banks which charge a huge amount of money such as TATA Capital Bank charges up to 4% of the principal outstanding which is allowed only after first 12 months of loan disbursal.
No Additional Charges
You can opt for this bank if you don’t want to pay unnecessary expenses as there are no additional charges. The only charges applicable for applying for a personal loan from Bandhan Bank are processing fees, penal charges, EMI bounce charges. Apart from it, no other charges are applicable unlike other banks charging various kinds of charges such as documentation charges and administration charges, etc.
What to watch out for?
No Personal Loan to Bandhan Bank Employees
One of the most important points which every employee of Bandhan Bank needs to know is that the existing employee of this bank can not avail personal loan as compared to other banks which even provides benefits for their existing employees.
Maximum tenure is limited to 36 Months
The maximum tenure of loan to repay your loan amount is limited to 36 months which is quite a short period of time as compared to competing banks such as Federal Bank which lends money with a tenure of 12 months to a maximum of 48 months and HDFC Bank with a maximum tenure of 60 months to repay your loan.
Maximum Loan Amount is Limited to Rs. 5 Lacs
The maximum amount of lending personal loan in Bandhan bank is limited to 5 Lacs only as compared to other banks such as Citibank, HDFC Bank, Axis Bank offering as high as Rs. 30 Lacs to Rs. 50 Lacs.
No Part-Payment Facility
Doesn’t offer the facility to preclosure personal loans using the part-payment method. Hence, if you don’t have enough funds to repay the entire amount at once, then you have to keep going with the monthly interest rate for the set repayment period.
Compare Bandhan Bank Personal Loans to Other Banks
| Bank Name | Bandhan Bank | Federal Bank | Canara Bank |
| APR | 14% – 18.75% | 11.49% – 14.49% | 10.90% – 13.90% |
| Loan Term | 12 Months – 36 Months | 12 Months – 48 Months | 12 Months – 72 Months |
| Maximum Lending Amount | Rs. 5 Lacs | Rs. 10 Lacs | Rs. 5 Lacs |
| Processing Fee | 1% of the loan amount | 0.50% of the loan amount. Min Rs. 500 | Zero to up to Rs. 5,000 |
| Time to Funding | Within 2 days | Within 7 days | Within 7 days |
| Pre-Closure Fee | Nil | 2% of the outstanding amount | Nil |
Coming to the comparison part, Bandhan Bank lends up to a maximum of Rs. 5 Lacs within 2 working days as compared to other banks such as Federal Bank which offers a maximum of Rs. 10 Lacs, and Canara Bank which offers a maximum of Rs. 3 Lacs and Rs. 5 Lacs in case of Pensioners. The processing fees of Bandhan Bank are 1% of the loan amount, 0.50% of the loan amount in the case of Federal Bank, and a minimum of Rs. 500, which is different in Canara bank as it charges Zero to up to Rs. 5000 processing fees.
However, the typical APR in Bandhan Bank is ranging from 14% to up to 18.75%, 11.49% to 14.49% in the case of Federal Bank, and 10.90% to up to 13.90% in the case of Canara bank. The pre-closure charges for a personal loan in Bandhan Bank are Nil while in FederaL bank, it charges 2% of the outstanding amount and in the case of Canara Bank, the Pre-Closure charges are Nil.
Bandhan Bank Personal Loan Eligibility Criteria
| Minimum Age | 21 Years |
| Maximum Age | 60 Years |
| Minimum Relationship Period with Bank | 6 Months |
- The minimum age of the applicant should not be less than 21 years at the time of loan application.
- The maximum age of the applicant should not be more than 60 years at the time of loan maturity.
- Applicants must have a relationship with Bandhan Bank for at least 6 months.
- The existing account of the applicant should be active with a monthly record of 1 transaction for credit as well as a debit record.
Bandhan Bank Personal Loans Schemes
Bandhan Bank Personal Loan
It provides personal loans to both salaried-employed and self-employed whether you are a Self-employed Professional or a self-employed businessman. You can avail a minimum of Rs 1 Lacs to a maximum lending amount of Rs. 5 lacs with the interest rate ranging from 14% to up to 18.75% per annum and no prepayment charges are applicable for applying for personal loans from Bandhan Bank as compared to other banks which charge a huge amount of money such as TATA Capital Bank charges up to 4% of the principal outstanding which is allowed only after first 12 months of loan disbursal.
The only charges applicable for applying for a personal loan from Bandhan Bank are processing fees, penal charges, EMI bounce charges. Apart from it, no other charges are applicable unlike other banks charging various kinds of charges such as documentation charges and administration charges, etc.
Documents for Salaried
- Copy of Passport or PAN Card for Signature Proof
- Last 3 months’ salary slip along with Form-16 for 1 year.
- KYC Documents along with a passport size photograph.
Documents for Self-Employed
- Copy of Passport or PAN Card for Signature Proof
- Last 2 years ITR along with Balance Sheet and P&L account details
- KYC Documents along with a passport size photograph.
Bandhan Bank Personal Loan Interest Rates
| Personal Loan | Applicable Interest Rate |
| Bandhan Bank Personal Loan | 14% – 18.75% per annum |
The applicable interest rate charged by the Bandhan bank for Personal loans ranges from 14% to up to 18.75% per annum which is quite a high amount as compared to other banks or financial institutions as Canara Bank charges interest rates ranging from 10.90% to up to 13.90% per annum while Federal Bank Charges 11.49% to up to maximum of 14.49% per annum.
Bandhan Bank Personal Loans Fees & Charges
| Type of Charges | Applicable Charge |
| Processing Charges | 1% of the loan amount |
| Prepayment Charges | Nil |
| Part-payment | Not Allowed |
| Penal Interest | 24% per annum (2% per month) on the overdue amount |
| EMI Bounce Charges | Rs. 300 per instance |
The Processing charges for a personal loan in Bandhan Bank is 1% of the loan amount plus GST as applicable and no prepayment is permitted until the repayment of the first 6 EMIs and here the charges for prepayment are Nil. The charges for late payment of EMIs are 24% per annum or 2% per month on the amount outstanding from the date of default. The check bounce charges are Rs. 300 per cheque bounced plus GST as applicable.
After I Applied?
Check Loan Status through Customer Care
- Dial 1800-258-8181
- Press options carefully as you will not be able to go back.
- Press 1 for English, Press 2 for Hindi, or Press 3 for regional language
- Press 2 for your product information, interest rate, and exchange rates
- Wait for the customer care assistant to connect your call to them.
FAQs
How do I connect with Bandhan Bank Personal Loan Customer Care?
You can connect with Bandhan Bank Personal Loan Customer Care either on their customer support numbers 1800-258-8181 (Toll-free) and 033-4409-9090 or their customer care email address at customercare@bandhanbank.com