Bandhan Bank Personal Loan: The lending of money or cash by one or more persons or organisations or entities to another person or organisation is called, in financial terms, a loan. The person who took the loan (the recipient) has to pay interest over the loan amount until the principal amount is repaid, which may be tallied after observing the personal loans interest taken by Bandhan Bank.
Financial institutions those such as the Bandhan bank with the way to apply for personal loans in Bandhan Bank and credit card providers have been of primary importance.
In this specific article, we will dive very deep into a discussion of the personal loans provided by the Bandhan Bank. Apart from that, there will also be a discussion about the Bandhan Bank loan for ladies.
Want to compare Bandhan Bank Personal Loan with other bank personal loans for lowest interest rates and extra offerings? Just keep an eye on our Complete Guide on Personal Loan & choose the suitable bank to apply for the loan.
Bandhan Bank
- Bandhan Bank Overview
- Bandhan Bank Personal Loan Features
- How to Apply for a Personal Loan in Bandhan Bank?
- Bandhan Bank Personal Loan Eligibility Criteria
- Bandhan Bank Personal Loan Documents Required
- Bandhan Bank Personal Loan Features
- Specialty about Bandhan Bank
- Takeaway from the Article
Bandhan Bank Overview
A personal loan is used mainly by individuals to settle their personal needs since the money is not being watched by the bank that lent it. People may also use the loan to invest in new business, during the down payment of a house, repairing a car, and such other property.
The banks usually sanction personal loans for one to five years. The individual must have a regular source of income to avail a private. Apart from this, the other age, occupation, place of residence vary from one bank to any other bank.
In 2009, Bandhan Bank was registered as a Non-Banking Finance Company with the RBI, and in 2014 it got its nod for a principle bank licence and was finally approved on 17th June 2015.
To date, Bandhan Bank’s microfinance has only given loans to women, especially those who live in villages and have helped improve their lives. The number of women to have taken from them is as high as seventy-nine lakhs.
Bandhan Bank Personal Loan Features
The features are explicitly mentioned below:
- Amount Granted: The loan amount granted by the bank varies from one lakh to up to five lakhs. This vast range is a salient feature for the personal loans of Bandhan Bank as no other bank offer such a substantial personal loan.
- The flexibility of the Repayment Period: The personal loan is granted by the bank with a repayment period which can be from twelve months to thirty-six months. The recipient can choose the time period based on their convenience.
- Quick Process: Bandhan Bank has a quick disbursal method. Even the process of application for the loan and the approval process takes no time. Once all the documents are verified, the amount of the loan gets disbursed into the bank account within a couple of days.
- Consumer-friendly interest rate: The interest rates charged by Bandhan Bank is considered to be very much consumer friendly. The rate charged by them is 15% which is at par with the industrial banks.
How to Apply for a Personal Loan in Bandhan Bank?
Online Application
An individual can easily apply for a personal loan from the Bandhan Bank online. For it to happen, one has to follow the steps written below.
Step 1: The individual has to visit the bank’s official website and then has to fill-up the form to look into the offers.
Step 2: A list of loans will appear according to the preferences of the individual.
Step 3: The individual has to contact the bank or the nearest branch for assistance.
Step 4: Once the application is made, it should be submitted online for instant approval of the loan.
Bandhan Bank Personal Loan Eligibility Criteria
- The eligibility criteria for applying for a loan in Bandhan Bank is discussed below.
- The age of the applicant must be between 21-60 years.
- The applicant should be salaried or self-employed.
- The applicant should have had a relation with Bandhan Bank for more than six months.
- The applicant must be with their current employer for at least six months.
- The applicants should have the documents required to avail of the personal loan.
Bandhan Bank Personal Loan Documents Required
- Identity and address validation or proofs such as passport, PAN card, applicant’s Voter ID card, driving license, or Aadhaar Card.
- One recent photograph of the applicant
- A salary slip of the last six months and a copy of Form-16 for one year for salaried individuals
- ITR for last two years with estimation of income, balance sheet, and P and L a/c for self-employed applicants.
Bandhan Bank Personal Loan Features
- Personal loans are offered by the Bandhan Bank, amounting to as high as five lakhs. Individuals can use the loan to meet their unique financial needs, including medical, vacation, renovation, etc.
- The Bandhan Bank implies an interest rate on these loans, which starts from 15 % per annum.
- The loan can be applied with very little documentation and can be paid back with a period of thirty-six months.
- Bandhan Bank provides personal loans, which are different from what other banks are offering.
- The reason is that Bandhan Bank personal loans have certain features which makes them different from others.
Specialty about Bandhan Bank
The Kolkata based Bandhan Bank earned an annual profit of two seventy-five crores for seven months till 31st March 2016. The bank started working as a fully functional bank in March 2015. Chandra Shekhar, the director of Bandhan Bank, worked with BRAC for nearly two decades before moving to Kolkata in 1997. From 1998 he started working with Village Welfare Society, a non-profitable organisation that helps spread human rights awareness among villagers.
During their tenure with the Village Welfare Society, Chandra Shekhar realised the situation of women in West Bengal was no different from those of Bangladesh. This affected him, which led him to start a microfinance institution for providing loans to women. Chandra Shekhar left his job, and with the money he had taken from his brother-in-law and a private lender, he started his microfinance institution with just three employees. The first office was set up in the Konnagar district of West Bengal in July 2001.
Takeaway from the Article
The article will help its audience in gaining their fair share of banking knowledge. It will also very greatly help the younger generation to know a lot more about banking processes and loan transactions. This article might also be a help to those who were confused between the decision of taking or not taking a personal loan from the