If you are staring at financial trouble (s) or have an unanticipated expenditure lined up then you can raise a personal loan from a bank.
The financial requirement could stem from a sudden medical emergency or could be to buy an expensive item or to go on a holiday. Personal loan is an unsecured loan which salaried employee can easily raise if their salary is more than ₹25,000 a month.
Personal loan can be procured without collateral and it can be used for a slew of purposes such as for the construction of a house, for buying an expensive item, for spending on a function such as a birthday party.
One can borrow a personal loan from Bandhan Bank just like from any other bank.
1. Loan processing charges: | Up to 3% of loan amount |
2. Cheque bouncing or failed SI charges | ₹500 |
3. Penal charges (late Payment/ default EMIs) | ₹200 per 10,000 of EMI dues |
4. Part payment charges | Part payment allowed after repayment of first 12 months EMI, |
up to 25% of principal outstanding, only once in a year and twice during loan tenure. | |
Foreclosure statement | ₹100 |
Foreclosure charges on fixed rate
A. 4% of principal outstanding within first 12 months
B. 2.5% after 12 months repayment
C. No Foreclosure charges for loans disbursed of ₹10 lakh & above, after 12 EMI, if foreclosed with own funds
Document retrieval charges | ₹500 |
Statement of account | ₹100 |
Duplicate NOC | ₹300 |
https://bandhanbank.com/sites/default/files/2024-06/Personal-Loan-Schedule-of-charges-140624.pdf
₹
%
Months
Banks/NBFCs | Rates (p.a.) |
---|---|
IDFC First Bank | 10.99% onwards |
IndusInd Bank | 10.49% onwards |
Axis Bank | 10.40% onwards |
HDFC Bank | 10.50% onwards |
ICICI Bank | 10.80% onwards |
Kotak Mahindra Bank | 10.99% onwards |
Tata Capital | 10.99% onwards |
Federal Bank | 12.00% onwards |
DMI Finance | 12.00% - 40.00% |
L&T Finance | 12.00% onwards |
Kreditbee | 16.00% - 29.95% |
MoneyTap | 13.00% onwards |
Piramal Finance | 12.99% onwards |
Aditya Birla | 10.99% onwards |
Moneyview | 15.96% onwards |
Cashe | 27.00% onwards |
By definition, a personal loan can be borrowed without any collateral and the money can be used for a slew of purposes such as for the construction of a house, for buying a luxury item, or on organising a function such as a marriage or a birthday party or on a vacation.
Bandhan Bank charges interest rate between 9.47 percent (for more than 3 years) to 11.55 percent (up to 3 years).
The interest rate charged from self-employed persons is 10.10 per annum (more than 3 years) to 12.55 percent (up to 3 years).
For salaried persons, the age bracket should be between 21 to 60 years, and for the self-employed persons, the age bracket should be between 23 to 65 years.
The documents required to apply for personal loan at Bandhan Bank are identity and address proofs such as passport/driving license/ aadhaar card/ or any other government issued ID card such as voter’s ID card. The applicant also needs to submit a recent photograph, last three months’ salary slips and salary account statement for the salaried as well as ITR with computation and last 12 months main business account statement for self-employed.
Bandhan Bank EMI calculator enables loan applicants to calculate their equated monthly instalments (EMI) by entering loan amount, tenure of loan and interest rate. It helps them plan their budget based on their anticipated monthly cash outgo in the form of EMIs.