Want to avail of a personal loan from Bandhan Bank but don’t know the interest rates offered by the bank? All you need to do is just read the page below. Here, on this page, you can easily know Bandhan Bank Personal Loan Interest Rates.
Bandhan Bank Personal Loan Interest Rate Details 2024
If you are searching for the lowest personal loan interest rates, Bandhan Bank is here to offer you the best personal loan deal. Yes, this reputed NBFC offers the best personal loan solutions to individuals at an attractive interest rate. Bandhan Bank offers personal loan interest rates ranging from 9.47% to 12.55% per annum. These rates may vary based on your eligibility, with terms up to five years and loan amounts as high as Rs. 25 lakh. Looking for more detailed knowledge about Bandhan Bank Personal Loan Interest Rate, then here is the post explaining everything about it.
|
Particulars |
Details |
|---|---|
|
Interest Rates |
Salaried:
Self-employed professional/self-employed nonprofessional:
|
|
Loan Amount |
Rs 50,000 – Rs 25 lakhs |
|
Tenure |
Up to 5 years |
|
Processing Fee |
Up to 3% of the loan amount |
|
Prepayment Charges |
Nil |
Advantages of Bandhan Bank Personal Loan
Bandhan Bank Personal Loan has many advantages and benefits, which are listed below:
- Easy Documentation: In Bandhan Bank, you can easily get a personal loan with minimal documentation.
- Flexible Repayment: When it comes to personal loans, Bandhan Bank offers numerous repayment choices that let you tailor your repayment plan to better suit your budget.
- Fast Credit: The personal loan can be credited in 2 working days.
- Low Interest Rates: Bandhan Bank offers low interest rates starting from 11.55% p.a.
- Fast Processing: Loan processing can be time-consuming and frustrating, but with Bandhan Bank, the loan processing process is fast.
- Zero Hidden Charges: Here, there are no extra charges, hidden fees, or additional penalties.
Factors Affecting Bandhan Bank Personal Loan Interest Rate
One of the most crucial things to think about when considering a loan application is the interest rate. Here are some of the factors that might affect your personal loan interest rate:-
- Income: Your interest rate is significantly influenced by your income level. Banks typically charge borrowers with higher-income jobs an interest rate that is lower than that of borrowers with lower-income jobs.
- Credit Score: A number that indicates your creditworthiness is your credit score. It demonstrates your financial stability and fosters a certain level of confidence between you and your lender. Keeping up a high credit score can help you become more qualified for personal loans and also improve your chances of having the loan authorized.
- Relationship with the Lender: The interest rate is determined in large part by the loyalty of the relationship. Your lender will reduce the interest rate you pay if you are a dependable customer because you have developed a positive rapport with them over time.
- Debt-to-Income Ratio: This element establishes how much debt you now have relative to your income. The bank providing you the loan may offer a higher interest rate, as it considers it riskier if your high salary is mostly used to pay off your existing debts and financial obligations.
- Type of Employment: The kind of work has a big impact on personal loan interest rates. Salaried employees typically earn lower interest rates than self-employed individuals because of their more consistent income.
Calculating EMIs on different Interest Rates Ranging from Lowest to Maximum
Here is the EMI calculation table for salaried individuals and self-employed professionals, including non-professionals. The EMI interest rates range from 14.00% p.a. to 18.00% p.a., which may vary based on your application and eligibility.
The table mentioned below shows the EMI calculation for Rs. 2,00,000 for different tenures of 1 year to 5 years.
|
Tenure (In Years) |
EMI (at 14.00% interest rate) |
EMI (at 18.00% interest rate) |
|---|---|---|
|
1 |
₹17,957.42 |
₹18,336.00 |
|
2 |
₹9,602.58 |
₹9,984.82 |
|
3 |
₹6,835.53 |
₹7,230.48 |
|
4 |
₹5,465.30 |
₹5,875.00 |
|
5 |
₹4,653.65 |
₹5,078.69 |
What Should You Do in Order to Fetch the Lowest Interest Rate from Bandhan Bank?
You can get a low-interest deal from Bandhan Bank if you bear the following points in mind:
- Increasing your credit rating: If your credit score is high, you'll get a better interest rate on your loan. To be eligible for a low-interest personal loan, you need to have a credit score between 720 and 750. If it is lower, your chances of getting your loan authorized are less.
- Always be on the lookout for deals: During the holidays, banks, financial institutions, and loan lenders offer exclusive sales and deals. You need to be aware of all the holiday seasons and events to get a better deal. In addition, on the owner's birthday or the business anniversary, you can receive deals and discounts.
- Arrears on repayment should be avoided at all costs: Even if you are late on a loan or credit card payment, your credit score will suffer. Lenders and loan providers typically keep a close eye on your repayment history and habits when determining the interest rate on your loan.
- The way you get along with the lender: The other factor affecting the interest rate on your loan is the creditworthiness of your lender or financial institution.
Documents Required for a Personal Loan for Salaried and Self-Employed Individuals
The following paperwork is needed from anyone requesting a personal loan from Bandhan Bank:
For Salaried Individual
-
Proof of address and identity
-
PAN card and passport
-
Voter identification card
-
Driving Permit Aadhaar card
-
One recent image
-
Salary slip for the last three months and Form-16 for a year.
For Self-employed Individual
-
Income Tax Return (ITR) for the last two years, including balance sheet, P&L account, and income computation.
* Not applicable for online application-based pre-qualified offers.
Other Charges of Bandhan Bank Personal Loan
Below are some additional fees for Bandhan Bank Personal Loan that are applicable when availing the loan:
| Particulars | Charges |
|---|---|
| Loan Processing Charges | Up to 3% of the loan amount |
| Cheque Bouncing or Failed SI Charges | Rs 500 |
| Penal charges (late Payment of EMIs or outstanding EMIs or default EMIs) | Rs 200 per 10,000 of EMI dues |
| Part Payment | Permitted once a year and twice during the payback period, up to 25% of the principal balance (applicable only once the first 12 EMIs are completed). |
| Foreclosure statement | Rs 100 |
| Foreclosure charges on Fixed rate | For the first 12 months – 4% of the principal outstanding |
| After 12 months of repayment – 2.5% of the principal outstanding | |
| After 12 EMIs are paid, loans of Rs 10 lakhs and above can be foreclosed without any charges, provided the borrower uses their own funds to close the loan. | |
| Document Retrieval charges | Rs 500 |
| Duplicate Statement of Account | Rs 100 |
| Duplicate NOC | Rs 300 |
| Stamp duties | Actual as per state law |
Bandhan Bank Personal Loan Balance Transfer Interest Rates
If you want to transfer your existing personal loan to Bandhan Bank, you would be glad to know that you can do the same without any hassle. Switch your existing personal loan in Bandhan Bank and enjoy lower and best personal loan interest rates and EMI.
For example: If you have borrowed a loan of INR 12,00,000 from any other bank for 5 years at an interest rate of 17.00% per annum. At this pace, the interest outgo will go up to INR 5,89,385. You can reduce the liability by switching your outstanding balance to Bandhan Bank at a lower rate. If Bandhan Bank agrees to a switchover at 15.05% interest rate, how will it pan out for you? Check out the table to know the same.
| Particulars | Details |
|---|---|
| Loan in Beginning | INR 12,00,000 |
| Interest Rate | 17.00% |
| Tenure | 5 Years |
| EMI | @14.00% INR 29,823 |
| Estimated Interest Outgo @17.00% | INR 5,89,385 |
| Interest Paid Till 2-years | INR 3,52,243 |
| Outstanding Balance at the End of 2nd Year | INR 8,36,488 |
| EMI @15.05% for the Remaining 3 Years | INR 29,018 |
| Interest @15.05% Over 3 Years | INR 2,08,146 |
| Interest Paid Till Now + Interest Payable Over the Next 3 years | INR 5,60,389 (3,52,243+2,08,146) |
| Estimated Savings in Terms of EMI | INR 805 |
| Estimated Savings in Terms of Interest Payment | INR 28,996 (5,89,385 - 5,60,389) |
Compare Personal Loan Interest Rates from Different Banks
Below is a table showing the personal loan interest rates from various banks for 2024 to help you make the best choice.
Frequently Asked Questions (FAQs)
1. What is the personal loan interest rate in Bandhan Bank?
Personal Loan EMI interest rate starts from 9.47% p.a up to 12.55% p.a which may vary depending upon your application and eligibility.
2. What are the factors that affect Bandhan Bank personal loan interest rate?
- Income
- Credit Score
- Relationship with the Lender
- Debt-to-Income Ratio
- Type of Employment
3. What are the benefits of using the Bandhan Bank personal loan EMI calculator?
The key advantages of utilizing the Bandhan Bank Personal Loan EMI Calculator include:
- Ease of access
- Provides quick and accurate results
- Budget management
- Improve Personal Loan Eligibility
- Healthy Credit Scores
4. What tenure options does Bandhan Bank offer for personal loans?
Borrowers can select a repayment period of one year to five years for personal loans from Bandhan Bank based on their preferences.
5. What are the different means through which I can pay my Bandhan Bank personal loan EMIs?
Post dated checks, standing orders, or the ECS service can all be used to make EMI payments.
6. What is Bandhan Bank's Personal Loan limit?
Bandhan Bank's Personal Loan limit is from Rs 50,000 to Rs 15 lakhs.
7. Who is eligible for the Bandhan Bank loan?
The minimum age for salaried individuals is 21 years and for self-employed it’s 23 years. Maximum age at time of loan maturity is 60 years for salaried and 65 years for self-employed.
