Why Would You Opt For Bandhan Bank Personal Loan?

Why Would You Opt For Bandhan Bank Personal Loan?

A personal loan, especially unsecured, is generally taken for travel, paying off old debts, wedding or any point of time when there is a need of emergency fund. With the option of unsecured personal loans, a person has the chance to get their needs fulfilled without loosing or submitting any asset.

Why Would You Opt For Bandhan Bank Personal Loan?

Bandhan Bank personal loan can similarly be used for any of the above purposes. In this article, we have shown how much will you be paying if you opt for Bandhan Bank personal loan.

How can you Calculate Personal loan EMI?

EMI or equated monthly installment is calculated with the help of loan calculator. This tool is used to know the payments that a borrower is liable to pay to the lender. The EMI is dependent on the interest and principal each month for a particular period of time that is the loan tenure. This tool works on the basis of the following details:

  • Loan Amount
  • Tenure
  • Rate of Interest

Let us suppose that you have applied for a personal loan at Bandhan Bank and want to check your future so as to be prepared for the payment and manage your finances accordingly. Your loan amount is ₹15 lakhs, the tenure of 5 years and has been offered the interest rate of 15.50% p.a. by Bandhan Bank that is:

  • Loan Amount- ₹15,00,000
  • Tenure-5 years
  • Interest Rate- 15.50% p.a.

The payments from your end will be as follows:

EMI: ₹36,080

Total Interest Outgo- ₹6,64,787

Total Amount (Interest + Principal) – ₹21,64,787

How can you Apply for the Loan?

You can apply for a personal loan through the official website of the bank. All you have to do is follow the below steps:

  • Fill up the loan application form with correct personal details like the name of the applicant/s, the income of the person who wants to take the loan and the profession, etc.
  • Submit the form along with the required documents and submit online

Bandhan Bank personal loan eligibility

  • Salaried and Self-employed Individuals both are eligible to apply.
  • The minimum age of the individual should be 21 years at the time of availing a loan.
  • The maximum age of an applicant should not be more than 57 years at the time of loan maturity.
  • Applicants should have a minimum relationship of 6 months with the bank.
  • The Bank Account of an applicant should be operational with minimum 1 credit and 1 debit-customer induced entry, per month.

Documents required for personal loan at Bandhan Bank

  • Identity Proof: Passport/PAN card/Voter ID card/driving license/Aadhar #
  • Address proof: Passport/PAN card/Voter ID card/driving license/Aadhar #
  • Signature Proof: Passport/PAN card
  • A Photograph
  • Last three months’ salary slip & Form -16 for 1 year for salaried *
  • ITR for last 2 years with a computation of Income, Balance Sheet and P & L a/c for self-employed
  • Original KYC documents will be required for verification at Branch for Online Application