Bandhan Bank Personal Loan offers you funds whether you are a Salaried-Employee, Self-Employed Professional or a Self-Employed Businessman. It provides loan starting from Rs. 1 Lacs to up to 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 maximum of 36 Months.
The Interest rate varies between 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 Personal Loan at a glance|
|Annual Interest Rate||14% - 18.75%|
|Loan Term||12 Months - 36 Months|
|Loan Amount||Rs. 1 Lac - Rs. 5 Lacs|
|Time of Funding||Within 2 working days|
|Personal Loan Type||Applicable Interest Rate|
|Bandhan Bank Personal Loan||14% - 18.75% per annum|
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 amount 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 recovers the balance of your loan just after your first 6 EMIs with applicable charges which is difference in other banks such as in TATA Capital, the Prepayment charges are up to 4% of the outstanding expenses which are allowed only after first 12 months of the loan disbursal.
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 which charges processing fees as high as 2.50% of the loan amount.
Bandhan Bank could be a good alternative for you as there are no prepayment charges applicable for a personal loan as compare to other banks which charges a huge amount of money such as TATA Capital charges up to 4% of the principal outstanding which is allowed only after first 12 months of loan disbursal.
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 of it, no other charges are applicable unlike other banks charging various kind of charges such as documentation charges and administration charges etc.
One of the most important point 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.
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 maximum of 48 months and HDFC Bank with a maximum tenure of 60 months to repay your loan.
Doesn’t offer facility to preclosure personal loan using 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 monthly interest rate for the set repayment period.
|Bank Name||Bandhan Bank||Federal Bank||Canara Bank|
|Typical 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. 3 Lacs
Rs. 5 Lacs for Pensioners
|Processing Fee||1% of the loan amount||0.50% of the loan amount
Min Rs. 500
|Zero to upto Rs. 5,000|
|Time to Funding||Within 2 working days||Within 7 days||Within 7 days|
|Pre-Closure||Nil||2% of the outstanding amount||Nil|
Coming to the comparison part, Bandhan Bank lends up to 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 is 1% of the loan amount, 0.50% of the loan amount in case of Federal Bank and minimum Rs. 500, which is different in Canara bank as it charges Zero to upto 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 case of Federal Bank and 10.90% to up to 13.90% in case of Canara bank. The pre-closure charges for personal loan in Bandhan Bank are Nil while in FederaL bank, it charges 2% of the outstanding amount and in case of Canara Bank, the Pre-Closure charges are Nil.
It provides personal loan to both salaried-employed and self-employed whether you are Self-employed Professional or a self-employed businessman. You can avail minimum of Rs 1 Lacs to 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 personal loans from Bandhan Bank as compared to other banks which charges a huge amount of money such as TATA Capital 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 of it, no other charges are applicable unlike other banks charging various kind of charges such as documentation charges and administration charges etc.
|Type of Charges||Applicable Amount|
|Processing Charges||1% of the loan amount|
Allowed after first 6 EMIs
|Penal Charges||24% per annum (2% per month) on the overdue amount|
|EMI Bounce Charges||Rs. 300 per instance|
The Processing charges for personal loan in Bandhan Bank is 1% of the loan amount plus GST as applicable and no prepayment is permitted until the repayment of 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 amount outstanding from the date of default. The check bounce charges are Rs. 300 per cheque bounced plus GST as applicable.