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Eligibility Criteria for Bandhan Bank Personal Loans
Personal loans of Bandhan Bank can be applied by a wide section of people as mentioned above. These loans can be applied by only individual applicants. Non-individual applicants are not eligible for personal loans from Bandhan Bank.
The bank has set specific guidelines for determining the eligible applicants who can apply for the loan. The various criteria for eligibility of personal loans of Bandhan Bank are mentioned below.
Eligible Applicants
The bank provides personal loans to applicants that fall into the categories mentioned below,
- Salaried Employees
- Self-employed Professionals
- Existing Bandhan Bank Account holders (first-time loan customers are also eligible).
For the purpose of this loan, the employees of Bandhan Bank are not eligible applicants.
Age of Applicants
The bank requires the applicants to meet the age requirements laid by the bank at the time of application for the loan. The age requirements for a personal loan of Bandhan Bank are different in the case of salaried applicants and self-employed professionals. The details of the same are tabled below,
| Type of Applicant | Minimum Age | Maximum Age |
|---|---|---|
Salaried Employees | 21 years | 60 years |
Self-employed Professionals | 23 years | 60 years |
Relationship with the Bank
As per the guidelines of the bank, personal loans of Bandhan bank can be applied by only the existing customers of the bank. The Bank also requires the applicants to maintain a relationship with the bank for a minimum period of 6 months to be eligible to apply for the personal loans of the Bank.
Nature of account with the bank
Another important criterion for eligibility of personal loans of the bank is pertaining to the existing account of the applicant. As mentioned above, the bank requires the applicant to be an existing customer of the bank for a minimum period of 6 months. During this period, the account of the applicant cannot remain dormant. Such accounts are not eligible for personal loans from the bank. The bank requires the accounts to be operational with a minimum of 1 credit and 1 debit entry per month. Moreover, such transactions have to be customer-induced transactions to deem the account to be active and not dormant for personal loan eligibility.
What are the documents needed for a personal loan from Bandhan Bank?
The bank requires the applicants to provide basic KYC documents to support their application for a personal loan. These documents are part of the application process and are essential for the application to be complete for further processing. The list of documents that is to be submitted by eligible applicants is mentioned below,
Identity Proof
The applicant can submit any of the following documents as part of the identity proof required for personal loans.
- Voter ID
- Passport
- Aadhaar Card
- PAN Card
- Driving License
Address Proof
The applicant can submit any of the following documents as part of the address proof required for personal loans.
Signature Proof
Apart from the above documents, the applicants will also have to provide signature proof through any of the following documents.
- Passport
- PAN Card
Income Proof
The documents related to the income proof of the applicant depending on the category of the applicant. The details of the same are provided below.
For salaried applicants
The applicants need to provide the following documents as income proof for a personal loan,
- Last 3 months’ salary slip
- Form 16
For self-employed professionals
The applicants need to provide the following documents as income proof for a personal loan,
- ITR for the past 2 years
- Computation of Income for the past 2 years
- Balance Sheet for the past 2 years
- Profit and Loss Account for the past 2 years
Recent passport size photograph
The applicants will have to provide original copies of the above-mentioned documents at the branch office of the bank for verification even if the application is submitted online. When the application is submitted online on the basis of a pre-qualified offer, the applicants will not be required to submit original copies of income proof related documents.
What is a personal loan?
A personal loan is a type of retail loan that can be availed by eligible applicants. The purpose of applying for this loan can be for a variety of reasons ranging from medical reasons to other personal expenses like weddings, travel, home repairs or renovations, family liability or obligations, etc. Personal loans are processed quicker than many other loans and the eligibility criteria for these loans are also wide. The idea is to provide financial assistance to a large section of applicants to help them meet their personal needs.
The rate of interest on such loans is usually higher than other loans like home loans. Also, the tenure of these loans is shorter as compared to a home loan which is on average for 20 years.
Features of Personal Loan of Bandhan Bank
The personal loan of the bank can be availed by eligible applicants at affordable rates and has flexible repayment options. The various features of the personal loans of the bank are highlighted below.
Quantum of Loan
The personal loan of the bank can be available for a minimum amount of Rs. 50,000 and a maximum amount of Rs. 5,00,000.
Rate of Interest
The rate of interest charged on the personal loans of the bank depends on many factors like the credit profile of the applicant, loan amount, tenure of the loan, etc. The current applicable rate of interest for personal loans of Bandhan Bank is mentioned below.
Minimum Rate of Interest | 14% per annum |
Maximum Rate of Interest | 16.26% per annum |
Tenure
The tenure of the loan is the period for which the loan is sanctioned and has to be repaid by the borrower through EMIs (Equated Monthly Installments). The tenure of personal loans of the Bandhan Bank is tabled below.
Minimum Tenure | 12 months (1 year) |
Maximum Tenure | 36 months (3 years) |
Quick Disbursal of Loan
Bandhan Bank provides quick disbursal of the personal loans once it is approved. The loan is sanctioned provided the application and the related documents are in order and are duly submitted. Bandhan Bank provides a personal loan within 2 working days once it is approved.
What is a personal loan eligibility calculator?
Personal Loan Eligibility Calculator is the feature available on the website of the Bank. This feature enables the applicants to get an estimate of the eligibility for the personal loan of the bank. Applicants have to provide certain basic parameters for determining the eligibility for a personal loan of the bank. This feature also allows the applicant to get an estimate of the quantum of personal loan that can be availed by eligible applicants. The parameters required for determining the personal loan eligibility of the bank are mentioned below,
- Age of the applicant
- The income of the applicant
- Loan amount needed by the applicant
- Location of the applicant
- The credit score of the applicant
- Relationship with the bank
- Work experience
- Security or guarantee requirement
Overview of Bandhan Bank
Bandhan Bank is a private sector bank having its headquarters in Kolkata, West Bengal. The bank provides various products and services for retail customers, the MSME sector, corporate customers, NRIs and several others. The bank started with over 500 branches across the country currently serves more than 2,25,00,000 customers.
Bandhan bank provides personal loans among its many loan products to retail customers. These loans are designed to meet the financial requirements of the majority of customers across the country at affordable rates of interest. The details of personal loan eligibility from Bandhan Bank are mentioned on this page.
FAQs - Personal Loan Eligibility - Bandhan Bank
1. What is the maximum personal loan amount available at Bandhan Bank?
The maximum eligible personal loan that can be sanctioned by Bandhan Bank is Rs. 5,00,000.
2. Who can apply for Personal loans from Bandhan Bank?
Personal loan of Bandhan Bank can be applied by salaried applicants and self-employed professionals.
3. Can a non-professional having a business apply for a personal loan from the bank?
No. Bandhan Bank provides personal loan only to self-employed professionals. Hence, a non-professional person having a business cannot apply for a personal loan from the bank.
4. How to apply for Bandhan Bank personal loan?
A person can apply for a Bandhan Bank personal loan through online banking modes like internet banking or mobile banking or through the website of the bank. Alternatively, the applicant can directly visit the nearest branch of the bank to apply for a personal loan of the bank.
5. What is the maximum eligible tenure of the personal loan from Bandhan Bank?
The maximum eligible tenure of a personal loan of Bandhan Bank is 36 months or 3 years.
6. Can an existing employee of the bank apply for a personal loan from Bandhan Bank?
Yes. Bandhan Bank considers existing employees of the bank to be eligible applicants. However, they are not eligible to get the benefits of special offers, discounts, interest rates or charges.
7. What is the customer care number for queries on personal loans from Bandhan Bank?
The customer care number for a personal loan of Bandhan Bank is 1800 258 8181.
8. Are existing account holders eligible for a different rate of interest?
Yes. Bandhan Bank employees are eligible to get a preferential interest rate as compared to other borrowers.
9. What is the minimum period of banking relationship required to be maintained by applicants to get a personal loan from Bandhan Bank?
The applicants need to have an active account with the Bank for a minimum period of 6 months.
10. What is the minimum eligible tenure for a personal loan of Bandhan Bank?
The minimum eligible tenure for a personal loan of Bandhan Bank is 12 months (1 year).
Bandhan Bank Personal Loan Eligibility - Customer Reviews
Sujay halder
required personal loan.please help
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