Bandhan Bank Personal Loan Eligibility | Bandhan Bank Personal Loan

Bandhan Bank Personal Loan Eligibility | Bandhan Bank Personal Loan

A personal loan is Associate in Nursing unsecured loan which suggests that collateral isn't needed to avail a loan, that is provided by most banks and Non-Banking monetary firms (NBFCs) like Bandhan Bank. this can be a unsound loan on the a part of the bank or NBFC, because of that interest rates on these loans would be more than secured loans. however it's conjointly vital to notice than Associate in Nursing unsecured personal may be a useful  loan and is good for immediate money necessities like medical emergencies, personal expenses, travel etc., from the explanations we are able to see that this can be for immediate wants and it's vital to not get rejected on a
personal loan.

This is the rationale why it's best to understand the eligibility criteria and therefore the factors that have an effect on your application to form certain that your loan doesn’t get rejected as anytime your loan is rejected it'll adversely have an effect on your credit score. If your credit score reduces a great deal, it'll become terribly troublesome to induce a loan or the loan are of terribly high charge per unit.

Most banks have strict eligibility criteria that depends on candidates age, location, salary, company of employment, legal status, credit score etc. the best client for the banks may be a person with a credit score of a minimum of 750 whom they contemplate very “bankable”.

The investor also will fix your loan most and minimum supported your compensation capability calculated supported your income. it's best to understand of these factors before applying for a loan so your application isn't rejected, and you get the most effective loan provide doable.

Bandhan Bank Personal Loan Eligibility Criteria

There are certain factors or criteria stipulated by banks which needs to be satisfied before loan applications are approved. They are
AgeMinimum 21 years
Maximum 65 years
Employment TypeSalaried or Self-employed
Employment statusEmployed/In-business for at least 2 yrs. and at least 1 yr. with current employer/business
Minimum IncomeRs.4000 - Rs.20000 per month (Varies according to area, which is higher in cities)
Maximum Loan AmountRs.70 lakhs (Based on your repayment capability)
TenureMinimum – 6 months
Maximum – 60 months
Credit ScorePreferred 750
These are the general criteria which you need to satisfy for your loan to be approved. These criteria will change from bank to bank.

Factors Affecting Bandhan Bank Personal Loan Application

Apart from the eligibility criteria there are certain factors that affect your loan application mainly the minimum salary expectation and your loan amount eligibility. They are
  • Location: the place where you stay play an important part in your loan application. This determines the minimum salary amount for you to be eligible for a personal loan. The minimum salary is higher in the cities and more so in the case of metropolitan cities like Mumbai.
  • Income: The higher the income the better loan amount you will get. This also shows that your repayment capability is excellent.
  • Housing situation: Whether you stay in your own house or in a rental property also play a part in determining your loan amount. This is because staying in a rental property reduces the disposable income, which means that your repayable capacity is reduced.
  • Company of employment: Working for a reputed company close to a year could indicate to the lender you are in a stable job, the better the rating of the company the better the personal loan interest rate can be negotiated.
  • Existing credit: If you already have another loan or credit card debt will play a major factor in determining your loan amount and interest rate.
  • Credit history: Your credit history based on which your credit score is calculated is very important. It is a primary factor upon which the loan amount, interest rate and tenure depend upon. If there is any discrepancy in your credit history, there are chances of your loan being rejected outright.

Documents Required for Bandhan Bank Personal Loan

Important documents to be submitted while applying for personal loans
  • Completed loan application
  • 3 Passport size photographs
  • Statement of Bank Account/ Pass Book for last six months
  • Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
  • Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
  • IT returns for the three years for self-employed professionals
  • Form 16/IT returns for the last two financial years for salaried employees

Bandhan Bank Personal Loan

Bandhan Bank Ltd is an Indian banking and financial services company which was started as a micro-finance company in 2001 in Kolkata. It was the first bank to be founded in eastern part of India after Independence. Currently, the bank has over 3700 touch points, 840 branches, 2444 door step services and 383 ATMs across India. Having developed as one of the largest micro-finance organisation, the bank provides a wide range of financial services to varied customers.

Bandhan Bank personal loan eligibility criteria for salaried and self-employed person

Age limit: Minimum 21, Maximum 60Minimum Loan Amount for Bandhan Bank Personal Loan:
Bandhan Bank provides personal loans starting from Rs.1 Lakh
Maximum Loan Amount for Bandhan Bank Personal Loan:
Bandhan Bank provides loans to a maximum of Rs.5 Lakhs
Minimum Salary Requirement for Bandhan Bank Personal Loan:
Minimum salary for Bandhan Bank Personal loan is Rs.50000 per month
Work experience Required for Yes Bank Personal Loan
Number of years in current company: 6 months
Total work experience: Minimum 2 years
Bandhan Bank Personal Loan Tenure: Bandhan Bank offers loans for a tenure with maximum of 36 months
Bandhan Bank Personal Loan Interest Rate: The interest rate for Bandhan Bank personal loan starting from 12% onwards

Bandhan Bank Personal Loan Charges

Loan processing charges: 1% of loan amount plus GST
Foreclosure charges: Prepayment is not allowed for first 6 months after which there is no prepayment charges
Charges for late payment of EMI: 24 % p.a on amount outstanding from date of default

How can I get Bandhan Bank Personal loan?

Personal loan Application Process for Existing Customers
Existing customers can apply for a Bandhan Bank Personal online or visit a nearby Bandhan Bank branch for the application. You can also download the home loan application form from the Bandhan Bank official website, complete the form and submit it to the bank representative. Due to already existing scenario the chances of approval of the application will be high and dispersion of funds fast.
Personal loan Application Process for New Customers
The process to apply for Bandhan Bank personal loan when it comes to new customers is same as with existing customers. The only difference is due to lack of previous relationship the loan approval process will take some time – maximum of a week as all the verification process will take place.
You can also check your eligibility for a personal loan through CreditMantri and apply for it.

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