Bandhan Bank, which started off its journey as a non-banking financial company (NBFC) being the subsidiary of Bandhan Financial Holdings Limited, became a bank in June 2015. It offers a rich vein of financial products including a personal loan to fulfill your dreams, whether it’s about experiencing a glittering wedding or holding a master degree from a prestigious educational institute.
As the bank customizes its personal loan offers with attractive interest rates, customers are gradually reposing faith by applying for the said credit. Even you would want to apply here, won’t you? So let’s read on Bandhan Bank personal loan interest rate details in this article.
How Much is Bandhan Bank Personal Loan Interest Rate?
While searching for a loan deal, the first thing that one keeps an eye on is the interest rate, which to a great extent decides the pace of repayment. As far as Bandhan Bank Personal Loan Interest Rates are concerned, they can be anywhere between 14%-18.75% per annum. The rates are benchmarked to MCLR, which stands for Marginal Cost of Lending Rate. It’s the Equated Monthly Installment (EMI) which differs with the variation in the interest rates.
Any up and down in the rate would bring an equitable change in the installment you need to pay over the course of a loan. The focus should be to get Bandhan Bank Loan at lower rates. And, on the basis of sound income and a good credit score, the lower rates can be a reality. Plus, if you already have an account or other relationship with Bandhan Bank, then also the personal loan rates can get lowered, resulting in enhanced savings.
What Else Apart from Interest Rate That’s Going to Impact Your Personal Loan EMI?
Apart from the interest rate, the loan amount and tenure would also play their respective roles in determining the installment. While the loan amount would directly influence the EMI, the tenure is likely to impact the installments inversely. The message is clear, more the loan amount and interest rate, greater would be the EMI amount and vice-versa. A shorter tenure will lead to enhanced EMI amount compared to when being longer.
The maximum loan amount and tenure at Bandhan Bank is 5 lakhs and 3 years, respectively.
The EMI function can be shown through the calculator, which uses the loan amount, interest rate and tenure to do the same. The calculator can be found online, making it easy for you to compute.
Can You Get Bandhan Bank Loan Amortization Schedule in Advance?
Yes, you can. Actually, the EMI calculator presents the results of amortization schedule, breaking the estimated repayment into principal and interest portions while also letting you see the outstanding loan balance of every year till the expiry of the tenure. Even while servicing a loan, you can ask for the schedule from the concerned bank officials. Try to see whether the repayment summary which you saw before availing a loan is at par with what’s being shown through the schedule given to you by the bank. There can be a slight deviation in the figures because of the change in rates.