What is the Minimum Salary for Personal Loan in Bandhan Bank?

I was recently looking to get a personal loan for a much needed home renovation. When I asked a friend of mine, he recommended getting it from Bandhan Bank. But he told me that there is a Bandhan Bank personal loan minimum salary requirement that I need to fulfil to apply for the loan. So I reached out to their customer helpline number and learned that the minimum monthly salary requirement is Rs 25,000. I found out that it is a manageable amount and I can meet the eligibility criteria.

What is Bandhan Bank Personal Loan Minimum Salary Requirement?

When I investigated getting a personal loan from Bandhan Bank, I found that the minimum salary requirement is important for eligibility. 

• As per the details their customer representative gave me, in order to be eligible for a personal loan, applicants must earn at least Rs. 25,000 per month. 

• As a salaried person, I liked that Bandhan Bank gives personal loans with a range of Rs.50,000 to Rs.25 lakh, offering flexibility based on one's financial requirements. 

• I also figured that when compared to other banks, the interest rates are competitive, starting at about 9.47% per annum. 

• I only had to submit Form-16 and my last three months' worth of pay slips in order to apply, which made the procedure simple. 

Overall, knowing the required minimum salary and the required paperwork allowed me to prepare for my Bandhan Bank personal loan application. Hope this helps you out as well.

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To be eligible for Bandhan bank personal loan minimum salary, individuals must meet specific criteria, particularly regarding income. For salaried individuals, the minimum monthly salary required is typically between Rs. 20,000 and Rs. 25,000.

This range ensures that the borrower has sufficient income stability to handle loan repayments over the term, which can range from 1 to 5 years.

Bandhan Bank also evaluates other eligibility factors such as:

1. Age: For salaried individuals, the age must be between 21 and 60 years at the time of loan maturity. For self-employed individuals, the age range extends from 23 to 65 years.

2. Employment: Salaried applicants should have a minimum of one transaction in their salary account each month. This indicates regular income. Self-employed individuals need to show consistent business transactions, with at least one debit and two credit transactions per month or 12 credit transactions in the past year.

3. Credit Score: A good credit score, ideally 750 and above, improves the chances of loan approval and better terms. A healthy credit score reflects a reliable repayment history and financial discipline.

4. Documentation: Applicants must provide necessary documents, including identity proof (like passport, Aadhaar, or voter ID), address proof, recent photographs, and financial statements such as salary slips and bank statements for salaried individuals or income tax returns and business account statements for self-employed individuals.

Bandhan Bank offers competitive interest rates starting from 11.55% per annum for salaried individuals for loans up to three years, and lower rates for longer terms. Self-employed individuals have slightly higher starting rates​​.

This is all about Bandhan bank personal loan minimum salary.

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