6/26/2020 Bandhan Bank Home Loan Interest Rates v/s Bandhan Bank Personal Loan Interest RatesRead NowThere is a difference between a secured and unsecured loan as you know. And the factor which makes the secured loan affordable is its low rate of interest. If you are doing a renovation and need funds then you may better contact Bandhan Bank. But, the question may arise which is best Bandhan Bank home loan interest rates or Bandhan Bank personal loan interest rates. Read the article and know about the difference between the two loans and each of their benefits.
Bandhan Bank Personal Loan You can apply for a personal loan at Bandhan Bank if you are salaried or self-employed. There is no need for a collateral to your borrowed amount. And can borrow from INR 1 to 5 lakh based on your monthly income and credit history. Bandhan Bank personal loan interest rates range from 15.00%-16.18% per annum. For which the bank provides you a repayment period up to 36 months. Bandhan Bank personal loan interest rates are high due to the credit risk associated with the borrowed amount. The nonpayment of the loan only leads to high debt and not cease your property or asset. But, you have the advantage of instant loan approval and disbursal when you choose a personal loan. The loan amount can be used for any financial needs and not only for a singular financial need. Bandhan Bank Home Loan To renovate the house you can borrow funds from the Bandhan Bank. You can apply for a home loan and borrow money as per your income and credit score. Bandhan Bank home loan interest rates range from 8.50%-11.75% per annum. Which is low compared to the Bandhan Bank personal loan interest rates. Not only that but, you may also get some tax benefit on your loan payment which you won’t get in a personal loan. The borrowed amount can be paid in 15 years of tenure which you can choose as per your repayment capacity. In case you default or don’t pay the loan amount the bank will cease your property which you mortgage against the loan amount. Because of the low risk in a home loan Bandhan Bank home loan interest rates are low. So make your decision based on the above factors and choose the loan which meets your renovation expenses which includes, flooring, painting, furniture purchase, etc. How to apply for a loan in Bandhan Bank? To get a personal or home loan from Bandhan Bank, you need to fill up an application form and submit it with 2 passport size photographs. Also you are required to submit ID, address and income proof for the verification. Based on your income and credit score the bank will check your loan eligibility and sanction your loan. Bandhan Bank charges 1% processing fee for your personal loan and home loan after which the loan amount is disbursed to your account. You can use the loan amount and renovate your house without any hassle and pay the EMI using ECS, NACH or PDCs services.
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Anika Sharma
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