Consolidation Loans from Bandhan Bank
Multiple loan schemes for paying off debt.
Bandhan Bank, a fast-growing private sector bank based in Kolkata, offers a range of financial products to different segments of its customer base. The bank gives you a range of loans to choose from based on your preference. Right from housing loans to business loans to help its retail as well as corporate customers get the financial assistance they seek.
Bandhan Bank Consolidation Loans
Bandhan Bank consolidation loan helps customers consolidate their debts into one loan which they can repay by choosing terms best suited for their needs. A consolidation loan can be an unsecured loan like a personal loan or a secured loan like a loan against property, gold, securities, etc.
A takeover of loan facility can also be considered as a consolidation loan if it is a relatively low-interest loan as compared to the original loan, thereby reducing the overall debt burden. Along the same lines, a top-up home loan that can be used to repay credit card debt or other high-interest loans can also be considered as a consolidation loan.
These loan schemes help make the repayment of debts easier since the outgoing payments get consolidated into one and the borrower does not have to worry about multiple loans or credit card debt repayments going on different days of the month. In addition to making your life easier, it can reduce the overall debt burden if the borrower chooses the right consolidation loan scheme in terms of interest rate, repayment period, etc.
Please remember that Bandhan Bank does not label any loan scheme as a consolidation loan. Instead, a few schemes can be used for the purpose of consolidating debts even if they are not directly labelled so. Here are some of the loan schemes offered by Bandhan Bank that you can avail as a consolidation loan:
- Personal Loan
- Loan Against Term Deposit
- Loan Against Gold Jewellery
- Loan Against Property
We give you a brief introduction to each of these consolidation loans below. In addition, you have the option to click further and read in detail about each loan (the link takes you to another page on our website). This specific page has been specifically designed so that you can get all the information you need on that loan in an uncluttered and easy-to-read format.
Bandhan Bank Personal Loan
This loan helps borrowers to get funds to meet their personal needs such as expenses for a child’s wedding, domestic and foreign travel, medical emergency, etc. Borrowers can also avail this loan scheme as a consolidation loan to pay off their debts.
Features of Bandhan Bank Personal Loan
Why this Loan?
- The Bandhan Bank Personal Loan is designed to help Bandhan Bank account holders get financial assistance to meet their personal needs. Borrowers can also avail this loan scheme to pay off their debts
- This is an unsecured loan, meaning you don’t have to offer any collateral to get the loan
Bandhan Bank Loan Against Term Deposit
This loan helps borrowers to get funds to meet their urgent financial needs including wedding expenses, travel expenses, medical expenses, etc. against term deposits. This scheme can also be repurposed into a consolidation loan to pay off their high-interest credit card debts and loans, thereby consolidating their debts.
Features of Bandhan Bank Loan Against Term Deposit
Why this Loan?
- The Bandhan Bank Loan Against Term Deposit is designed to help Bandhan Bank term deposit holders avail a loan against term deposits to meet their urgent financial needs including child’s education expenses, wedding expenses, expenses for overseas or domestic travel as well as for consolidating debts
- The borrower can get up a loan up to 90% of the term deposit without liquidating the deposit
Bandhan Bank Loan Against Gold Jewellery
This scheme helps borrowers access needed funds by pledging their gold jewellery or specially-minted gold coins sold by banks. This advance can be used to meet any financial needs such as a wedding, overseas travel, higher education, etc. as well as to consolidate high-interest debts.
Features of Bandhan Bank Loan Against Gold Jewellery (Gold Loan)
Why this Loan?
- The Bandhan Bank Loan Against Gold Jewellery is meant for borrowers who want to get funds by pledging gold jewellery to meet their financial needs
- This loan scheme can also be availed by borrowers as a consolidation loan to pay off their high-interest credit card debts and loans
- The bank offers secure storage with a free locker facility with this loan scheme to ensure peace of mind for the borrower
Bandhan Bank Loan Against Property
This loan helps borrowers get access to funds by pledging their property to the bank to meet their urgent financial needs such as wedding expenses, foreign travel expenses, medical exigencies, higher education, etc. This loan can also be repurposed into a consolidation loan to pay off debts.
Features of Bandhan Bank Loan Against Property (Mortgage Loan)
Why this Loan?
- This loan is meant for individual borrowers who want to avail financial assistance by pledging their residential property to the bank to meet their urgent financial needs. This loan can be availed for personal or business needs but not for capital market, trading or speculative purposes. Borrowers can also avail this scheme as a consolidation loan to pay off their debts
- The bank offers up to 60% of the evaluated cost the residential property and up to 50% of the evaluated cost the commercial property
- This loan scheme offers a long repayment period of 30 years as compared to other mortgage loans
Important Note: Bandhan Bank may offer more consolidation loan options that are not yet published on the website. If you prefer we suggest that you get in touch with the nearest branch to check the loan schemes they offer. This will also help you get a custom quote since many loan schemes are need-based and certain charges such as application charges, service charges, strategic premium, etc. may be decided on a case-to-case basis.
Interest Rate for Bandhan Bank Consolidation Loans
- The applicable interest rate on these loans is defined as the sum of two factors namely, Marginal Cost of Funds based Lending Rate (MCLR) and Spread. The spread factor is decided by the bank based on the loan type, quantum of loan and credit score of the borrower
Documents Needed for Individuals (Salaried and Self-employed)
- Loan Application Form duly filled and signed by the applicant and co-applicant, if any
- Two Passport Size Photographs of applicant and co-applicant
- Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
- Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
- Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
- Income/Banking Proof for Self-employed Professionals/Self-employed Non Professionals: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan/ Form 26AS/TDS Certificate, IT Assessment, etc.
Reference Facts:
- Bandhan Bank Website: www.bandhanbank.com
- Headquarters: Kolkata, West Bengal
- Call Centre Toll-Free Number: 1800 258 8181, 033 4409 9090