Want to avail a loan against your term deposit to pare down your debts?

Take a look at Bandhan Bank Loan Facility Against Term Deposit.

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

Loan Amount

  • The maximum loan amount offered under this loan scheme is up to 90% of the term deposit

Interest

  • The interest rate applicable to this loan directly depends on the interest rate applicable to the term deposit rate. The interest rate applicable on the loan can be anywhere from 1.50% to 2.00% in addition to the term deposit rate

Repayment

  • This loan must be repaid within 3 years or residual period of the term deposit, whichever is earlier

Margin Money (Borrower’s Contribution to Total Cost)

  • As of October 2020, this information is not mentioned on the bank’s website. We suggest talking to a bank representative before applying for this loan

Processing Charges

  • The bank does not charge for processing this loan

Documents Needed

  • 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

Reference Facts:

  • Bandhan Bank Website: www.bandhanbank.com
  • Headquarters: Kolkata, West Bengal
  • Call Centre Toll-Free Number: 1800 258 8181, 033 4409 9090