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Why Don’t People Choose Bandhan Bank Personal Loan?

Why Don’t People Choose Bandhan Bank Personal Loan?

Loans are a debt taken for a particular period of time. The borrowers repay the loan for the chosen tenure and approved rate for the loan amount they have taken. Bandhan Bank is one of the new lenders people have and maybe that is the reason people not so easily apply at this lender.

In this article, we have shared the interest rates offered by top banks including the features of Bandhan Bank personal loan. These details will help you in choosing the best option for yourself and maybe end up with the one best for you.

Bandhan Bank Personal Loan

Bandhan Bank Personal Loan Interest Rate

The interest rates available for personal loans vary from 14% to 17.86% per annum.

ICICI Bank Personal Loan Interest rate

ICICI Bank calculates the final interest rate on the basis of MCLR and Base Rate. Presently, the rates are one of the lowest personal loan interest rates in India with the rates from 10.99% per annum onwards.

SBI Bank Personal Loan Interest rate

SBI personal loans are available at floating rate of interest based on 2-year MCLR which is presently 8.10% p.a. The personal loan interest rates are starting from 11.85% per annum.

HDFC Bank Personal Loan Interest rate

If you want to apply for a personal loan at HDFC Bank, you can get the lowest rate of 10.99% per annum. The bank has recently reduced the rate and is offering a higher loan amount as well.

Bajaj Finance Personal Loan Interest rate

You all know that when it comes to personal loans, Bajaj Finserv/Finance is an unbeatable match. The lender offers personal loans to salaried individuals only and is presently offering the loan at the starting rate of 10.99% per annum.

Kotak Mahindra Bank Personal Loan Interest rate

Kotak Mahindra Bank has not only made its way in the market by taking an initiative of Kotak 811 plans (the facility to open an account via mobile app) but is also one of the best personal loan providers in India. At present, the loan is offered at the starting rate of 10.99% per annum with the facility of a higher loan amount.

Personal Loan EMI Calculator

Let us suppose that you have applied for a personal loan at Bandhan Bank and want to check your future so as to be prepared for the payment and manage your finances accordingly. Your loan amount is ₹15 lakhs, the tenure of 5 years and has been offered the interest rate of 15.50% p.a. by Bandhan Bank that is:

The payments from your end will be as follows:

EMI: ₹36,080

Total Interest Outgo- ₹6,64,787

Total Amount (Interest + Principal) – ₹21,64,787

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