Bandhan Bank Education Loan: Documents and How to Apply?
Securing funds for college or university, whether in India or internationally, can be costly, presenting a challenge in financing higher education. The Bandhan Bank education loan, in this regard, provides a financial solution to support your academic aspirations.
Let’s explore everything about Bandhan Bank education loans, covering its features, eligibility criteria, document requirements, and much more.
What Is Bandhan Bank Education Loan?
Bandhan Bank offers many education loan options to support Indian students pursuing higher education both domestically and internationally. Among these are the "Sushiksha Loan," designed exclusively for existing micro-banking customers and personal loans for educational needs.
Bandhan Bank Education Loan: Interest Rates
Bandhan Bank provides competitive rates for both personal loans for education and Sushiksha loans, customised to meet the diverse financial needs of students.
Here are the starting interest rates offered by Bandhan Bank for education loans based on the employment type and loan tenure.
Sushiksha Loan Interest Rate
The table below summarises the current interest rate and processing fee for the Sushiksha Loan offered by Bandhan Bank.
Also Read: How do Education Loans Work in India - Complete Guide
Features of Bandhan Bank Education Loan
The Bandhan Bank Education Loan offers cost-effective financing options to help you in your academic pursuits.
The following are the general characteristics of the education loan issued by Bandhan Bank.
Get upto 100% Education Fees Financed with Propelld. Simplified Processing Dedicated Support.
Advantages of Bandhan Bank Education Loan
The personal loan for education and Sushiksha education loan from Bandhan Bank cater to various needs you might have while preparing for higher studies.
The various benefits of Bandhan Bank education loan include the following.
1. Attractive Rate of Interest
The Bandhan Bank education loan interest rate is highly competitive. It starts from as low as 9.47% p.a, making it highly affordable and accessible.
2. Flexible Repayment Tenure
The education loan provides you with the convenience of choosing a flexible repayment tenure, extending up to 60 months to comfortably manage and repay your loan.
3. Faster Loan Processing Time
Experience swift and convenient loan processing with the added convenience of doorstep document collection.
4. Part-payment Feature
The Bandhan Bank education loan provides you with the flexibility to make partial payments towards your loan; thus, helping you reduce your financial burden sooner.
5. Nil Foreclosure Charges on Loans
Loans amounting to INR 10L or more incur no foreclosure charges, allowing you the flexibility to repay your loans early without additional fees.
6. No Collateral Required
The application process is straightforward, with no need for collateral like home, gold or securities that help process the loan faster.
Also Read: Education Loan Benefits 2024 : India and Aboard
Bandhan Bank Education Loan: Eligibility Criteria
To ensure your Bandhan Bank education loan is approved, you must meet certain eligibility criteria. Understanding the following criteria ensures that you are well-prepared before applying for a Bandhan Bank education loan.
Here’s a structured overview of the eligibility criteria for applying for an education loan with Bandhan Bank:
Specific Criteria for Salaried Individuals, Self-Employed Professionals, and Non-Professionals
Sushiksha Loan Eligibility Criteria
Bandhan Bank Education Loan Documents Required
Compiling the required documents is crucial when applying for a Bandhan Bank education loan as it enables the bank to review your application thoroughly.
Below is a clear table outlining the essential documents needed for you as a student and the co-applicant (typically a parent or guardian).
*Please note: This requirement is not applicable to online applications based on a pre-qualified offer. Also, it is important to keep in mind that specific requirements may vary based on factors such as the loan amount, the college or university.
Need help to finance your education in a more seamless and faster manner? Propelld offers hassle-free education loans with low interest rates and personalised support. Apply today to transform your educational dreams into reality.
Minimal Documentation. Higher Chances of Approval. Easy Online Processes. Check Your Eligibility.
Bandhan Bank Education Loan Calculator
A Bandhan Bank education loan calculator helps you estimate the monthly EMIs you will need to pay towards your loan, allowing you to make informed financial decisions.
Some of the crucial factors affecting Bandhan Bank's education loans are as follows.
1. Principal
The principal is the initial loan amount disbursed by the lender. It directly influences your EMIs; that is, a lower principal amount results in lower monthly instalments and vice versa.
2. Rate of Interest
The rate of interest determines the cost of borrowing. Higher interest rates lead to higher EMIs, while lower rates result in lower EMIs.
3. Tenure
The loan tenure refers to the duration over which you repay the loan. It has an inverse relationship with EMIs, a longer tenure reduces the monthly instalments, whereas a shorter tenure increases them.
Using the Bandhan Bank Education Loan Calculator
Here’s an example, for a loan amount of INR 50,000 with a repayment tenure of 1 year and an interest rate of 10.99%, the monthly EMI would be INR 4,419.
Hence, by using this tool, you can create a structured financial plan to manage your monthly EMIs and achieve your career goals smoothly.
How To Apply For Bandhan Bank Education Loan?
Now that you understand how Bandhan Bank's instant personal loan can support your education without compromising quality, let's proceed to understand how to apply for the Bandhan Bank education loan.
We have outlined the step-by-step process to apply for an instant personal loan for education.
Step 1: Choose How to Apply
Start your loan application either by visiting a Bandhan Bank branch or using their Internet banking services. Both options are designed to simplify the process for you.
Step 2: Fill Out the Application Form
Gather all required information, such as details about your college program, personal information, and financial status.
Step 3: Submit Required Documents
Collect all necessary documents to support your loan application, including your admission letter, academic transcripts, and financial documents.
Step 4: Loan Approval and Disbursement
After submitting your application, Bandhan Bank will process it and aim to disburse the loan quickly, ensuring you receive funds promptly to start your education without delay.
Also Read: How to Apply for Education Loan in India- Complete Process
Get Education Loan for Any College in India. 100% Fees Financed- Propelld Education Loan
Overall, Bandhan Bank stands out for its commitment to providing you with a seamless education loan experience. With swift processing and efficient disbursement times, the bank ensures that you can easily access the financial support you need to pursue your academic goals without unnecessary delays.
If you're still concerned about financing your studies, you must consider Propelld for collateral-free education loans.
Why Choose Propelld?
Want to know more? Visit our website now!
0 Comments