Bandhan Bank Education Loan: Interest Rates and Eligibility

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!

‍

FAQs About Bandhan Bank Education Loan

Can I get an education loan from Bandhan Bank?

Yes, Bandhan Bank offers education loans to support students pursuing higher education in India and abroad. The bank provides financial assistance to meet your academic aspirations and support your educational journey.

What is the loan limit of Bandhan Bank?

Bandhan Bank provides different loan limits depending on the type of education loan.

• Personal Loan for Education: INR 50,000 to INR 15,00,000
• Sushiksha Loan: INR 1,000 to INR 10,00,000

Is Bandhan Bank a government bank?

Bandhan Bank is an Indian private bank headquartered in Kolkata, West Bengal. It began by offering short-term microfinance but has since expanded to provide a wide range of financial products and services to retail and corporate customers throughout India.

Does HDFC own Bandhan Bank?

A few years ago, HDFC Ltd, the erstwhile mortgage financier, held nearly 10% stake in Bandhan Bank. Subsequently, as part of their merger, HDFC's stake was transferred to HDFC Bank.

What are the advantages of knowing the Bandhan Bank education loan in advance?

Understanding the details of the Bandhan Bank education loan in advance offers several advantages. It allows for effective financial planning, ensuring stability and predictability in managing your expenses and loan repayments. 

Is Bandhan Bank education loan eligible for tax deduction?

Yes, when availing a Bandhan Bank Education Loan, the interest paid (included in your EMI) qualifies for deduction under Section 80E of the Income Tax Act, 1961. You can claim this deduction for a maximum of 8 years or until the interest is completely paid off, whichever happens first.

How long does the bank take to communicate its decision regarding the approval or rejection of the loan application?

Bandhan Bank sanctions its Education Loans only after conducting thorough due diligence. Typically, the bank disburses loans within 15 days of receiving a complete application

What are the advantages of a Bandhan Bank education loan calculator?

The key advantages of using loan calculators are speed and convenience. They allow you to perform multiple calculations quickly, a task that would otherwise be time-consuming with pen and paper. 

Why should you calculate Bandhan Bank's education loan beforehand?

Calculating your Equated Monthly Instalment (EMI) in advance is crucial for ensuring financial stability when availing a Bandhan Bank education loan. By committing to repay a fixed amount on a specific date each month, it's essential to assess your income stability, monthly expenses, and existing loan commitments beforehand.

What is the Bandhan Bank education loan interest rate?

The Bandhan Bank education loan interest rate varies based on the employment type and tenure of the loan.

Salaried Individuals:

• Up to 3 years: Starting from 11.55% p.a.
• More than 3 years: Starting from 9.47% p.a.

Self-employed Professional/Non-Professional:

• Up to 3 years: Starting from 12.55% p.a.
• More than 3 years: Starting from 10.10% p.a.

Is Bandhan Bank education loan collateral-free?

No, a distinguishing characteristic of a personal loan for education is its lack of collateral, such as a home, gold, or securities, which leads to faster loan processing.

What are the steps to apply for the Bandhan Bank education loan?

Here are the steps to apply for the Bandhan Bank education loan.

• Fill out the application form.
• Submit the required documents.
• Await loan approval and disbursement.

Is Bandhan Bank a safe bank?

Bandhan Bank, like all banks in India, operates under the regulatory supervision of the Reserve Bank of India (RBI). The RBI ensures that banks comply with strict regulations to protect the interests of customers.

What is the EMI for an INR 2L loan?

For an INR 2L loan over 1 year at an interest rate of 10.99%, the monthly EMI is INR 17,675.

Can I get an INR 10L education loan from Bandhan Bank?

Yes, you can obtain an INR 10L education loan from Bandhan Bank, subject to fulfilling their eligibility criteria and providing the necessary documentation as part of the loan application process.