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Fincash » Loans for Women » Bandhan Bank Women Loan

Bandhan Bank Loan for Women

Updated on June 13, 2024 , 184772 views

Bandhan Bank Ltd is a banking and financial services company established in 2001. It started as a micro-finance company in Kolkata and became the first bank to be established in the eastern region of India post-independence. The bank has 840 branches and 383 ATMs across India.

Bandhan Bank Loan for Women

Bandhan Bank has brought various government schemes for women. Women can hold an account at Bandhan Bank and avail various schemes to access financial assistance with business endeavours, home loans, Marriage Loans, etc.

Types of Loan Offered by Bandhan Bank

Here are the 5 types of loans from Bandhan Bank that aims to help women in every aspect of their life.

A tabular form with details such as loan amount and interest rates of all the loans offered by Bandhan bank -

Loan Loan Amount (INR) Interest Rate (%)
Suchana Rs. 1000 to Rs. 25,000 17.95%p.a.
Suraksha Rs. 1000 to Rs. 15,000 9.95%p.a.
Srishti Rs. 26,000 to Rs. 1,50,000 17.95%p.a.
Susiksha Rs. 1000 to Rs. 10,000 9.95% p.a.
Su-Briddhi Loan - 17.95% p.a.

1. Suchana Microloan

Suchana microloan aims at helping women start a business with other like-minded women through co-ownership. Women can start off this group loan by having a Savings Account with Bandhan bank. The loan amount one can avail under this scheme is from Rs. 1000 to Rs. 25,000. The loan repayment tenure is 1 year. The rate of interest is 17.95% p.a.

2. Suraksha Microloan

Suraksha microloan aims at helping women to meet medical emergencies at family. If the applicant is an already existing customer of the bank, this microloan will be delivered at the comfort of doorstep. The loan amount ranges from Rs. 1000 to Rs. 15,000. The loan repayment tenure is up to 1 year with a 9.95% p.a. rate of interest.

3. Srishti Microloan

This loan aims at helping women grow their business with better equipment, more raw material and helping hands. Businesswomen can access more funds and also repay faster. Women with a savings account in Bandhan Bank can access the loan sooner. Women can avail loan from Rs. 26,000 to Rs. 1,50,000. 1%+GST is applicable as processing fees. The loan repayment tenure is up to 2 years. The rate of interest is 17.95%p.a.

4. Sushiksha Microloan

This loan aims at helping women fund their child’s education with ease. Women can access a loan amount of Rs. 1000 to Rs. 10,000. The loan repayment tenure is one year, along with 9.95 p.a. rate of interest.

5. Su-Briddhi Loan

This loan is available for an already existing loan borrower from Bandhan bank. This can be used to fund the working Capital requirement. Women borrowers with a 2 year loan-term and having finished 36 weeks of loan repayment with the bank, can apply for the loan.

The loan amount is subject to the principal amount paid off the previous loan after 36 weeks and a maximum of 52 weeks. The loan tenure will be a co-terminus with the existing Shrishti loan. It is lent at a 17.95% p.a. rate of interest.

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Bandhan Bank Women Loan Purpose

Bandhan Bank provides a loan to women for the following reasons:

1. Boosting working capital

Women usually face an issue with startups when it comes to the working capital amount. The amount may not suffice to carry out the daily activities. In this situation, they can apply for short-term loans to meet the needs and pay back the amount as soon as they are on track.

2. Buying necessary items

One of the issues women face while setting up a business is not having enough money to buy the necessary items to run the business. This could mean that they need an extra computer or even upgrade the existing one. In this situation, they can take a loan to purchase the equipment and pay it back in due time.

3. Expanding business

Women also need money to expand their business. In this scenario, they can opt for a business loan for the purpose of expanding business.

4. Purchasing raw materials

While the working capital has the necessary money, women can face a cash shortage when it comes to the purchase of Raw Materials. This usually happens when women are in the Manufacturing business. Taking a loan to meet this need can help solve the issue.

5. Good credit standing

It is important for businesses to look good when it comes to credit history. Taking loans and timely repaying them is beneficial in building a business’ goodwill with lenders and other credit institutions.

Secured Loan & Unsecured Loan

Bandhan bank provides the following two types of loans:

1. Secured Loan

When it comes to secured loans, women will have to provide Collateral. This will help in availing a decreased rate of interest.

2. Unsecured Loan

Bandhan bank provides unsecured loans where women can avail the loan without any collateral. However, the interest rate is higher as well as the risk. Since the loan amount doesn’t require a guarantor the risk an applicant is undertaking will be greater as compared to secured loans.

Eligibility Criteria

  • Self-employed women
  • Entrepreneurs
  • Private Ltd. Enterprises
  • Partnership Firms involved in manufacturing and services

Bandhan Bank Loan Details

Bandhan Bank provides loans based on the applicant’s creditworthiness and profile.

The following are the main details to know before availing a loan:

Features Description
Loan Rs. 1 lakh to Rs. 10 lakhs
Tenure 1 month to 36 months
Interest Rate 16% p.a.
Loan Processing Charges 2% of the loan amount

Documents Required

1. Identity Proof

  • PAN Card
  • Aadhar Card
  • Voter’s ID Card
  • Passport
  • Driving License

2. Address Proof (Copy)

  • Aaadhar Card
  • Passport
  • Voter’s ID card
  • Driving license

3. Income Proof

  • Bank statement of last 5 months
  • Latest ITR
  • Balance Sheet
  • Profit and loss account for the last 2 years
  • Proof of continuation
  • Other documents

5 Must-Knows Before Applying for Loan at Bandhan Bank

Various criteria affect a person’s standing when she applies for a loan at Bandhan Bank.

1. Business turnover

The bank may consider the business turnover before sanctioning the loan.

2. Profit

The bank may consider the profit and loss ratio before sanctioning a loan. The rules are stricter since the safety of both the bank and the client matters.

3. Track record

The bank takes a look at the track record of the applicant’s business before deciding to sanction the loan.

4. Type of business

The type of business is also taken into consideration since it helps in deciding whether the loan should be approved or not.

5. Credit score

The Credit Score of the business or the individual is taken into account for reliability purposes. A lower credit score can reduce the chances of getting the loan sanctioned.

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Conclusion

Before applying for the loan, make sure to thoroughly read through all the loan related documents carefully. This will help in making a better decision and understand the necessary elements to make available to be eligible for the loan.

FAQs

1. Does Bandhan Bank offer a specific loan for businesswomen?

A: Yes, Bandhan Bank offers different types of microfinance opportunities for women looking to become financially independent. The different types of loans offered by to women are Suchana, Suraksha, Srishti, Sushikha, and Su-Briddhi loan. The loans have different interest rates.

2. What is the Purpose of micro-loan?

A: Bandhan Bank offers micro-loans or microfinance to women to help them become self-sufficient. Women can take this loan all by themselves or enter into a co-ownership or partnership with other like-minded women to get the loan.

3. What is the minimum amount of loan that women can get from Bandhan Bank?

A: The minimum amount is of Rs.1000 to women seeking to become self-sufficient.

4. What is the maximum loan amount offered by Bandhan Bank to women?

A: Bandhan Bank offers a maximum of Rs.1,50,000 to women under the Srishti Microloan opportunity.

5. Do different loans have different interest rates?

A: Yes, depending upon the scheme under which you have taken the loan, the interest rate will differ. For example, if you take a loan under the Suchana, Su-Briddhi, and Srishti schemes, the interest rate is 17.95% per annum. For the Suraksha and Susiksha schemes, the interest rate has been fixed at 9.95% per annum.

6. What is the tenure of the loans?

A: The tenure of the loans will depend upon the loan that you have taken. However, under most of the schemes, the loans have to be repaid within a year. Only the Su-Briddhi and Srishti schemes have a maximum tenure of 2 years.

7. Do I have to open a savings account to get a loan?

A: Yes, if you are applying for a loan under the Suchana Microloan scheme, you will have to open a Savings Account with Bandhan Bank. If you are opting for co-ownership, then you can open a group Savings Account with Bandhan Bank.

8. Who applies for the loan?

A: Women looking to purchase capital, raw materials, or expand the existing business can apply for Bandhan Bank microfinance.

9. What are the eligibility criteria to get a microloan from Bandhan Bank?

A: Self-employed women, entrepreneurs, or co-owners of partnership firms can apply for Bandhan Bank loans.

10. Do I have to provide collateral?

A: If you wish to reduce the interest payable, you can provide collateral to the Bank. However, it is not compulsory to provide collateral to get the loan.

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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amantech.in, posted on 8 Aug 21 8:30 PM

BAHUT HI ACHCHHI JANAKARI DIYE HAI SIR AAPKO IS ARTIKAL KO PADH KAR BAHUT HI ACHCHHA LAGA SIR MAI BHI EK BLOG LIKHATE HAI PLEASE MERE WEBSITE PE EK BAR JARUR visit KARE

manoj kumar, posted on 3 Aug 21 11:40 PM

Very nice bank

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