Expand or start your own business with Bandhan bank Business loan

There are many people who wish to start up their own business or expand it further. This requires investment in the form of finance. There are many business loan products available in the market. Out of them, one product needs to be mentioned that is Bandhan bank business loan. The bank may be a newbie but the product it is offering can fulfil all the financial requirement of the people who want to elaborate their business further. Bandhan Financial Holdings Limited incorporated Bandhan Bank as a wholly-owned subsidiary on December 23, 2014. Reserve bank of India gave the in-principle approval for setting up a bank in April 2014. The final nod was given in the month of June in  2015. The main head office of the bank is located in the city of joy, Kolkata, which happens to be India’s former capital.

The business loan of Bandhan bank is known by the name ‘Samriddhi Business loan’. ‘Samriddhi stands for prosperity in English and hence the bank has given the name to this product. The bank offers a maximum amount of Rs. 25 lakhs to the customers. The tenure for the same goes up to a period of five years, which also includes a moratorium time of three months. You are required to submit your loan application to the nearest branch of the bank along with the documents. Once you complete all the required conditions and terms, the bank will disburse the loan for you. In case you live far off from the branch, still you can avail a loan from the bank. Have a proper look at this article to gain a better understanding of the business loan product offered by Bandhan bank.

Eligibility criteria-

Any applicant has to first fulfil the requirements of eligibility set by the bank. The various norms of eligibility have been given below. Check them out right now-

• Proprietors, individuals and partnership firms are eligible to apply for the loan.
• The minimum age at the time of loan application should be 23 years. The applicant must have attained the age of 23 years if he/she wishes to take funds from Bandhan bank.
• The applicant should not exceed the age of 60 years when the loan tenure expires. It means the entire loan amount should be repaid by the age of 60 years.
• The applicant should be involved in the same business for a minimum period of two years. However, new entrepreneurs who are eligible, can also apply for the product.
• Non individuals need to have a satisfactory record of two years in the same business

Documents required-

One of the most important steps in the process of loan disbursal is documentation work. The list of required documents has been given below. Don’t miss to see them-

• Completely filled application form
• Three photographs of passport size of the Individual Borrower/Directors/Partners
• Two photographs of passport size of the guarantor, in case it is needed
• Proof of Identity- PAN card/Voter ID card/Driving License/Aadhar card/Passport
• Proof of Address- Passport/Rent agreement/Telephone bill/Electricity bill
• Financial statement of the past two years
• Trade license or any other such regulatory license which is applicable to unit
• Bank statement of the past six months
• Copy of the following-  Memorandum of Association and Articles of Association along with Partnership deed or any other related documents for any partnership firm or a company
• Ownership documents of security
• For a working capital, stock statement has to be submitted every month

Interest rates and processing fees-

It is very essential to know about the interest rates before you avail a loan from the bank. Bandhan bank charges an interest rate of 10.52% in case of a business loan. The bank started linking its interest rate with its MCLR from April 2016.The bank also charges a processing fee of 1% of the sanctioned loan amount along with the applicable services tax.

Margin of the loan

Working capital- 25%

Term loan- 25%

Customer care number-

In case of any assistance, you can always call the customer care centre of Bandhan bank. The number is 033-66333333 and 1800-258-8181

So now you have known quite a lot about the product, don’t wait any more. Apply for a business loan today and start or expand your flourishing business.