Bandhan Group Loan – Microfinance Loans For Women

Today, we are going to discuss Bandhan Group Loan. Bandhan Financial Services based in Kolkata, West Bengal is one of the fastest-growing Non-Banking Financial Corporation (NBFC–MFI) that is providing microfinance services since its inception in 2001.

The major focus of Bandhan Microfinance services are poverty alleviation and women empowerment and helps poor communities establish small businesses or provide financial support to needed women in society. The beneficiaries could be fishermen, farmers, small entrepreneurs, housewives, deprived communities, etc.

Sometimes, salaried or self-employed professionals face difficulties in avail of a loan. So, it will be way more problematic for a poor unemployed individual to get a loan through the pain-staking banking formalities. People living in poverty or rural women find it hard to get finance from established lending institutions but, on the other hand, the country aims for growth in all sectors.

Bandhan Bank Ltd connected the bridge gap here. The bank has 840 branches and 383 ATMs across India with various government schemes for women to offer. Women can hold an account at Bandhan Bank and avail various schemes to access financial help for home loans, Marriage Loans, start handcraft businesses, etc.

Types of loans offered by Bandhan Bank

Bandhan Bank offers 5 types of loans to help women in every possible financial need of their life.

Suchana Microloan

This microfinance is for poor women who are either individually/collectively trying to generate additional income in their daily life. Suchana microloan could help to start a new business. Women just need to have a Savings Account with Bandhan Bank to avail the loans.

  • Loan amount – Rs. 1,000 – Rs. 25,000.
  • Tenure – upto 12 months.
  • Interest rate – 17.95% – 23% per annum.

Suraksha Microloan

Suraksha microloan scheme focuses on helping women to meet medical emergencies. Women who are already existing customers of the bank can avail this microloan. In addition, it will be delivered at the comfort of the doorstep.

  • Loan amount – Rs. 1,000 – Rs. 15,000.
  • Tenure – upto 12 months.
  • Interest rate – 9.95% – 10.52% per annum.

Srishti Microloan

Women willing to grow their businesses with purpose needs like machinery, more raw material, and manpower, Srishti microloan is the option for them. Women having savings account in Bandhan Bank can access the loan faster which they can utilize as capital for their home-based business and repay inflexible repayment options.

  • Loan amount – Rs. 26,000 – Rs. 1,50,000.
  • Tenure – upto 24 months.
  • Interest rate – 17.95% per annum.
  • Processing fee – 1% + GST.

Sushiksha Microloan

This scheme provides women the financial support to carry or complete their children’s education. Students from not-so-well-to-do families or do not have their father’s support but, willing to study face financial troubles. So family women can avail this microloan to continue their children’s education.

  • Loan amount – Rs. 1,000 – Rs. 10,000.
  • Tenure – upto 12 months.
  • Interest rate – 9.95% – 10.52% per annum.

Subriddhi Loan

Bandhan Bank offers this loan to customers who already have borrowed loans previously and cleared timely. This loan amount can be utilized as 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.

  • Loan amount – The loan amount is subject to the principal amount paid off the previous loan after 36 weeks and a maximum of 52 weeks.
  • Tenure – The Tenure will be a co-terminus with the existing Shrishti loan(In general 4 options of 12 months, 24 months, 36 months and 48 months are available).
  • Interest rate – 17.95% per annum.

Samadhaan Loan

Women can avail of this loan to overcome financial crises during pandemic situations.

  • Loan amount – Rs. 5,000 – Rs. 15,000.
  • Tenure – upto 24 months.
  • Interest rate – 19.45% per annum.

Note

The borrower should always talk with the bank representative before applying or avail a loan. This may provide information about new schemes or changes in interest rates that are not updated online yet.

Secured & Unsecured Bandhan Group Loan

Bandhan Bank offers both secured and unsecured loans.
I. Secured Loans – For secured loans, borrowers (women) need to provide Collateral. This security will help the borrower to avail of the loan at a decreased rate of interest.

II. Unsecured Loans – Unsecured loans require no security so, women can avail of the loan without any collateral. But, as the loan amount doesn’t require a Guarantor or collateral, the applicant’s risk is greater compared to secured loans.

Bandhan Group Loan Objective

  1. Empower poor women and their independent ability.
  2. Improve the living conditions of the marginalised people.
  3. Provide fund to the small and micro business entrepreneurs.
  4. Loan for low cost house building.
  5. Help to generate regular income for the struggling people who just need financial support.
  6. Mostly, helping the poor communities to become self dependent.

Purpose of Bandhan Group loan

Capital

The majority of the women face difficulties to gather capital for their businesses start-ups. The loan amount can support them to boost up their financial capability and start. Once get succeeded, they can repay the amount.

Purchase of necessity

Sometimes, after starting their businesswomen face issues regarding the purchase of necessary items to run their business. It could be machinery or official items. These short-term loans can be helpful to fulfill these needs.

Business expansion

Willing women who want to expand their running business but, face problems due to fund shortages. Bandhan Bank also offers loans for this reason particularly. Women could avail of this loan and expand their business.

Emergency

Women often face issues with finance regarding the continuation of their children’s education or health emergencies. Bandhan Bank offers loans for these purposes also, by which women can deal with such situations independently.

Eligibility for Bandhan Group loan

To avail of loans from Bandhan Bank, borrowers need to fulfill the below-mentioned criteria.
The borrower must need to be,

  • Self employed woman.
  • Entrepreneur.
  • Private Limited Enterprise.
  • Partnership Firm engaged in manufacturing and services.
  • Age need to be within 18-65 years.

Required documents for Bandhan Group Loan

1. personal identity – PAN card, Aadhar card, Voter’s ID, Passport, Driving License.Residential proof.
Aadhar card, Voter’s ID, Passport, Driving License.

2. Income Proof – Bank statement of last 6 months, ITR, balance sheet, profit & loss account of last 2 years, other documents as per request.

Apply for a Bandhan Group Loan

1. Borrowers can avail of the loan which matches the requirements from these loan options online. The official website of Bandhan Bank offers the option to apply for a loan by filling their loan application form.

2. borrower can visit the nearest branch of Bandhan Bank and discuss with the bank representative regarding the particular loan and do the needful to get the loan.

Though, it is always advisable to visit the branch and clear all doubts with the bank representative regarding the loan before applying.

Contact

Address – DN 32, Sector V, Salt Lake City, Kolkata – 91.

For feedback, complaint, grievance or query you can write a mail at –

Call – 1800 258 8181(Toll-free) / 033 4409 9090 / 6633 3333 / 4090 3333

Leave a Comment