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Abhyudaya Co-operative Bank Personal Loan Eligibility

The Abhyudaya Co-operative Bank offers personal loans upto 5 lakhs to professionals, salaried individuals, self-employed as well as, to those who are running their own businesses  at lowest interest rates. The Maximum repayment tenure is of 84 months. 

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Abhyudaya Co-operative Bank Personal Loan Eligibility

The Abhyudaya Co-operative Bank offers personal loans to professionals, salaried individuals, as well as, to those who are running their own businesses or are self-employed. Here are some of the top conditions for personal loan eligibility at the Abhyudaya Co-operative Bank. 

Loan is available for salaried individuals, businesspersons, self-employed individuals, or professionals.

Your salary does influence your sanctionable loan amount.

  • Minimum salary required for a loan of up to Rs 1 lakh is Rs 7000 per month.
  • Minimum salary required for a loan between Rs 1 lakh to Rs 2 lakhs is Rs 8000 per month.
  • Minimum salary required for a loan between Rs 2 lakh to Rs 5 lakhs is Rs 9000 per month.

Features of Abhyudaya Co-operative Bank Personal Loans

Here are some important features of the Abhyudaya Co-operative Bank personal loans:

Loan Purpose

You can take the Abhyudaya Co-operative Bank personal loan for the following reasons:

  • Purchase of furniture/ consumer durables/ computers/ fixtures etc.
  • For repair or renovation of your house or flat.
  • For marriage/family function/ religious ceremonies etc.
  • Domestic or foreign tours and travels
  • For repayment of any existing loan.
  • For paying membership fee of registered clubs or associations.
  • To pay medical expenses of self or family members.
  • For any other purpose that the bank accepts.
Loan QuantumThe bank offers a personal loan of up to a maximum of 5 Lakhs subject to their terms and conditions.
Repayment tenureMaximum repayment tenure is of 84 months, which is exclusive of holiday period for personal loans. 
Membership

Up to 1 lakh a normal membership fee of 100 is charged.

However, for loans above 1 Lakh the fee is 5% of the loan amount.

For sureties there is a nominal membership of 100 each

Sureties

You need one surety with a net take home salary of 12000 per month

Or

Two sureties with net take home salary of 7000

CollateralNo primary collateral is required. You can submit collateral security in the form of NSC/ KVP/LIC or FDR if available.
  
  • The Abhyudaya Co-operative Bank personal loan is your perfect quick financing option especially for short term funding requirements for an array of needs.
  • As long as the personal loan is less than Rs 5 lakhs, no margins are needed to get it sanctioned.
  • It is possible to get a loan of up to Rs 5 Lakhs without any need to submit collateral or primary security.
  • There is a long and flexible repayment period of 84 months, much higher than many other financial institutions and banks.
  • The bank offers floating rates of interest that are highly affordable and competitive.
  • The Abhyudaya Co-operative Bank personal loan eligibility criteria are simple and no-fuss to ensure ease of getting the loan. This makes the whole process fairly hassle free for the customer; paving way for faster approvals.
  • The loan has a faster turnaround time, which is further improved through assistance from bank personnel and simple documentation.

Abyudhaya Bank Personal Loan Rate of Interest

The Abhyudaya Co-operative Bank offers personal loans at highly competitive, floating rate of interest that enables one to easily repay the loan through convenient EMIs. Linked to annual MCLR, these rates are as follows- 

Type of loanRate of Interest
Personal Loan with 50% or more collateral securities up to 5 LakhsPLR+0.50 = 12.50%
Personal Loan without collateral or less than 50% collateral security up to 5 LakhsPLR+1% = 13.00%
Gold LoanPLR-1% = 11.00%
Secured Overdraft and loans against collateral securities such as NSC/ RBI Bonds/ LIC/ KVPPLR- 1 % = 11.00%
SOD/ Loan against Term Deposit
  • For own FDR- 1% more than FDR ROI
  • For third party FDR- 2% more than FDR ROI

Documents required for Abyudhaya Bank Personal Loan

In order to complete your loan application process, you are required to furnish the following documents:

  • The duly filled application form for personal loan.
  • 2 passport sized photos of the applicant
  • 2 passport sized photos of the guarantor
  • A photo ID proof of both - the applicant as well as the guarantor
  • Proof of Residence of both - the applicant and the guarantor
  • Pan Card Copy of both - the applicant and the guarantor
  • Additional documents-
    • For salaried individuals - Salary slip for the last three months along with the bank statement of the last six months. Form 16 A and the proof of IT return for the last three years are also needed.
    • For businesspersons - Financial statement of the last two years, ITR copy, and the bank statement of the business for the last one-year are needed.

Factors affecting Abyudhaya Bank Personal loan Eligibility

Loan approval is not always easy and simple even if you are satisfying the bank's basic eligibility criteria. Several factors contribute to make your loan approval easy. The bank judges your repayment capacity before lending money to you and that is why it is important you keep them in mind as well.

Here are some important factors affecting your personal loan eligibility:

  • Age of applicant: Your age affects the tenure for which you will get the loan. The more earning years you have at your disposal before you retire, the longer loan tenure you are likely to get. The bank always favours giving longer loan tenures to younger individuals. However, if you have just started working and you are less than 25 years in age, the bank understands that while you have more working years at hand, you may not have ample salary or adequate job stability/security to pay EMIs for a large loan, therefore your age in this case, may affect your loan amount.
  • Income: It is obvious that your income will affect your loan eligibility directly. This is because you will be paying your EMI from your monthly salary and if that is barely covering your means, it is sure to be an issue in future. The higher your income better will be your chances of getting the loan easily.
  • Credit score and history: When you apply for a personal loan, your credit history is checked in detail by your bank. The credit score is a good indicator of the same. Missed, delayed, or unpaid credits always work negatively when you need a personal loan. It is therefore important that you maintain a healthy credit score at all times and make payments timely so that whenever you need a loan of any kind your eligibility is not affected. A credit score of over Rs 700 is always good when you need a loan. Another important aspect is that when an individual has no credit history that also sometimes works adversely. This is because the bank has no records to determine the borrower's credibility.
  • Number of dependents on the borrower: The more the number of dependents a borrower has the greater are his/her monthly expenses. That is why this becomes a factor affecting personal loan eligibility. Greater the liabilities you have more is the difficulty in loan repayment as it leaves lesser disposable income to repay EMIs. However, this aspect is never seen in isolation. Your income, service, age, status all play an important and combined role in determining your loan eligibility.

Tips to increase Abyudhaya Bank Personal loan Eligibility

Before you apply for a personal loan, it is always better to do some homework at your end and streamline certain aspects affecting your loan eligibility in the early stage itself. This way getting approval will get easy, fast and hassle free. Proper planning is a vital part of any loan application. Here are some tips that you can follow to increase your personal loan eligibility.

  • Calculate your EMI in advance using an EMI calculator: It is always better to calculate the best suited EMI amount at our end and apply for the same. This is because when you calculate the EMI at your end you will think over the loan tenure, your repayment ability and all other factors including short term and long-term expenses you are likely to incur while that EMI is ongoing. Therefore, the amount you work out after using an EMI calculator will be the best suited and based on all the factors that the bank will also check later. Since the EMI must be paid every month it has to be an amount that is payable after covering all liabilities. Calculating in advance makes you ask for a loan amount that is well within your means to repay. It also makes the bank?s job easier and faster.
  • Maintain a good credit score: whether or not you are looking for a loan in the immediate future, it does not hurt to maintain a good credit score. This is because in case of personal loans, which are unsecured, credit scores are a good indicator of your repayment ability and financial credibility. To have a good credit score, always pay your credit card bills on time, make timely EMI payments, do not default on any loans and payments and try to use only 75-80% of your credit card limit. At all times, your credit score must remain above 650.
  • Ask to get a credit report: Get a credit report generated before the bank asks for it. This allows you a chance to verify it at your end and remove any anomalies, which may result in issues later when the bank checks it. A good credit report adds to your financial credibility and helps get the loan easily.
  • Apply for a higher tenure: If you feel that the bank may have a doubt on your ability to pay a larger EMI it is always better to opt for longer repayment tenure. It does add to the interest rate but at the same time it brings down your EMI to a level the bank may seem payable. However, whenever you have the extra cash you can keep partially repaying the loan and try to close it sooner than the term. Do read the prepayment terms before that though.
  • Take professional help: If you are not very clued in about managing your finances or if the whole loan process and assessing our repayment capability seem difficult to handle, it is best to take professional advise from experts and gain a better perspective on your financial situation before taking the loan. This will help you reach an easily payable EMI amount once your liabilities have been worked out.

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Abhyudaya Co-operative Bank Personal Loan Eligibility FAQs

Are personal loan interest rates fixed for the Abhyudaya Bank fixed?

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No, there are no fixed interest rates for the Abhyudaya Co-operative Bank. Its personal loan is available at floating interest rates which are PLR linked every year. 

What is the longest loan term that I can avail for a personal loan with Abhyudaya Co-operative Bank?

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You can get maximum repayment tenure of 84 months, which is 7 years with the Abhyudaya Co-operative Bank personal loans. There is however, no holiday period provided. 

Is there any restriction of using the Abhyudaya Co-operative Bank personal loans or can I use them wherever I wish to?

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Personal Loans from the Abhyudaya Co-operative Bank can be used for an array of purposes, which are pre-approved by the bank. Some of these include:

  • Purchase of furniture/ consumer durables/ computers/ fixtures etc.
  • For repair or renovation of your house or flat.      
  • For marriage/family function/ religious ceremonies etc.
  • Domestic or foreign tours and travels
  • For repayment of any existing loan.
  • For paying membership fee of registered clubs or associations.
  • To pay medical expenses of self or family members.
  • For any other purpose that the bank accepts

Is there any security involved with urgent personal loans?

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No, there is no primary security needed to get a personal loan from the Abhyudaya Co-operative Bank. At the same time, the bank does accept collaterals in the form of NSCs/ KVPs/ RBI Bonds or LIC.

Do I need to provide any sureties to take a personal loan from r Abhyudaya Co-operative Bank?

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Yes, you need to provide sureties. If your take home salary is 12000, you will have to provide just one surety. However, if your take home salary is 7000 to 120000, you will have to provide just two sureties. 

What is the maximum loan amount available with Abhyudaya Bank personal loans?

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The maximum loan amount for loans without any security is 5 Lakhs. In case of secured loans, the loan amount is determined by the value of the assets that you pledge.

Do I need to provide margin for getting a personal loan from Abhyudaya Co-operative Bank?

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No, there is no margin needed to get a personal loan from the Abhyudaya Co-operative Bank.

What is the minimum salary needed in order to be eligible for a personal loan from the Abhyudaya Co-operative Bank?

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In order to secure a personal loan from the Abhyudaya Co-operative Bank, your minimum salary should be 8000 post all deductions including the EMI expected from the loan. However, many other factors affect your eligibility for the loan.