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.
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.
Here are some important features of the Abhyudaya Co-operative Bank personal loans:
You can take the Abhyudaya Co-operative Bank personal loan for the following reasons:
|Loan Quantum||The bank offers a personal loan of up to a maximum of 5 Lakhs subject to their terms and conditions.|
|Repayment tenure||Maximum repayment tenure is of 84 months, which is exclusive of holiday period for personal loans.|
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
You need one surety with a net take home salary of 12000 per month
Two sureties with net take home salary of 7000
|Collateral||No 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 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 loan||Rate of Interest|
|Personal Loan with 50% or more collateral securities up to 5 Lakhs||PLR+0.50 = 12.50%|
|Personal Loan without collateral or less than 50% collateral security up to 5 Lakhs||PLR+1% = 13.00%|
|Gold Loan||PLR-1% = 11.00%|
|Secured Overdraft and loans against collateral securities such as NSC/ RBI Bonds/ LIC/ KVP||PLR- 1 % = 11.00%|
|SOD/ Loan against Term Deposit|
In order to complete your loan application process, you are required to furnish the following documents:
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:
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.
Now get Navi personal loan of Rs. 10,000 to Rs. 20 Lakhs at lowest interest rate starting from just 9.99% per annum. Repay in easy instalments of 3 to 72 months. The processing fee ranges from 2.5% to 6% of the sanctioned limit + GST.
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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.
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.
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:
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.
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.
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.
No, there is no margin needed to get a personal loan from the Abhyudaya Co-operative Bank.
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.