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Abhyudaya Co-operative Bank Personal Loan Interest Rates

Personal Loan from the Abhyudaya Co-operative Bank is a feature-laden product that provides funding for urgent and short-term needs of finance. It can be used for any purpose that is legal and legitimate, like childs, education, purchase of consumer durable, repair and renovation of property, marriage, travel, repayment of existing debt, business use, medical expenses, etc. the borrower is not required to furnish an end-use certificate. The Personal Loan from Abhyudaya Co-operative Bank can be approved for up to 5 Lakhs with a maximum repayment term of 84 months (7 years) with no holiday period.

Updated:

Abhyudaya Co-operative Bank Personal Loan Interest Rates

Abhyudaya Co-operative Bank Personal Loans are available at an extremely competitive rate of interest. The bank charges a rate of interest between 13.50% p.a. and 14% p.a., depending upon the customers job profile and credit standing. The personal loan interest rate is charged at a floating rate and is linked to the Prime Lending Rate. The rate of interest charged for both salaried and self-employed remains the same. However, the variations in interest rates are linked to the amount and type of surety.

Type of BorrowerPersonal Loan with collateral securities valuing 50% or more up to 5 LakhsPersonal Loan without collateral or less than 50% collateral securities up to 5 LakhsGroups Loans under Surety Loans with Confirmed ECS or SDL
Salaried13.50% p.a.14% p.a.13.50% p.a.
Self-Employed13.50% p.a.14% p.a.13.50% p.a.

Types of Personal Loans Offered by Abhyudaya Co-operative Bank

The Personal Loan offered by Abhyudaya Co-operative Bank can be differentiated on the basis of whether it is secured by a surety and collateral or not.

The different types of Personal Loans available are:

  • Personal Loan with Surety
  • Personal Loan against Pledge of Gold Ornaments
  • Personal Loan against Government Securities
FeaturesPersonal Loan with Surety

Personal Loan against Pledge of Gold Ornaments

 

Personal Loan against Government Securities
Purpose of loanAny legal and legitimate purposeAny legal and legitimate purposeAny legal and legitimate purpose
Quantum of loanUp to 5 LakhsUp to 75% of the gold value, subject to a maximum of 25 Lakhs
  1. Loan against bonds issued by RBI:
    • Up to 2 years old @ 70% of accrued value
    • Between 2 years to 4 years old @ 75% of accrued value
    • Above 4 years old @ 80% of accrued value
  2. Loan against LIC policy@ 90% of surrender value
  3. Loan against KVPs @ 90% of surrender value
Surety

One surety if the net take home salary is 12,000 per month

OR

Two sureties if the net take home salary is  7,000

Gold ornamentsGovernment securities
Repayment tenureMaximum of 84 months without holiday periodMaximum of 12 monthsMaximum of 60 months or maturity date of security, whichever is earlier.

Abhyudaya Co-operative Bank Personal Loan Eligibility

To check for an Abhyudaya Co-operative Bank Personal Loan eligibility criteria. The applicant must fulfill the conditions in order to avail a Personal Loan from Abhyudaya Co-operative Bank. The eligibility conditions are:

  1. Both salaried and self-employed individuals are eligible for a Personal Loan from Abhyudaya Co-operative Bank.
  2. Salaried individual must be a permanent employee of the company
  3. The minimum take home income/ salary of the applicant after EMI payment must be:
    • For loan up to 1 Lakh Rs 7,000 per month.
    • For loan above 1 Lakh up to 2 Lakhs: Rs 8,000 per month.
    • For loan above 2 Lakhs up to 5 Lakhs: Rs 9,000 per month.

Documents Required for Abhyudaya Co-operative Bank Personal Loan

In order to avail a Personal Loan from Abhyudaya Co-operative Bank, the applicant must submit the following documents. Please note that all documents must be self-attested by the applicant and guarantor(s).

CategoryDocument CategoryDocuments Accepted
Salaried Individual

Proof of Identity (Any One)

Separate proof for applicant and guarantor(s)

  • Voter ID Card
  • Passport
  • Driving License
  • Aadhaar Card

Proof of Address (Any One)

Separate proof for applicant and guarantor(s)

  • Ration Card
  • Voter ID Card
  • Passport
  • Driving License
  • Bank Account Statement
  • Aadhaar Card
  • Utility Bill
Income Proof (All)
  • 3 month  salary slip
  • 6 months bank account statement of salary account
  • Form No. 16
  • IT Return for last 3 years
Other Documents
  • PAN Card (applicant and guarantor)
  • Latest Photograph (applicant and guarantor)
  • Duly filled and signed application form
Self-Employed

Proof of Identity (Any One)

Separate proof for applicant and guarantor(s).

  • Voter ID Card
  • Passport
  • Driving License
  • Aadhaar Card

Proof of Address (Any One)

Separate proof for applicant and guarantor(s).

  • Ration Card
  • Voter ID Card
  • Passport
  • Driving License
  • Bank Account Statement
  • Aadhaar Card
  • Utility Bill
Income Proof (All)
  • 2 year ITR
  • 2 year Profit and Loss Account
  • 2 year Balance Sheet
  • 1 year bank account statement of current account of business
Other Documents
  • PAN Card (applicant and guarantor)
  • Latest Photograph (applicant and guarantor)
  • Duly filled and signed application form

Abhyudaya Co-operative Bank Personal Loan - Processing Fees and Other Charges

A Personal Loan from Abhyudaya Co-operative Bank attracts the following charges:

Type of ChargeAmount of Charge
Processing fee1.15% of the loan amount
Processing fee for Personal Loan above  1 Lakh0.50% of the loan amount, subject to a maximum of   12,500
Processing fee for Loan Against Gold Ornaments0.60% of the loan amount subject to minimum of 100 to a maximum of  1000. Gold appraisal charges on actual.
Processing fee for Loans Against Government Securities0.60% of the loan amount subject to a minimum of 100 to a maximum of  1,000.

How to Calculate Abhyudaya Co-operative Bank Personal Loan EMI?

EMI is the monthly expense that is incurred in order to repay a Personal Loan. Therefore, it is important to know the EMI installment beforehand so that one can repay the loan without any kind of financial stress. Prospective borrower can use the EMI Calculator available on MyMoneyMantra to check the EMI payout corresponding to entered principal, term and rate of interest values.

The MyMoneyMantra EMI Calculator can be used in the following way:

  • Log on to the official website of MyMoneyMantra
  • Featuring in the header bar is the link Financial Tools
  • Click on Financial Tools and select EMI calculator from the drop-down menu
  • Enter values for the principal amount, rate of interest and desired loan term
  • Submit the information
  • EMI amount for the entered values will appear on the screen
  • Make changes in the values to reach an ideal EMI amount.

Abhyudaya Co-operative Bank Personal Loan Customer Care

Abhyudaya Co-operative Bank customer can reach the bank through the following channels:

Customer Care Number: Call 022-24115047 or 022- 24105097

Email ID: secretarial@abhydayabank.net

Navi Personal Loan @9.99% p.a

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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Abhyudaya Co-operative Bank Personal Loan Interest Rate FAQs

Is Personal Loan from Abhyudaya Co-operative Bank available with or without surety?

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Abhyudaya Co-operative Bank approves Personal Loan with surety. It accepts one surety if the net take home salary is 12,000 per month and requires two sureties if the net take home salary is  7,000.

What are the eligibility conditions for Abhyudaya Co-operative Bank Personal Loan?

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The eligibility conditions for Abhyudaya Co-operative Bank Personal Loan are:

  1. Both salaried and self-employed individuals are eligible for a Personal Loan from Abhyudaya Co-operative Bank.
  2. Salaried individual must be a permanent employee of the company
  3. The minimum take home income/salary of the applicant after EMI payment must be:
  • For loan up to 1 Lakh: 7,000 per month
  • For loan above 1 Lakh up to 2 Lakhs: 8,000 per month
  • For loan above 2 Lakhs up to 5 Lakhs: 9,000 per month

What is the Abhyudaya Co-operative Bank Personal Loan interest rate?

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Personal Loan interest rates at Abhyudaya Co-operative Bank range between 13.50% and 14% p.a.

For which purposes Abhyudaya Co-operative Bank Personal Loan can be used?

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Personal Loans with Abhyudaya bank may be used for several purposes including:

  • Purchase of consumer durables
  • Repairs and renovation of property
  • Marriage and religious ceremonies
  • Domestic or foreign travel
  • Repayment of existing debt
  • Medical expenses
  • Education cost

The borrower can use the loan for any purpose that is legitimate and acceptable to the bank. The borrower is not required to submit an end-use certificate to the bank.

What is the processing fee for Abhyudaya Co-operative Bank Personal Loan?

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A Personal Loan from Abhyudaya Co-operative Bank comes at a processing fee of up to 1.15% of the sanctioned loan amount.

List the income documents required for Personal Loan from Abhyudaya Co-operative Bank?

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The salaried and self-employed are eligible for an Abhyudaya Co-operative Bank Personal Loan. The income documents required for each are:

  • Salaried Individual:
    • 3 months salary slip
    • 6 months bank account statement of salary account
    • Form No. 16
    • IT Return for last 3 years
  • Self-Employed Individual:
    • 2 year ITR
    • 2 year Profit and Loss Account
    • 2 year Balance Sheet
    • 1 year bank account statement of current account of business