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.
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 Borrower | Personal Loan with collateral securities valuing 50% or more up to 5 Lakhs | Personal Loan without collateral or less than 50% collateral securities up to 5 Lakhs | Groups Loans under Surety Loans with Confirmed ECS or SDL |
Salaried | 13.50% p.a. | 14% p.a. | 13.50% p.a. |
Self-Employed | 13.50% p.a. | 14% p.a. | 13.50% p.a. |
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:
Features | Personal Loan with Surety | Personal Loan against Pledge of Gold Ornaments
| Personal Loan against Government Securities |
Purpose of loan | Any legal and legitimate purpose | Any legal and legitimate purpose | Any legal and legitimate purpose |
Quantum of loan | Up to 5 Lakhs | Up to 75% of the gold value, subject to a maximum of 25 Lakhs |
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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 ornaments | Government securities |
Repayment tenure | Maximum of 84 months without holiday period | Maximum of 12 months | Maximum of 60 months or maturity date of security, whichever is earlier. |
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:
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).
Category | Document Category | Documents Accepted |
Salaried Individual | Proof of Identity (Any One) Separate proof for applicant and guarantor(s) |
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Proof of Address (Any One) Separate proof for applicant and guarantor(s) |
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Income Proof (All) |
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Other Documents |
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Self-Employed | Proof of Identity (Any One) Separate proof for applicant and guarantor(s). |
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Proof of Address (Any One) Separate proof for applicant and guarantor(s). |
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Income Proof (All) |
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Other Documents |
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A Personal Loan from Abhyudaya Co-operative Bank attracts the following charges:
Type of Charge | Amount of Charge |
Processing fee | 1.15% of the loan amount |
Processing fee for Personal Loan above 1 Lakh | 0.50% of the loan amount, subject to a maximum of 12,500 |
Processing fee for Loan Against Gold Ornaments | 0.60% 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 Securities | 0.60% of the loan amount subject to a minimum of 100 to a maximum of 1,000. |
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:
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
Now get IDFC First Bank personal loan of Rs. 20000 to Rs. 1 Crore at lowest interest rate starting from just 10.49% per annum and the processing fee is 1.5%-2% of the sanctioned limit + GST.
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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.
The eligibility conditions for Abhyudaya Co-operative Bank Personal Loan are:
Personal Loan interest rates at Abhyudaya Co-operative Bank range between 13.50% and 14% p.a.
Personal Loans with Abhyudaya bank may be used for several purposes including:
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.
A Personal Loan from Abhyudaya Co-operative Bank comes at a processing fee of up to 1.15% of the sanctioned loan amount.
The salaried and self-employed are eligible for an Abhyudaya Co-operative Bank Personal Loan. The income documents required for each are: