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Abhyudaya Bank Personal Loan Details

Loan amountUp to Rs. 5 Lakhs
Rate of interest11.50% - 12% p.a.
Repayment tenureUp to 84 EMIs
Lowest EMI per lakhRs. 1,739
Minimum monthly incomeRs. 7,000 - Rs. 12,000
Collateral securityLIP/ NSC/ KVP/ FDR (if available)
Sureties1 Surety with net take home income of Rs. 12,000 p.m. & 2 with Rs. 7,000 p.m.

Types of Abhyudaya Bank Personal Loan

With Abhyudaya Bank, you can get various personal loans based on the urgency of the requirement and the loan amount needed. The personal loans offered by Abhyudaya Co-operative Bank are as follow:

Personal Loan

Purpose of loanPurchase of consumer durables, repairs & renovation of flat/ house, marriage & other ceremonies, travel, repayment of existing debt, registered clubs and association, medical expenses, other purposes acceptable to the bank.
Quantum of loanUp to Rs. 5 Lakhs
Repayment tenureMaximum 84 EMIs without any holiday period
Interest rate12% p.a. (11.50% in case of Surety Loans with confirmed ECS / NACH or SDL & Groups loans)
MembershipNominal and as per extant shareholdings norms
SuretiesYou need one surety with a net take home salary of Rs. 12,000 per month or two sureties with net take home salary of Rs. 7,000
CollateralYou can submit collateral security in the form of NSC/ KVP/LIC or FDR if available.

Loan/SOD Against Pledge of Gold Ornaments

Purpose of loan

 

Loan amount may be used for any purpose except the purchase of gold.

 

Quantum of loan

 

Maximum loan amount: Up to 75% of the gold value certificate issued by gold valuers, subject to these conditions:

  • Bullet Gold Loan: Maximum amount is Rs. 2 Lakhs per person.
  • Gold Loan: Maximum amount is Rs. 25 Lakhs per person
Repayment tenureUp to 12 months 
Interest rate8.10% p.a.
SecurityPledge of gold ornaments

Loan/ SOD against Govt. Securities                        

Purpose of loanThis loan can be used for any acceptable productive purposes.
Quantum of loan
  • Up to 2 years old: 70% of accrued value
  • Above 2 to 4 years old: 75% of accrued value
  • Above 4 years old: 85% of accrued value
  • Loan & SOD against LIC Policy: 90% of surrender value
  • Loan against KVPs: 90% of accrued value
  • SOD against NSC/KVP: 80% of accrued value
Repayment tenure
  • For loans: Up to 60 months for loan or  co-terminus with maturity period, whichever is earlier.
  • For SOD: Up to 3 years
Interest rate10.50% p.a.
SecurityAssignment or Pledge of NSC, KVP or LIC policies.

Loan/ SOD against Bank’s Own Term Deposit (TDLOAN/FLXLN)

Purpose of loanThis loan can be used for any purpose against the security of the Bank's own FDR/term deposit
Quantum of loan90% of the accrued value
Repayment tenureThe repayment tenure is co-terminus with the due date of the FDR.
Interest rate1% above Deposit Rate
SecurityLein on the Bank's term deposit

Features of Abhyudaya Bank Personal Loan

  • Loans up to Rs. 5 Lakhs are available without any primary security or collateral towards the loan amount.
  • You get a maximum repayment period of up to 84 months, which is higher in comparison to most financial institutions.
  • This loan is offered against securities like LIP/ NSC/ KVP/ FDR.
  • Interest rates are affordable and start from 11.50% per annum.

Why Apply for Abhyudaya Bank Personal Loan?

  • Quick financing for any short term needs of customers such as travel, family functions, social obligations, financial obligations, higher education, medical expenses and a lot more.
  • Zero margins are required for the sanction of any personal loan up to Rs. 5 Lakhs.
  • Floating rates of interest that are competitive and affordable.
  • The eligibility criteria for these loans are extremely basic to ensure higher chances of approval.
  • Simple processing of loan applications to improve the turnaround time of the loan for timely assistance.
  • Easy and hassle free documentation process to simplify loan application process.

Abhyudaya Bank Personal Loan EMI Calculation

The most important factor to determine whether a certain loan plan is suited to your requirement or not is the equated monthly instalments (EMI) that you will have to pay each month to repay the loan. Calculating this EMI beforehand allows you to understand if a certain loan is in your budget or not. You can find out the exact EMI that you will have to pay using the Personal Loan EMI Calculator available online on MyMoneyMantra. Once you enter the loan amount, interest rate, and the repayment tenure, EMI is calculated instantly.

Apart from calculating the EMI, this tool also displays the entire amortization schedule for loan repayment.

Here’s an example:

Personal loan amount required: Rs. 5 Lakhs

Applicable rate of interest: 11.50% p.a.

Tenure: 7 years

EMI to be paid each month till the tenure ends: Rs. 8,693

Total interest to be paid: Rs. 2,30,231

Total amount to be paid to the lender: Rs. 7,30,231

Amortization schedule of the above example:

YearOpening Balance

Amount Paid by

Customer (EMI*12)

Interest Paid During

the Year

Principal Paid During

the Year

Closing Balance
1Rs. 5,00,000Rs. 17,386Rs. 9,546Rs. 7,841Rs. 4,92,159
2Rs. 4,92,159Rs. 1,04,319Rs. 54,001Rs. 50,318Rs. 4,41,842
3Rs. 4,41,842Rs. 1,04,319Rs. 47,899Rs. 56,419Rs. 3,85,422
4Rs. 3,85,422Rs. 1,04,319Rs. 41,058Rs. 63,261Rs. 3,22,162
5Rs. 3,22,162Rs. 1,04,319Rs. 33,387Rs. 70,932Rs. 2,51,230
6Rs. 2,51,230Rs. 1,04,319Rs. 24,786Rs. 79,533Rs. 1,71,697
7Rs. 1,71,697Rs. 1,04,319Rs. 15,142Rs. 89,177Rs. 82,521
8Rs. 82,521Rs. 86,932Rs. 4,412Rs. 82,521Rs. 0

Documents Required for Abhyudaya Bank Personal Loan

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

  • Duly Filled Application form.
  • 2 passport sized photos of applicant and guarantor
  • Photo ID proof of applicant and guarantor
  • Residence proof of applicant and guarantor
  • PAN Card Copy of Applicant and guarantor
  • In case of salaried individuals, last 3 months' salary slips, bank statement for the past 6 months, Form 16A, IT return for the last 3 years.
  • In the case of businessmen, last 2 years financial statements along with ITR copy and bank statement of business for the last 1 year.

Abhyudaya Bank Personal Loan Eligibility Criteria

The conditions for Abhyudaya Bank personal loan eligibility are as follows:

  • Loan is available for salaried employees, businessmen, self-employed individuals, and professionals.
  • The minimum take home salary/income after deducting the EMI should be as follows.
    • Rs. 7,000 per month for loan up to Rs. 1 Lakh.
    • Rs. 8,000 per month for loan above Rs. 1 Lakh and up to Rs. 2 Lakhs.
    • Rs. 9,000 per month for loan above Rs. 2 Lakh and up to Rs. 5 Lakhs.
  • One Surety will be required with net take home income/salary of Rs. 12,000 p.m.
  • Two Sureties will be required with net take home income/salary of Rs. 7,000 p.m.
  • Collateral security in the form of LIP/ NSC/ KVP/ FDR (if available).

Abhyudaya Bank Personal Loan Charges

Abhyudaya Bank levies service charges as per Service Manual charges and nominal membership fee as per extant Shareholdings Norms on personal loans. You can contact the customer care number of the bank to know about the details of the charges levied by the bank.

How to Apply for Abhyudaya Bank Personal Loan on MyMoneyMantra?

In order to apply for a loan on MyMoneyMantra, you have to follow these steps:

  • Provide all the necessary information: To customize your loan plan, you have to provide the following information:
    • Name
    • Email Id
    • Indicate if you are self-employed or salaried
    • Details of your current occupation
    • Details of your current income
    • The city of residence
    • The loan amount that you need
    • A phone number where you can stay in touch with the team at MyMoneyMantra and receive all communication.
  • Choose the loan plan: Based on the information that you provide, loan quotations are customized for you. Choose a plan that fits into your budget and also fulfills your requirements.
  • Apply for the loan: You will have to fill up the application form and submit necessary documents to your MyMoneyMantra associate. After all your documents have been verified, they are submitted to the bank.
  • Wait for approval: After the submission of the application, the bank will review it. You may have to provide additional information as required. After the loan is approved, you will also receive assistance during the disbursal of the loan from MyMoneyMantra associates.

How does CIBIL Score Affect Abhyudaya Bank Personal Loan?

A better credit history makes you a more reliable candidate to provide a loan to. Your CIBIL score indicates all your previous repayments and gives the bank your credit history in detail. For most personal loans, you will require a credit score of at least 700. The higher the score, the more eligible you are for any scheme that you choose.

Abhyudaya Bank Personal Loan Customer Care

For queries, complaints or any other information, you have a dedicated customer service number as follows: 

Telephone No.022-24180961/ 24180962/ 24180963/ 24180964
Email IDsecretarial@abhyudayabank.net
Abhyudaya Bank Head OfficeK.K.TOWER, Abhyudaya Bank Lane. off G. D. Ambekar Marg, Parel Village, Mumbai - 400 012

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Abhyudaya Bank Personal Loan FAQs

What can Abhyudaya Bank personal loans be used for?

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Personal Loans with Abhyudaya bank may be used for several purposes acceptable to the bank, such as:

  • Purchase of consumer durables and furniture/ computers/ fixtures and furniture.
  • Repairs and renovation of flat or house.
  • Marriage and other religious ceremonies.
  • Domestic or foreign tours and travels.
  • Repayment of existing debt.
  • Registered clubs and associations.
  • Medical expenses for family members or self.

What security can be pledged for immediate personal loans?

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There is no primary security required for personal loans with Abhyudaya Bank. However, you can provide NSCs/ KVPs/ RBI Bonds or LIC as collateral if available.

What type of gold is loan/ SOD available for?

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You can get gold loans against ornaments and jewelry. Gold loan is not provided against primary gold including gold coins, biscuits and bars.

Can I provide third party FDR for loans against term deposits with Abhyudaya Bank?

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Loans can be provided against third party FDR at 2%+ the ROI of the FDR. The individual will have to also obtain a NOC certificate from the third party whose FDR is being pledged.

What is the maximum repayment tenure for a personal loan with Abhyudaya Bank?

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You can get a maximum repayment tenure of 84 months with Abhyudaya Bank personal loans. No holiday period is provided with these loans.

Are any sureties required for Abyudaya Bank personal loans?

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You need to provide one surety if the individual has a net take home salary of Rs. 12,000. You may also provide two sureties with net take home salary of Rs. 7,000 each.

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

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

Should any margin be provided for Abhyudaya Bank personal loans?

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Abhyudaya Bank does not require any margin in case of personal loans.

What is the minimum take home salary required for Abhydaya Bank personal loans?

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To avail any personal loan with Abhyudaya Bank, the minimum take home salary should be Rs. 7,000 after making all deductions including the proposed EMI for the loan.

Are the interest rates for personal loans with Abhydaya Bank fixed?

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Abhyudaya bank provides floating interest rates that are linked to PLR for each year.