Abhyudaya cooperative bank limited
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

Loan/SOD Against Pledge of Gold Ornaments

Loan/ SOD against Govt. Securities                        

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

• 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.

• 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.

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:

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.

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 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.

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.

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.

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