|Loan amount||Up to Rs. 5 Lakhs|
|Rate of interest||11.50% - 12% p.a.|
|Repayment tenure||Up to 84 EMIs|
|Lowest EMI per lakh||Rs. 1,739|
|Minimum monthly income||Rs. 7,000 - Rs. 12,000|
|Collateral security||LIP/ NSC/ KVP/ FDR (if available)|
|Sureties||1 Surety with net take home income of Rs. 12,000 p.m. & 2 with Rs. 7,000 p.m.|
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:
|Purpose of loan||Purchase 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 loan||Up to Rs. 5 Lakhs|
|Repayment tenure||Maximum 84 EMIs without any holiday period|
|Interest rate||12% p.a. (11.50% in case of Surety Loans with confirmed ECS / NACH or SDL & Groups loans)|
|Membership||Nominal and as per extant shareholdings norms|
|Sureties||You 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|
|Collateral||You can submit collateral security in the form of NSC/ KVP/LIC or FDR if available.|
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:
|Repayment tenure||Up to 12 months|
|Interest rate||8.10% p.a.|
|Security||Pledge of gold ornaments|
|Purpose of loan||This loan can be used for any acceptable productive purposes.|
|Quantum of loan|
|Interest rate||10.50% p.a.|
|Security||Assignment or Pledge of NSC, KVP or LIC policies.|
|Purpose of loan||This loan can be used for any purpose against the security of the Bank's own FDR/term deposit|
|Quantum of loan||90% of the accrued value|
|Repayment tenure||The repayment tenure is co-terminus with the due date of the FDR.|
|Interest rate||1% above Deposit Rate|
|Security||Lein on the Bank's term deposit|
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:
Amount Paid by
Interest Paid During
Principal Paid During
|1||Rs. 5,00,000||Rs. 17,386||Rs. 9,546||Rs. 7,841||Rs. 4,92,159|
|2||Rs. 4,92,159||Rs. 1,04,319||Rs. 54,001||Rs. 50,318||Rs. 4,41,842|
|3||Rs. 4,41,842||Rs. 1,04,319||Rs. 47,899||Rs. 56,419||Rs. 3,85,422|
|4||Rs. 3,85,422||Rs. 1,04,319||Rs. 41,058||Rs. 63,261||Rs. 3,22,162|
|5||Rs. 3,22,162||Rs. 1,04,319||Rs. 33,387||Rs. 70,932||Rs. 2,51,230|
|6||Rs. 2,51,230||Rs. 1,04,319||Rs. 24,786||Rs. 79,533||Rs. 1,71,697|
|7||Rs. 1,71,697||Rs. 1,04,319||Rs. 15,142||Rs. 89,177||Rs. 82,521|
|8||Rs. 82,521||Rs. 86,932||Rs. 4,412||Rs. 82,521||Rs. 0|
In order to complete your loan application process, you are required to furnish the following documents:
The conditions for Abhyudaya Bank personal loan eligibility are as follows:
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:
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:
|Telephone No.||022-24180961/ 24180962/ 24180963/ 24180964|
|Abhyudaya Bank Head Office||K.K.TOWER, Abhyudaya Bank Lane. off G. D. Ambekar Marg, Parel Village, Mumbai - 400 012|
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Personal Loans with Abhyudaya bank may be used for several purposes acceptable to the bank, such as:
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.
You can get gold loans against ornaments and jewelry. Gold loan is not provided against primary gold including gold coins, biscuits and bars.
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.
You can get a maximum repayment tenure of 84 months with Abhyudaya Bank personal loans. No holiday period is provided with these loans.
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.
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.
Abhyudaya Bank does not require any margin in case of personal loans.
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.
Abhyudaya bank provides floating interest rates that are linked to PLR for each year.