• Custom Free
     

    Custom quote

  • Abhyudaya Bank Personal Loan

    Loading your search...
  • Abhyudaya Bank personal loans are designed to offer financial relief to the marginalised, ensuring their products are within reach for everyone.

    • Maximum loan amount of Rs.5 lakh
    • Maximum repayment period of 7 years
    • No requirement of prime security
    • Loan for any expense acceptable to the bank

    Abhyudaya Bank Personal Loan Overview 

    Interest rate  Loan amount  Service charges 
    • 50% or more collateral securities: 13.5% 
    • Less than 50% collateral securities: 14% 
    Maximum Rs.5 lakh  Shareholding norms + GST 

    Documents required for availing personal loan from Abhyudaya Bank 

    The bank requires the loan applicant to submit the following documents to avail the loan: 

    • Proof of identity 
    • Copy of PAN 
    • Proof of residence of loan applicant and guarantors 
    • Latest photographs 

    Additional documents for salaried individuals: 

    • Salary slips for previous 3 months 
    • Bank statement for previous 6 months 
    • Form 16A 
    • IT Return for previous 3 years 

    Additional documents for businessmen: 

    • Financial statement for previous 2 years 
    • Copy of IT Return 
    • Bank statement for the business account for previous 1 year 

    Features and Benefits of Abhyudaya Personal Loan 

    Abhyudaya Bank offers personal loans with a host of features and benefits, a few of which are highlighted below. 

    • Simplified process: Obtaining a personal loan from Abhyudaya Bank is simple and easy, without any hassles. 
    • No margin: There is no margin involved while availing a loan. 
    • Long repayment tenure: A loan can be repaid through flexible EMIs, with a maximum repayment tenure of 5 years. 
    • Multipurpose loan: This loan can be used for any genuine personal need, making it a multipurpose loan without strict regulations on usage. 
    • Low membership fee: Applicants need to pay a very nominal membership fee of Rs. 100 + GST for loan amounts less than Rs.1 lakh. 

    Eligibility 

    Employment type  Businessmen, Self-employed individuals, Professionals 
    Income after deduction of EMI  Rs.8,000 per month 

    How the EMI calculation of Abhyudaya Personal Loan work? 

    The concept of the repayment of the Abhyudaya Personal Loan can be better explained with an example. So let us assume that a Mr. Lal decides to apply for an?Abhyudaya Bank personal loan?to meet the wedding expenses of his son. He borrows a loan of Rs. 1.5 lakh and he is charged an interest of 14% per annum on this loan, with a repayment tenure of 1 year. The bank does not charge any processing fee towards this application. 

    The EMI to be paid every month for a period of one year is Rs.13,468. The details regarding the principal paid and outstanding loan amount each month is as follows: 

    Month  Principal Paid(A)  Interest Paid(B)  Total Payment (A+B)  Outstanding Loan Balance 
    Rs.11,718  Rs.1,750  Rs.13,468  Rs.1,38,282 
    Rs.11,855  Rs.1,613  Rs.13,468  Rs.1,26,427 
    Rs.11,993  Rs.1,475  Rs.13,468  Rs.1,14,434 
    Rs.12,133  Rs.1,335  Rs.13,468  Rs.1,02,301 
    Rs.12,275  Rs.1,194  Rs.13,469  Rs.90,027 
    Rs.12,418  Rs.1,050  Rs.13,468  Rs.77,609 
    Rs.12,563  Rs.905  Rs.13,468  Rs.65,046 
    Rs.12,709  Rs.759  Rs.13,468  Rs.52,337 
    Rs.12,857  Rs.611  Rs.13,468  Rs.39,479 
    10  Rs.13,007  Rs.461  Rs.13,468  Rs.26,472 
    11  Rs.13,159  Rs.309  Rs.13,468  Rs.13,313 
    12  Rs.13,313  Rs.155  Rs.13,468  Rs.0 

    Calculate the EMI payable based on your loan amount, loan tenure, and interest rate using BankBazaar EMI Calculator

    How Abhyudaya Personal Loan compares with other personal loans 

    Parameters  Abhyudaya Personal Loan  SBI Personal Loan  Karnataka Bank Personal Loan  HDFC Bank Personal Loan 
    Interest rate  13.5% p.a. onwards  12% p.a. onwards  13.20% p.a.  15.5% p.a. onwards 
    Processing fee  Nil  0.5% to 1% of loan amount + GST  Nominal  Upto 2.5% 
    Late payment fee  As mentioned in loan agreement  As mentioned in loan agreement  As mentioned in loan agreement  As mentioned in loan agreement 
    Maximum loan amount  Rs.5 lakh  Rs.15 lakh  Rs.5 lakh  Rs.40 lakh 

    FAQs of Abhyudaya Personal Loan

    What is the minimum salary requirement for sureties? 

    In case of one surety, the minimum take home salary of the surety is required to be Rs.12,000 per month and in case of two sureties, it is required to be Rs.7,000 per month each. 

    What is the membership fee for sureties? 

    For sureties, the nominal membership fee is Rs.100. 

    What can be pledged as collateral security to avail a personal loan from Abhyudaya Bank? 

    Individuals can pledge NSC/LIP/FDR/KVP as collateral security to avail the personal loan. 

    Are processing charges levied for personal loans? 

    Abhyudaya Bank does not levy processing charges for loan amounts up to Rs.10 lakh. Hence, no processing charges are levied on personal loans offered by Abhyudaya Bank. 

    Is there a holiday period facility offered under personal loan? 

    No, Abhyudaya Bank does not offer any holiday periods under its personal loan product. 

        

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    Abhyudaya Bank Personal Loan Reviews

    • review Personal Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      Abhyudaya coop bank interest rate is 13% for the personal loan. I took the outstanding amount of Rs. 5 lakhs, as a customer I felt the interest percentage is moderate. They are very genuine and gentle, if emi get bounce they handle with care and also they give priority to the customer relationship.
      Was this review helpful? 1
      , mumbai
      Reviewed on Feb 04, 2019
    • review
      review Personal Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      This bank facility is very good, and its located near by office. Customer interaction is good on their branches, totally bank have taken 15 days to disburse the amount. Interest rate is also nominal, they charged around 15%, now loan got closed.
      Was this review helpful? 0
      , nasik
      Reviewed on Aug 11, 2017
    • review Personal Loan
      "Average"
      0.5 4.0/5 "Great!"
      I had taken a personal loan from Abhyudaya cooperative Bank. The services offered by the Bank was excellent. I had just submitted the all my documents and within 20 days I got the amount credited to my account. Overall it was a hassle free process and I did not face any issues with the Bank
      Was this review helpful? 2
      , mumbai
      Reviewed on May 05, 2015
    • review Personal Loan
      "Average"
      0.5 4.0/5 "Great!"
      I had taken a personal loan from Abhyudaya cooperative Bank. The services offered by the Bank was excellent. I had just submitted the all my documents and within 20 days I got the amount credited to my account. Overall it was a hassle free process and I did not face any issues with the Bank
      Was this review helpful? 0
      , mumbai
      Reviewed on May 05, 2015
    • review Personal Loan
      "Great experience"
      0.5 4.0/5 "Great!"
      My overall experience of availing a personal loan from Abhyudaya co-operative bank. I just walked into the bank and I have submitted all the documents & papers on the same day. I think they have taken around 10 to 20 days for disbursing the loan. They wanted two guarantors and my LIC policy details for availing the loan. Their interest rate was around 14.5%.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Aug 11, 2014
    Common Loader Icon
    reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.