• Abhyudaya Bank Personal Loan

    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
    More

    Abhyudaya Bank Personal Loan Overview

    Interest rate Loan amount Service charges
    At the discretion of the bank Maximum Rs.5 lakh As per manual charges

    Documents required for Abhyudaya Bank Personal loan

    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 for loan amounts less than Rs.1 lakh.

    Eligibility Table

    Employment type Businessmen, Self-employed individuals, Professionals
    Loan amount of up to Rs.7 lakh Rs.7,000 per month
    Loan amount above Rs.1 lakh and up to Rs.2 lakh Rs.8,000 per month
    Loan amount above Rs.2 lakh and up to Rs.5 lakh Rs.9,000

    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
    1 Rs.11,718 Rs.1,750 Rs.13,468 Rs.1,38,282
    2 Rs.11,855 Rs.1,613 Rs.13,468 Rs.1,26,427
    3 Rs.11,993 Rs.1,475 Rs.13,468 Rs.1,14,434
    4 Rs.12,133 Rs.1,335 Rs.13,468 Rs.1,02,301
    5 Rs.12,275 Rs.1,194 Rs.13,469 Rs.90,027
    6 Rs.12,418 Rs.1,050 Rs.13,468 Rs.77,609
    7 Rs.12,563 Rs.905 Rs.13,468 Rs.65,046
    8 Rs.12,709 Rs.759 Rs.13,468 Rs.52,337
    9 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 At the discretion of the bank 9.60% p.a. onwards 12.00% p.a. onwards 10.5% p.a. onwards
    Processing fee As per manualĀ  1% of loan amount + GST Maximum of Rs.8,500 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.20 lakh Rs.5 lakh Rs.40 lakh

    FAQs of Abhyudaya Personal Loan

    1. What is the minimum salary requirement for sureties of Abhyudaya?
    2. 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.

    3. What can be pledged as collateral security to avail a personal loan from Abhyudaya Bank?
    4. Individuals can pledge NSC/LIP/FDR/KVP as collateral security to avail the personal loan.

    5. Are processing charges levied for Abhyudaya personal loans?
    6. 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.

    7. Is there a holiday period facility offered under personal loan at Abhyudaya?
    8. No, Abhyudaya Bank does not offer any holiday periods under its personal loan product.

        

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    Abhyudaya Bank Personal Loan Reviews

    • review
      "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? 3
      , mumbai
      Reviewed on Feb 04, 2019
    • review
      review
      "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
      "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
      "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
      "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
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