Financial requirements can derail normal life, often throwing it out of gear. A personal loan is one tool we can use to get our life back on track, helping us fulfil our needs. Abhyudaya Bank has a banking history of over 5 decades and offers personal loans to meet any genuine financial need. Abhyudaya Bank personal loans are designed to offer financial relief to the marginalised, ensuring their products are within reach for everyone.
This loan amount can be used to purchase household items, vehicles, meet wedding expenses, to go on a vacation or for medical expenses. It can also be used for travel, home renovation, purchasing a vehicle or repaying an existing loan.
Individuals who wish to obtain a personal loan from Abhyudaya Bank need to satisfy the following criteria.
Individuals can avail loans as high as Rs 5 lakh.
Interest rates charged by Abhyudaya Bank are extremely competitive, with rates varying according to their prime lending rate. Their current prime lending rate stands at 13.50% per annum (as of November 2015). The interest rate also depends on the type of collateral provided by an applicant. Individuals who avail a loan by providing security/collateral are charged an interest of 14% per annum while those who avail loans without a collateral are charged an interest of 14.5% per annum.
Note – Interest rates charged by Abhyudaya Bank are at their sole discretion and are subject to change.
Abhyudaya Bank offers personal loans with a host of features and benefits, a few of which are highlighted below.
Individuals who wish to apply for this loan can do so by downloading the form online, through the official website of the bank or by visiting the bank branch directly.Example
Mr. Lal decides to apply for an Abhyudaya Bank personal loan to meet the wedding expenses of his son. He takes a loan of Rs 1 lakh, offering his vehicle as collateral. He is charged an interest of 14% per annum on this loan, with a repayment tenure of 5 years. The bank does not charge any processing fee towards this application.
The EMI which Mr. Lal has to pay works out to Rs 2,327 with the total interest coming up to Rs 39,610.