Abhyudaya Bank personal loans are designed to offer financial relief to the marginalised, ensuring their products are within reach for everyone.
|Interest rate||Loan amount||Service charges|
||Maximum Rs.5 lakh||Shareholding norms + GST|
The bank requires the loan applicant to submit the following documents to avail the loan:
Additional documents for salaried individuals:
Additional documents for businessmen:
Abhyudaya Bank offers personal loans with a host of features and benefits, a few of which are highlighted below.
|Employment type||Businessmen, Self-employed individuals, Professionals|
|Income after deduction of EMI||Rs.8,000 per month|
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|
Calculate the EMI payable based on your loan amount, loan tenure, and interest rate using BankBazaar EMI Calculator
|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|
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.
For sureties, the nominal membership fee is Rs.100.
Individuals can pledge NSC/LIP/FDR/KVP as collateral security to avail the personal loan.
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.
No, Abhyudaya Bank does not offer any holiday periods under its personal loan product.
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