Abhyudaya Co-operative Bank Personal Loan Interest Rates
A personal loan from the Abhyudaya Co-operative Bank is a feature-laden product that provides funding for urgent and short-term needs of finance. It can be used for any purpose that is legal and legitimate, like children, education, purchase of consumer durable, repair and renovation of property, marriage, travel, repayment of existing debt, business use, medical expenses, etc. The borrower is not required to furnish an end-use certificate. The Personal Loan from Abhyudaya Co-operative Bank can be approved for up to 5 Lakhs with a maximum repayment term of 84 months (7 years) with no holiday period.
Abhyudaya Co-operative Bank Personal Loan Interest Rates
Abhyudaya Co-operative Bank Personal Loans are available at an extremely competitive rate of interest. The bank charges a rate of interest between 13.50% p.a. and 14% p.a., depending upon the customer's job profile and credit standing. The personal loan interest rate is charged at a floating rate and is linked to the Prime Lending Rate. The rate of interest charged for both salaried and self-employed remains the same. However, the variations in interest rates are linked to the amount and type of surety.
| Type of Borrower | Personal Loan with collateral securities valuing 50% or more up to 5 Lakhs | Personal Loan without collateral or less than 50% collateral securities up to 5 Lakhs | Groups Loans under Surety Loans with Confirmed ECS or SDL |
| Salaried | 13.50% p.a. | 14% p.a. | 13.50% p.a. |
| Self-Employed | 13.50% p.a. | 14% p.a. | 13.50% p.a. |
Types of Personal Loans Offered by Abhyudaya Co-operative Bank
The Personal Loan offered by Abhyudaya Co-operative Bank can be differentiated based on whether it is secured by a surety and collateral or not.
The different types of personal loans available are:
- Personal Loan with Surety
- Personal Loan against Pledge of Gold Ornaments
- Personal Loan against Government Securities
| Features | Personal Loan with Surety | Personal Loan against Pledge of Gold Ornaments | Personal Loan against Government Securities |
|---|---|---|---|
| Purpose of loan | Any legal and legitimate purpose | Any legal and legitimate purpose | Any legal and legitimate purpose |
| Quantum of loan | Up to 5 Lakhs | Up to 75% of the gold value, subject to a maximum of 25 Lakhs |
|
| Surety | One surety if the net take home salary is 12,000 per month OR Two sureties if the net take home salary is 7,000 | Gold ornaments | Government securities |
| Repayment tenure | Maximum of 84 months without holiday period | Maximum of 12 months | Maximum of 60 months or maturity date of security, whichever is earlier. |
Abhyudaya Co-operative Bank Personal Loan Eligibility
To check for an Abhyudaya Co-operative bank personal loan eligibility criteria. The applicant must fulfill the conditions to avail of a Personal Loan from Abhyudaya Co-operative Bank. The eligibility conditions are:
- Both salaried and self-employed individuals are eligible for a Personal Loan from Abhyudaya Co-operative Bank.
- Salaried individuals must be permanent employees of the company
- The minimum take-home income/ salary of the applicant after EMI payment must be:
- For loans up to 1 Lakh Rs 7,000 per month.
- For loans above 1 Lakh up to 2 Lakhs: Rs 8,000 per month.
- For loans above 2 Lakhs up to 5 Lakhs: Rs 9,000 per month.
Documents Required for Abhyudaya Co-operative Bank Personal Loan
To avail of a Personal Loan from Abhyudaya Co-operative Bank, the applicant must submit the following documents. Please note that all documents must be self-attested by the applicant and guarantor(s).
| Category | Document Category | Documents Accepted |
|---|---|---|
| Salaried Individual | Proof of Identity (Any One) Separate proof for applicant and guarantor(s) |
|
Proof of Address (Any One) Separate proof for applicant and guarantor(s) |
| |
| Income Proof (All) |
| |
| Other Documents |
| |
| Self-Employed | Proof of Identity (Any One) Separate proof for applicant and guarantor(s). |
|
Proof of Address (Any One) Separate proof for applicant and guarantor(s). |
| |
| Income Proof (All) |
| |
| Other Documents |
|
Abhyudaya Co-operative Bank Personal Loan - Processing Fees and Other Charges
A Personal Loan from Abhyudaya Co-operative Bank attracts the following charges:
| Type of Charge | Amount of Charge |
|---|---|
| Processing fee | 1.15% of the loan amount |
| Processing fee for Personal Loan above 1 Lakh | 0.50% of the loan amount, subject to a maximum of 12,500 |
| Processing fee for Loan Against Gold Ornaments | 0.60% of the loan amount subject to minimum of 100 to a maximum of 1000. Gold appraisal charges on actual. |
| Processing fee for Loans Against Government Securities | 0.60% of the loan amount subject to a minimum of 100 to a maximum of 1,000. |
How to Calculate Abhyudaya Co-operative Bank Personal Loan EMI?
EMI is the monthly expense that is incurred to repay a Personal Loan. Therefore, it is important to know the EMI installment beforehand so that one can repay the loan without any kind of financial stress. Prospective borrowers can use the EMI Calculator available on MyMoneyMantra to check the EMI payout corresponding to the entered principal, term, and rate of interest values.
The MyMoneyMantra EMI Calculator can be used in the following way:
- Log on to the official website of MyMoneyMantra
- Featuring in the header bar is the link Financial Tools
- Click on Financial Tools and select EMI calculator from the drop-down menu
- Enter values for the principal amount, rate of interest, and desired loan term
- Submit the information
- The EMI amount for the entered values will appear on the screen
- Make changes in the values to reach an ideal EMI amount.
Abhyudaya Co-operative Bank Personal Loan Customer Care
Abhyudaya Co-operative Bank customers can reach the bank through the following channels:
- Customer Care Number: Call 022-24115047 or 022- 24105097
- Email ID: secretarial@abhydayabank.net
FAQs
Abhyudaya Co-operative Bank approves Personal Loan with surety. It accepts one surety if the net take-home salary is 12,000 per month and requires two sureties if the net take-home salary is 7,000.
The eligibility conditions for Abhyudaya Co-operative Bank Personal Loan are:
- Both salaried and self-employed individuals are eligible for a Personal Loan from Abhyudaya Co-operative Bank.
- Salaried individuals must be permanent employees of the company
- The minimum take-home income/salary of the applicant after EMI payment must be:
- For loans up to 1 Lakh: 7,000 per month
- For loans above 1 Lakh up to 2 Lakhs: 8,000 per month
- For loans above 2 Lakhs up to 5 Lakhs: 9,000 per month
Personal Loan interest rates at Abhyudaya Co-operative Bank range between 13.50% and 14% p.a.
Personal Loans with Abhyudaya Bank may be used for several purposes including:
- Purchase of consumer durables
- Repairs and renovation of property
- Marriage and religious ceremonies
- Domestic or foreign travel
- Repayment of existing debt
- Medical expenses
- Education cost
The borrower can use the loan for any purpose that is legitimate and acceptable to the bank. The borrower is not required to submit an end-use certificate to the bank.
A Personal Loan from Abhyudaya Co-operative Bank comes at a processing fee of up to 1.15% of the sanctioned loan amount.
The salaried and self-employed are eligible for an Abhyudaya Co-operative Bank Personal Loan. The income documents required for each are:
- Salaried Individual:
- 3 months salary slip
- 6 months bank account statement of salary account
- Form No. 16
- IT Return for last 3 years
- Self-Employed Individual:
- 2-year ITR
- 2-year Profit and Loss Account
- 2-year Balance Sheet
- 1-year bank account statement of current account of business