Abhyudaya Bank Personal Loan

The following are some important Abhyudaya Bank Personal Loan details:

Abhyudaya Co-operative Bank offers personal loans with interest rates ranging from 13% to 14% per annum. These rates are subject to variation based on factors such as the applicant's credit profile, employment status, and the amount and type of surety provided. The bank provides loan amounts up to ₹5 lakh, with repayment tenures extending up to 84 months. For the most current interest rates and personalized loan terms, 

it's advisable to contact Abhyudaya Co-operative Bank directly or visit their official website.​

• Loans up to Rs. 5 Lakhs are available without any primary security or collateral towards the loan amount.
• You get a maximum repayment period of up to 84 months, which is higher in comparison to most financial institutions.
• This loan is offered against securities like LIP/ NSC/ KVP/ FDR.
• Interest rates are affordable and start from 11.50% per annum.

• Quick financing for any short term needs of customers such as travel, family functions, social obligations, financial obligations, higher education, medical expenses and a lot more.
• Zero margins are required for the sanction of any personal loan up to Rs. 5 Lakhs.
• Floating rates of interest that are competitive and affordable.
• The eligibility criteria for these loans are extremely basic to ensure higher chances of approval.
• Simple processing of loan applications to improve the turnaround time of the loan for timely assistance.
• Easy and hassle free documentation process to simplify loan application process.

One of the most crucial factors in determining whether a loan plan fits your needs is the Equated Monthly Instalment (EMI)—the fixed monthly payment you’ll make to repay the loan. Calculating your EMI in advance helps you understand if a particular loan is within your budget.

You can easily estimate your EMI using the Personal Loan EMI Calculator available online at MyMoneyMantra. Just enter the loan amount, applicable interest rate, and repayment tenure—the tool instantly shows your EMI.

In addition to the EMI, the calculator also generates a complete amortization schedule, showing how your loan will be repaid over time.

Example:

• Loan Amount: ₹5 Lakhs
• Interest Rate: 13% p.a.
• Tenure: 7 Years
• Monthly EMI: ₹9,096
• Total Interest Payable: ₹2,64,062
• Total Repayment Amount: ₹7,64,062

Amortization Schedule Breakdown

To complete your loan application process, you are required to furnish the following documents:

• Duly Filled Application form.
• 2 passport-sized photos of the applicant and guarantor
• Photo ID proof of the applicant and guarantor
• Residence proof of the applicant and guarantor
• PAN Card Copy of Applicant and Guarantor
• In case of salaried individuals, last 3 months' salary slips, bank statement for the past 6 months, Form 16A, IT return for the last 3 years.
• In the case of businessmen, the last 2 years' financial statements along with ITR copy and bank statement of the business for the last 1 year.

The conditions for Abhyudaya Bank personal loan eligibility are as follows:

• The loan is available for salaried employees, businessmen, self-employed individuals, and professionals.
• The minimum take-home salary/income after deducting the EMI should be as follows.
  • Rs. 7,000 per month for a loan up to Rs. 1 Lakh.
  • Rs. 8,000 per month for loans above Rs. 1 Lakh and up to Rs. 2 Lakh.
  • Rs. 9,000 per month for loans above Rs. 2 Lakh and up to Rs. 5 Lakh.
• One Surety will be required with a net take-home income/salary of Rs. 12,000 p.m.
• Two Sureties will be required with a net take-home income/salary of Rs. 7,000 p.m.
• Collateral security in the form of LIP/ NSC/ KVP/ FDR (if available).

Abhyudaya Bank levies service charges as per Service Manual charges and nominal membership fee as per extant Shareholdings Norms on personal loans. You can contact the customer care number of the bank to know about the details of the charges levied by the bank.

To apply for a loan on MyMoneyMantra, you have to follow these steps:

• Choose the loan plan: Based on the information that you provide, loan quotations are customized for you. Choose a plan that fits into your budget and also fulfills your requirements.
• Apply for the loan: You will have to fill up the application form and submit the necessary documents to your MyMoneyMantra associate. After all your documents have been verified, they are submitted to the bank.
• Wait for approval: After the submission of the application, the bank will review it. You may have to provide additional information as required. After the loan is approved, you will also receive assistance during the disbursal of the loan from MyMoneyMantra associates.
• Provide all the necessary information: To customize your loan plan, you have to provide the following information:
  • Name
  • Email Id
  • Indicate if you are self-employed or salaried
  • Details of your current occupation
  • Details of your current income
  • The city of residence
  • The loan amount that you need
  • A phone number where you can stay in touch with the team at MyMoneyMantra and receive all communication.

For queries, complaints or any other information, you have a dedicated customer service number as follows: