Abhyudaya Co-operative Bank Ltd – Personal Loan

By BankBazaar | June 12, 2017

Abhyudaya Co-operative Bank Ltd was established in 1965 and is headquartered in Mumbai. Currently, it has its presence in three states – Maharashtra, Gujarat and Karnataka, and boasts a wide network of 111 branches. This multi-state co-operative bank offers a range of financial products and services, which includes internet banking, demat services, mortgages and loans.

Additional Reading: Personal Loan On Your Mind?

Among its various loan related products, Abhyudaya Bank also offers Personal Loans to help you meet all kinds of financial emergencies. With this loan, you could purchase products and durables, renovate your flat or house, consolidate existing debt, take care of medical expenses, purchase a vehicle and much more.

Additional Reading: Best of Personal Loans – May 2017

Here are the features of the loan

Eligibility
  • Permanent salaried employees
  • Businessmen
  • Self-employed individuals
  • Professionals
Maximum Loan Amount Rs. 5 lakhs*

*Conditions Apply

Salary Minimum take home income or salary of Rs. 8,000 per month. This is after deducting the EMI amount.
Repayment Up to 84 EMIs

No holiday period

Margin Nil
Membership for applicants: Up to Rs. 1 lakh Nominal membership at Rs. 100
Above Rs. 1 lakh 2% of loan amount subject to a minimum of Rs. 2,000 and maximum of Rs. 10,000
For sureties Nominal membership at Rs. 100 each

Additional Reading: Popular alternatives for a personal loan!

 Interest Rate

 SURETY LOAN
Types of facility Linkage to PLR Rate of Interest
(%) p.a.
With 50% or more collateral securities up to Rs. 5 lakhs PLR + 0.50 12.50%
Without collateral or less than 50% collateral securities up to Rs. 5 lakhs PLR + 1.00 13.00%
Group loans under Surety Loans with confirmed ECS or SDL PLR + 0.50 12.50%

Additional Reading: Checklist for a Personal Loan!

Here are a few other things you need to keep in mind to get a Personal Loan from Abhyudaya Co-operative Bank.

Sureties One surety with net take home salary/income of Rs. 12,000 per month OR two sureties with net take home salary/income of Rs. 7,000
Prime security Nil
Collateral security Collateral security in the form of LIP / NSC / KVP / FDR, if available
Service charges 1.3% of sanctioned limit
Documents required 1. KYC Documents:

  • Latest photograph
  • Photo identity proof
  • PAN Card copy
  • Residence proof of the applicant and guarantor

2. In case of salaried individuals:

  • Salary slips for the last 3 months
  • Bank statement for the last six months
  • Form 16A
  • IT returns for last three years

3. In case of businesspersons:

  • Last two years financial statements
  • ITR copy
  • Bank statement for business account for the last 1 year

Personal Loans are the instant noodles of the finance world. They are one of the fastest disbursed loans and require minimum documentation. This is why they are the ‘go-to’ loans when faced with all kinds of financial emergencies.

If you are looking for a Personal Loan, we suggest that you compare offers from multiple banks before applying for one. This will help you get a Personal Loan at competitive rates.

Additional Reading: Common Personal Loan Mistakes

We have a host of Personal Loan offers with paperless approval. Check them out now!

All information including news articles and blogs published on this website are strictly for general information purpose only. BankBazaar does not provide any warranty about the authenticity and accuracy of such information. BankBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for a product may vary from that mentioned above. Please visit www.bankbazaar.com for the latest rates/offers.

4 thoughts on “Abhyudaya Co-operative Bank Ltd – Personal Loan

    1. AvatarTeam BankBazaar

      Hi Kunal,

      You can check our Personal Loan offers based on your eligibility here.
      Cheers,
      Team BankBazaar

      Reply
  1. AvatarVipul bhandari

    Want personal loan but my in hand salary is 11800.I am leaving rented “1500” in Delhi.want 3lakh 60 emi.please call me urgently

    Reply
    1. Kiran CastelinoKiran Castelino

      Dear Vipul,

      Thanks for contacting us! We’re very happy to hear from you!
      Please email support@bankbazaar.com with your requirement and we will get back to you. Or call us on +91 44 66511800 (Monday-Saturday from 9AM to 6PM). You can even add us on WhatsApp (+91 98848 08231) and we will be happy to help you.

      Cheers,
      Team BankBazaar

      Reply

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