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
|Maximum Loan Amount||Rs. 5 lakhs*
|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
|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!
|Types of facility||Linkage to PLR||Rate of Interest
|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|
|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:
2. In case of salaried individuals:
3. In case of businesspersons:
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!