Abhyudaya Bank Personal Loan Details

3.75 / 5.04 users

Abhyudaya Bank Personal Loan helps you purchase consumer durables, make repairs for house/apartment, buy computers/fixtures/furniture, fund marriage and ceremonies, and a lot more. People also use the credit to repay existing debt, arrange for foreign and domestic tours and travels. Also, the money is eligible to cover the medical expenses of self and family members. You can utilize the cash for lawful needs.

In this post, we will discuss Abhyudaya Bank Personal Loan features, eligibility, documents required, interest rates, and frequently asked questions..

Features of Abhyudaya Bank Personal Loan

Here are the features of the loan:

• The loan amount is up to Rs. 5 lakhs
• The tenure is up to 84 months
• This is a secured loan. The bank accepts securities such as KVP/LIP/FDR/NSC, etc
• Nominal membership for applicants taking a loan up to Rs. 1 lakh and for sureties
• For those taking a loan over Rs. 1 lakh, the membership norms are as per the extant Shareholdings

Abhyudaya Bank Personal Loan Eligibility Criteria

The eligibility norms for the loan are:

• This loan is available only for salaried employees/businessmen/professionals/self-employed people
• The monthly salary credited and after deduction of the EMI for the proposed loan should be Rs. 7,000 for loans up to Rs. 1 lakh, the same should be Rs. 8,000 for loans over Rs. 1 lakh and up to Rs. 2 lakhs
• The immediately above-mentioned criteria are Rs. 9,000 per month for loans over Rs. 2 lakhs and up to Rs. 5 lakhs
• If the applicant submits one surety, then his/her net monthly income should be Rs. 12,000
• If the applicant submits two sureties, then his/her net monthly income should be Rs. 7,000

Abhyudaya Bank Personal Loan Interest Rates

Abhyudaya Bank Personal Loan Interest Rate is between 10.00% and 11.00%. But the final rate of interest depends on the borrower’s profile, age, income, employment history, credit score, loan amount, tenure, and other factors.

Documents for Abhyudaya Bank Personal Loan Application

Here are the documents you need for the loan processing:

• You need to provide your photo identity proof, latest photograph, residence proof, PAN Card copy, and letter from the guarantor
• For salaried employees, it is mandatory to submit a salary slip of the last 3 months or income certificate, bank statement of the last 6 months, IT return of the last 3 years/Form 16
• For a businessman, the documents required as last 2 years financial statement with the copy of ITR, bank statement of the last 1 year for the business account