Overview
Abhyudaya Co-Op Bank offers personal loans at the rate of interest 10.50% to 12% per annum to both Salaried and Self Employed individuals. The maximum amount offered as a personal loan by the bank is up to Rs. 5 Lacs.
The Bank provides a longer repayment tenure of 84 months at maximum, which is quite longer than the maximum 60 months offered by the peers like UCO Bank and Punjab and Sind Bank. Abhyudaya Bank charges a processing fee of 1.15% of the loan amount for the loan application processing.
Abhyudaya Bank is a good fit for you if?
If You are a businessman or self-employed
While most of the other banks like Punjab and Sind Bank and United Bank of India do not lend a personal loan to self-employed individuals. The Abhyudaya Bank offers personal loans to self-employed borrowers too with the salaried borrowers.
If You’re Looking for loan repayment tenure up to 84 months
Abhyudaya Co-operative Bank is among one the very few banks that offer personal loans up to a maximum of 84 months. Whereas most of the peer Banks like UCO Bank, Dena Bank, and Punjab & Sind Bank offer only up to 48 – 60 months for the repayment of personal loan.
Abhyudaya Bank Personal Loan at a glance
| Annual Interest Rate | 10.50% – 12% per annum |
| Loan Term | 12 Months – 84 Months |
| Loan Amount | Rs. 1 Lac – Rs. 5 Lacs |
Bandhan Bank personal loans lend a minimum of Rs 1 Lacs to up to Rs. 5 Lacs within 2 working days. The annual interest charged by this Bank ranges from 14% to up to 18.75% per annum with a tenure of 12 months to up to 36 months. Here, the pre-Closure charges are Nil, and charges for late payment of EMI IS 24% per annum on the amount outstanding from the date of default.
Why Choose Abhyudaya Co-op Bank?
Longer Repayment Tenure up to 84 months
Abhyudaya Bank offers a repayment tenure as long as up to 84 months at maximum, While most of the peers like UCO Bank, Dena Bank, and Punjab & Sind Bank offer only up to 48 – 60 months for the repayment of personal loan.
Loan amount up to Rs.5 lac
Abhyudaya Bank offers personal loans up to Rs. 5 Lacs at maximum. In the peer banks like Punjab and Sind bank, the maximum loan amount limit is Rs. 3 Lacs while in the United Bank Of India it is lower at Rs.2 lac at maximum.
What to watch out for?
Higher Processing charges
The Abhyudaya Bank charges 1.15% of the loan amount as processing charges, Which are higher in comparison to 1% of loan amount by the peers like Punjab & Sind Bank and United Bank Of India.
Lesser loan amount
Abhyudaya Bank offers a maximum loan amount of up to Rs. 5 Lacs. While some of the banks in the industry like Oriental Bank of Commerce offer up to Rs. 10 Lacs at maximum as a personal loan.
Compare Bandhan Bank Personal Loans to Other Banks
| Bank Name | Abhyudaya Co-op Bank | Punjab and Sind Bank | United Bank of India |
| APR | 10.50%-12% | 12.80%-14.05% | 13.50 – 14.20% |
| Loan Term | Up to 84 months | Up to 60 months | Up to 36-48 months |
| Maximum Lending Amount | Up to Rs. 5 Lacs | Up to Rs. 3 Lacs | Up to Rs. 2 Lacs – 10 Lacs |
| Processing Fee | 1.15% of the loan amount | 1% of loan amount | 1% of loan amount |
| Pre-Closure Fee | Nil | Nil |
The Abhyudaya Co-operative Bank offers personal loans to eligible borrowers at the rate of 10.50% – 12% per annum. The interest rate charged by the Abhyudaya Bank is quite competitive in respect to the 12.80% – 14.05% rate of Punjab and Sind Bank. The rate of interest charged by the United Bank is quite high at 13.50% – 14.20% per annum.
The maximum repayment loan tenure offered by the Abhyudaya Bank is one of the highest in the industry at a maximum of 84 months. Punjab & Sind Bank, United Bank, UCO Bank, and Dena Bank all offer the maximum repayment tenure of only up to 60 months at maximum.
The maximum lending amount offered by the Abhyudaya Bank amounts up to a maximum of Rs. 5 Lacs, While the peer Punjab and Sind Bank offers up to Rs. 3 Lacs and United bank offer Rs. 2 Lacs for the salaried borrowers and Rs. 10 Lacs for the pensioners. The interest rate charged by Abhyudaya bank is 1.15% of the loan amount, Which is higher than the processing fee of Punjab & Sind Bank and United Bank at 1% of the loan amount.
Abhyudaya Bank Personal Loan Eligibility Criteria
| Minimum Age | 21 Years |
| Maximum Age | 60 Years |
| Minimum Salary | Rs. 7,000 |
- The applicant should be a resident Indian.
- The minimum age of the borrower should be at least 21 years at the time of loan application.
- The maximum age of the borrower should not exceed 60 years.
- Salaried employees of Govt. / Semi-Govt. / Reputed Public / Private Ltd. Co. /College / Universities / Public Sector Undertaking.
- Businessman/Self-employed/Professionals.
- The minimum take-home salary should remain more than Rs. 7,000 per month after the deduction of the proposed EMI for a loan amount of up to Rs. 1 Lac.
- The minimum take-home salary should remain more than Rs. 8,000 per month after the deduction of the proposed EMI for a loan amount of above Rs. 1 Lac to up to 2 Lacs.
- The minimum take-home salary should remain more than Rs. 9,000 per month after the deduction of the proposed EMI for a loan amount of above Rs. 2 Lacs to up to 5 Lacs.
- Collateral security in the form of LIP / NSC / KVP / FDR, if available.
- 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.
Abhyudaya Bank Personal Loans Schemes
Abhyudaya Bank Personal Loan
Abhyudaya Bank provides personal loans to Salaried and Self employed borrowers up to a maximum amount of Rs. 5 Lacs. The interest rate charged on the loan is 12.50% – 13% per annum.
The maximum repayment tenure can be as long as up to 84 months at maximum. The minimum take-home salary of the borrower should remain more than Rs. 8,000 per month after the deduction of the proposed EMI. The Bank charges a processing fee of 1% of the loan amount.
Documents for Salaried
- KYC Documents
- Income proof
- Last 3 months salary slip.
- Form 16/ letter from employer.
- Last two years ITR.
- Last 6 months bank statement.
- 3 passport photographs.
- Any other document which may be required from case to case.
Documents for Self-Employed
- KYC Documents
- 3 passport photographs
- Income proof:
- Last three years ITR
- Balance sheet and Profit & Loss statement.
- Last 6 months bank statement.
- Any other documents which may be required from case to case.
Abhyudaya Bank Personal Loan Interest Rates
| Personal Loan | Applicable Interest Rate |
| Abhyudaya Bank Personal Loan | 10.50% – 12% per annum |
The applicable interest rate charged by the Abhyudaya bank for Personal loans ranges from 10.50% to up to 12% per annum which is quite a high amount as compared to other banks or financial institutions as Canara Bank charges interest rates ranging from 10.90% to up to 13.90% per annum while Federal Bank Charges 11.49% to up to maximum of 14.49% per annum.
Abhyudaya Bank Personal Loans Fees & Charges
| Type of Charges | Applicable Charge |
| Processing Charges | 1.15%of the loan amount |
The Abhyudaya Co-operative Bank charges 1.15% of the loan amount for the loan application processing. Some peers in the industry like Oriental bank charges a bit lower at 0.50% of the loan amount. Central Bank of India charges a flat fee of Rs. 500 for personal loan applications.
After I Applied?
Check Loan Status
- You can check the status of your loan application online by following the steps given below.
- To check the status of your loan application online click here.
- Provide your application reference no./inquiry no. and Email ID, the status of your loan application will be on your screen.
FAQs
Do the bank also finance the loan to the self-employed?
Yes, the bank does provide personal loans to self-employed Individuals, Businessmen, Self-employed, and Professionals who are eligible to get a personal loan from the Abhyudaya Co-operative Bank.
Is any guarantee required?
One Surety with a net take-home salary/income of Rs. 12,000 per month or two sureties with a net take-home salary/income of Rs. 7,000 are required to fetch a personal loan from the bank.