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An urban multi-state cooperative banking institution based in Maharashtra, Abhyudaya Co-operative Bank with its wide of range of offerings is here to fulfill every wish of yours. Yes, be it renovating your home, going on a vacation or buying a new home appliance, now all your personal desires can easily be fulfilled with Abhyudaya Co-operative Bank Personal Loan. Availing a personal loan online is really easy as it comes to you with minimal documentation and hassle-free process.
Features & Benefits
- Simplified procedure
- Quick disbursal
- Convenient repayment options
- Acceptance of residential and commercial property as collateral
- Less paperwork
Abhyudaya Co-operative Bank Personal Loan Interest Rates March 2023
|Interest Rate||13.50%-14% p.a.|
|Loan Amount||Up to ₹5 Lakh|
|Processing Fee||1.30% of the loan amount|
Abhyudaya Bank Personal Loan EMI Calculator
In a normal course of life, anybody can need a personal loan so as to fulfill their requirements. To reduce your burden in paying off the loan immediately, you need to choose the EMI (Equated Monthly Installment) facility. In order to know how much you need to pay per month, you can use a personal loan calculator online. You will have the flexibility to choose your tenure and the amount you can easily repay every month which suits your pocket. This smart device, after taking into account- Loan Amount, Tenure and Interest Rate, fetches the values of EMI, Interest and Total Amount Payable on a loan.
Let’s just understand the concept of the same with the help of an example below, showing the calculations of a loan of INR 3 Lakh, taken for a tenure of 5 years at an interest rate of 13.50% per annum.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
|Loan Amount||Interest Rate||Tenure||Monthly Instalment||Total Interest Amount||Total Amount|
|₹ 3,00,000||13.50%||1||₹ 26,866||₹ 22,387||₹ 3,22,387|
|₹ 3,00,000||13.50%||2||₹ 14,333||₹ 43,995||₹ 3,43,995|
|₹ 3,00,000||13.50%||3||₹ 10,181||₹ 66,501||₹ 3,66,501|
|₹ 3,00,000||13.50%||4||₹ 8123||₹ 89,899||₹ 3,89,899|
|₹ 3,00,000||13.50%||5||₹ 6903||₹ 1,14,177||₹ 4,14,177|
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
|1||₹ 45,055||₹ 37,780||₹ 2,54,944|
|2||₹ 51,529||₹ 31,306||₹ 2,03,415|
|3||₹ 58,932||₹ 23,903||₹ 1,44,482|
|4||₹ 67,399||₹ 15,436||₹ 77,083|
|5||₹ 77,159||₹ 5752||₹ 0|
Abhyudaya Co-operative Bank Personal Loan Eligibility
- An applicant should be aged between 21 and 58 years
- An applicant should be a permanent salaried employee
- For self-employed/businessmen/professionals, minimum take home income after EMI amount should be INR 8,000
Documents Required for Personal Loan in Abhyudaya Bank
|Latest Photograph||Latest Photograph|
|Photo Identity Proof||Photo Identity Proof|
|PAN Card||PAN Card|
|Residence Proof of Applicant & Guarantor||Residence Proof of Applicant & Guarantor|
|Salary Slip of Last 3 Months & Bank Statement of Last 6 Months||Last 2 years financial statement along with ITR copy|
|ITR of Last 3 Years with Form 16||Bank statement for business account for last 1 year|
Abhyudaya Co-operative Bank Personal Loan Eligibility Calculator
Let us understand how to calculate eligibility for the loan amount in case of a personal loan by taking an example:
Assume that you are employed in a reputed software company and have a monthly salary of INR 70,000 per month. You are able to keep aside around 40%-50% of your monthly income. You have decided to save 50% of the income earned and are interested in knowing how much a loan can be availed from the bank. The bank will take your savings into consideration which comes out to be INR 35,000 per month (approx.) and calculate the eligibility of your loan which is dependent upon the basis of your repayment capacity, tenure, and interest rates. The eligibility of your loan is assessed by using the eligibility calculator. The calculator will also calculate the amount of installment for which you are liable to pay per month.
Amount – INR 1 Lakh
Loan Tenure – 5 years
Rate of Interest – 13.50% – 14.00%
Your monthly EMI will be INR 2,301 – INR 2,327
Personal Loan Eligibility Calculation:
INR 1 Lakh x 35000/2301 = INR 15.21 Lakhs and INR 1 Lakh x 35000/2327 = INR 15.04 Lakhs
Hence, your personal eligibility of loan amount ranges from INR 15.04 Lakhs – INR 15.21 Lakhs. However, with the help of a personal loan eligibility calculator online, you can know the exact loan amount, you can get from a lender.
Abhyudaya Bank Personal Loan Customer Care
For all your complaints, queries or concerns related to personal loan, you just need to dial 022-24115047 , 24105097 from your mobile or landline. The customer care executives of the bank with their in-depth knowledge and expertise ensure to resolve all your problems in the best way, hence make your personal loan journey memorable.
Abhyudaya Bank Personal Loan Status
When it comes to tracking the status of your Abhyudaya Co-operative Bank Personal Loan, it would not be wrong to say that with the help of an online facility, you can easily do the same. Just from the comfort of your home or office, you can anytime track the real-time status of your personal loan application. Whether its approved, pending or rejected, you would be able to know everything with the help of an online facility.
Abhyudaya Co-operative Bank Loan Application Form
When it comes to applying for a personal loan, it is a compulsion to fill an application form for the same. And, the same goes in case of an Abhyudaya Co-operative Bank personal loan. An applicant needs to fill the required application form by mentioning his/her correct personal as well as professional details. The form is easily available online at the official website of SBI or an applicant can also visit the bank branch to get a form.