Is nominee membership available for Abhyudaya Bank Personal Loan?

Yes, nominee membership is available for Abhyudaya Bank Personal Loan up to Rs.1 lakh.

Can I avail myself of a loan from Abhyudaya Bank if I am a non-government employee?

No, Abhyudaya Bank personal loans are generally available only for government and semi-government employees, not for private sector employees.

Are processing charges levied for Abhyudaya personal loans?

Abhyudaya Bank does not levy processing charges for loan amounts up to Rs.10 lakh. Hence, no processing charges are levied on personal loans offered by Abhyudaya Bank.

Is there a holiday period facility offered under personal loan at Abhyudaya?

No, Abhyudaya Bank does not offer any holiday periods under its personal loan product.

Abhyudaya Bank Personal Loan

Abhyudaya Bank personal loans are designed to offer financial relief to the marginalised, ensuring their products are within reach for everyone.

Maximum loan amount of Rs.5 lakh
Maximum repayment period of 7 years
No requirement of prime security
Loan for any expense acceptable to the bank

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Abhyudaya Bank Personal Loan Details

Interest rate - At the discretion of the bank 9.5 % floating (linked to PLR) for six months

Loan amount - Maximum Rs.2 lakh

Service charges - As per manual charges

Documents Required for Abhyudaya Bank Personal Loan

The bank requires the loan applicant to submit the following documents to avail the loan:

Proof of identity
Copy of PAN
Proof of residence of loan applicant and guarantors
Latest photographs

Additional documents for salaried individuals:

Salary slips for previous 3 months
Bank statement for previous 6 months
Form 16A
IT Return for previous 3 years

Additional documents for businessmen:

Financial statement for previous 2 years
Copy of IT Return
Bank statement for the business account for previous 1 year

Features and Benefits of Abhyudaya Personal Loan

Abhyudaya Bank offers personal loans with a host of features and benefits, a few of which are highlighted below.

Simplified process: Obtaining a personal loan from Abhyudaya Bank is simple and easy, without any hassles.
No margin: There is no margin involved while availing a loan.
Long repayment tenure: A loan can be repaid through flexible EMIs, with a maximum repayment tenure of 5 years.
Multipurpose loan: This loan can be used for any genuine personal need, making it a multipurpose loan without strict regulations on usage.
Low membership fee: Applicants need to pay a very nominal membership fee for loan amounts less than Rs.1 lakh.

Abhyudaya Bank Personal Loan Eligibility

Employment type	Government employee or from semi-government organisation
Loan amount eligibility	Minimum amount of Take-Home Income/Salary after EMI
Up to Rs.1 lakh Above Rs.1 lakh	Rs.9,000 per month Rs.10,000 per month
Maximum amount that can be offered as loan	Rs.2 lakh

How Does the EMI Calculation of Abhyudaya Personal Loan Work?

The concept of the repayment of the Abhyudaya Personal Loan can be better explained with an example. So let us assume that a Mr. Lal decides to apply for an?Abhyudaya Bank personal loan?to meet the wedding expenses of his son. He borrows a loan of Rs.1.5 lakh and he is charged an interest of 14% per annum on this loan, with a repayment tenure of 1 year. The bank does not charge any processing fee towards this application.

The EMI to be paid every month for a period of one year is Rs.13,468. The details regarding the principal paid and outstanding loan amount each month is as follows:

Month	Principal Paid(A)	Interest Paid(B)	Total Payment (A+B)	Outstanding Loan Balance
1	Rs.11,718	Rs.1,750	Rs.13,468	Rs.1,38,282
2	Rs.11,855	Rs.1,613	Rs.13,468	Rs.1,26,427
3	Rs.11,993	Rs.1,475	Rs.13,468	Rs.1,14,434
4	Rs.12,133	Rs.1,335	Rs.13,468	Rs.1,02,301
5	Rs.12,275	Rs.1,194	Rs.13,469	Rs.90,027
6	Rs.12,418	Rs.1,050	Rs.13,468	Rs.77,609
7	Rs.12,563	Rs.905	Rs.13,468	Rs.65,046
8	Rs.12,709	Rs.759	Rs.13,468	Rs.52,337
9	Rs.12,857	Rs.611	Rs.13,468	Rs.39,479
10	Rs.13,007	Rs.461	Rs.13,468	Rs.26,472
11	Rs.13,159	Rs.309	Rs.13,468	Rs.13,313
12	Rs.13,313	Rs.155	Rs.13,468	Rs.0

Calculate the EMI payable based on your loan amount, loan tenure, and interest rate using BankBazaar EMI Calculator

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FAQs on Abhyudaya Personal Loan

Is nominee membership available for Abhyudaya Bank Personal Loan?
Yes, nominee membership is available for Abhyudaya Bank Personal Loan up to Rs.1 lakh.
Can I avail myself of a loan from Abhyudaya Bank if I am a non-government employee?
No, Abhyudaya Bank personal loans are generally available only for government and semi-government employees, not for private sector employees.
Are processing charges levied for Abhyudaya personal loans?
Abhyudaya Bank does not levy processing charges for loan amounts up to Rs.10 lakh. Hence, no processing charges are levied on personal loans offered by Abhyudaya Bank.
Is there a holiday period facility offered under personal loan at Abhyudaya?
No, Abhyudaya Bank does not offer any holiday periods under its personal loan product.

Important Personal Loan Pages

Personal Loan Eligibility by Banks

Personal Loan Interest Rates by Bank

Personal Loan EMI Calculator by Bank

Personal Loan Customer Care by Bank

Personal Loan Status Track by Bank

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