AU Small Finance Bank offers a range of services to meet the diverse financial needs of its customers. These services include, savings accounts, fixed deposits, personal loans, business loans, corporate banking services and many more. AU Bank personal loan is designed to provide financial assistance for various purposes such as education, home renovation, weddings, travel, healthcare, and debt consolidation. In this article we will explain all the details including benefits, eligibility criteria, document required for personal loan, fees and charges on personal loan and how to apply for personal loan from AU Small Finance Bank
Benefits of AU Bank Personal Loan
- Competitive Interest Rates: AU Small Finance Bank offers Personal Loans with competitive interest rates, ensuring affordability for borrowers.
- Effortless Loan Management: User-friendly platforms enable easy management of Personal Loans, allowing customers to handle loan-related activities from the comfort of their homes.
- Debt Consolidation: Personal Loans can be used for debt consolidation, combining high-cost debts into a single loan with a more manageable interest rate.
- Pre-approved Offers: Existing customers may be eligible for pre-approved Personal Loan offers, simplifying and expediting the application process with potential preferential interest rates.
- Royale Interest Rates: Qualifying as a Royale customer comes with benefits, including preferential processing fees and interest rates, enhancing the overall loan package.
- All-Purpose Loan: Personal Loans cater to diverse financial needs, from education and home renovation to weddings, travel, healthcare, and more, offering flexibility.
- No Collateral Requirement: The absence of collateral requirements eases the burden for borrowers without assets to pledge, making the loan accessible to a broader range of individuals.
- Minimal Documentation: AU Bank’s Personal Loans require minimal documentation, streamlining the approval process and making it faster and more efficient.
- Flexible Repayment Tenure: Borrowers can choose a repayment tenure that suits their financial situation, with options ranging from 12 to 60 months, enhancing flexibility.
- Quick Disbursal: AU Bank is committed to quick disbursal, ensuring that approved funds are made available promptly to meet the immediate financial needs of customers.
Au Bank Personal Loan Eligibility Criteria
- Applicants must be Indian residents to qualify for a Personal Loan from AU Bank.
- Age Criteria: Minimum Age: 23 years at the time of loan application, Maximum Age: 60 years at the time of loan maturity.
Document Required for Au Bank Personal Loan
- Duly filled and signed loan application form.
- Aadhaar Card linked to Mobile Number.
- Identity Proof (ID Proof): PAN Card, Aadhaar Card, Passport, Voter ID, Driver’s License (Any One).
- Address Proof: Aadhaar Card, Passport, Voter ID, Driver’s License, Utility bills (electricity, water, gas)
- Income Proof: Salary slips for the last 3 months (for salaried individuals)
- Income Tax Returns (ITR) for the last 2 years (for self-employed individuals)
Au Bank Personal Loan Fees and Charges
- Processing Fee: Up to 4% of the Approved Loan Amount + Applicable taxes.
- Stamping Charges: As per the State’s Stamp Act.
- Overdue Interest: 3% per month on the outstanding amount for overdue payments.
- Prepayment/Foreclosure Charges: If paid before 12 months from the last disbursement date: 5% of the balance amount at the time of closure. If paid after 12 months from the last disbursement date: 3% of the balance amount at the time of closure.
How to apply for personal loan from Au Small Finance Bank?
Applying for a Personal Loan from AU Small Finance Bank is very easy and simple process, you can choose between online and offline methods. Step-by-step guide on how to apply for a Personal Loan with AU Small Finance Bank:
Au Bank Personal Loan Online Application:
- Visit the official website of AU Small Finance Bank or use mobile banking app AU 0101.
- Once logged in, find the ‘Apply Now’ section. This is usually prominently displayed on the website or app.
- Click on the ‘Personal Loan’ option to start the application process.
- Complete the online application form with accurate personal and financial details.
- Upload the necessary documents such as identity proof, address proof, income proof, and any other documents as required.
- Select a suitable repayment tenure based on your financial preferences.
- Review the application thoroughly to ensure all information is accurate, then submit the application online.
Au Bank Personal Loan Offline Application:
- You can visit the nearest AU Small Finance Bank branch.
- Complete a physical application form provided by the bank, providing all necessary details.
- Submit the required documents, including identity proof, address proof, income proof, etc., along with the filled application form.
- Discuss and finalize the repayment tenure with the bank staff.
- Await the bank’s processing of your application. This may include a verification process.
- Upon approval, the loan amount will be disbursed to your account.
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