AU Small Finance Bank Personal Loan @ 14% | Features, Documents Needed, Eligibility Criteria and Ways to Apply

AU Small Finance Bank Personal Loan: Personal loans can be seen as a form of installment credit. It is different to a credit card in the sense that a personal loan makes a one-time payment of cash to borrowers. The money is borrowed for a certain amount of time, and borrowers pay back the borrowed amount plus interest in regular, monthly installments over the “term” of the Loan.

Personal loans come to one’s rescue when one is short of money. It is very easy to access personal loans, and they are granted so fast that many people take personal loans often to meet expenses. In recent times, lots of people have AU Bank Personal Loan Apply.

Want to compare AU Small Finance Bank Personal Loan with other bank personal loans for lowest interest rates and extra offerings? Just keep an eye on our Complete Guide on Personal Loan & choose the suitable bank to apply for the loan.

In this article, we will discuss in detail AU Small Finance Bank Loan details like the various intricacies of the complicated procedure, including AU Small Finance Bank Loan Interest Rate.

AU Small Finance Bank

AU Small Finance Bank Overview

AU Small Finance Bank Personal Loan is the personal Loan provided by Au Small Finance Bank for when someone needs money quickly. Their loans are designed to take care of all customer’s financial needs with minimal possible documentation and usually provide speedy approvals.

AU Small Finance Bank Personal Loan Features

Features of the Bank are:

  • Free of any Collateral
  • There is the bare minimal need of documentation
  • Easy and instant approval of any type of Personal Loan
  • Easy repayment options for applicants to avail various services
  • Multipurpose end-use schemes

One can utilize the AU Small Finance Bank’s Personal Loans can for the following:

  • Educational purposes
  • Home renovation pursuits
  • Fulfilling Goals for a Wedding
  • Intents for Traveling
  • Debt consolidation
  • Healthcare measures

How to Apply for a Personal Loan in AU Small Finance Bank?

One can apply for a certain amount for a personal loan in AU Small Finance Bank in both the online and the offline methods.

Online Method

When one applies for a personal loan online, one is directly purchasing it from the bank without any involvement of the middlemen. Further, there are no added costs like agent commission.

Step 1: In order to apply for a personal loan at AU Small Finance Bank, one needs to log on to their website and click on the “Apply for a Loan” option at the top menu selections. One can find a personalized EMI calculator where one puts in the details of the Loan, like the amount to be borrowed and the term of the loan.

Step 2: After one has put in the details, one has to click on apply for Loan. After this, a new window opens where one has to put in essential details like account numbers and the documents needed for loan approval. Finally, after double-checking the information, click on submit to submit your loan demand.

Offline Method

There are two ways one can apply for a personal loan at AU Small Finance Bank in the offline method-

At the Bank Branch: In this method, the borrower needs to visit a branch of the bank, fill out the form with all the essential details needed and finally submit it with whatever documents are required.

Through an Agent: Banks have various agents who sell personal loans. These agents are especially helpful If one needs guidance before applying for the Loan. However, they are paid a commission, and this might create a small increase in one’s interest rates.

AU Small Finance Bank Personal Loan Eligibility Criteria

  • The person who is applying for the Loan has to be a resident of India.
  • The minimum age a borrower has to be before applying for a personal loan at AU Small Finance Bank is 23 years of age.
  • The borrower cannot be above the age of 58 years at maturity.
  • The tenure or the time period of the loan, i.e. the amount of time in which the borrowed amount is to be paid back with interest to the bank, cannot be more than 02 to 60 months.
  • The upper limit for the amount a person can apply for the Personal Loan is it can’t be more than 7.5 lakhs.

AU Small Finance Bank Personal Loan Documents Required

It is paramount for AU Small Finance bank to ask for the checking of documents before approving a loan. These are the various documents needed to apply for AU Small Finance Bank Personal Loan:

    Personal Loan application with a recent photograph
  • PAN Card copy
  • Identity proof (Passport copy, Aadhaar copy, Driving license copy, Voter Id Card)
  • Address proof (Passport copy, Aadhaar copy, Driving license copy, Voter Id Card)
  • Income proof (Salary slip, ITR document)
  • Bank Statement for last six months

AU Small Finance Bank Personal Loan Features

  • AU Small Finance Bank, the borrower, can use a Personal Loan to fund different things: It is applicable to use AU Small Finance Bank Personal Loan for various items ranging from education, home renovation, and weddings to Healthcare and debt consolidation.
  • Flexi payment options from 2 to 60 months: The borrower can have flexible payment schedules that range from 2 months to 60 months to pay off the borrowed amount. This goes a long way in helping the customer pay off his debts on his own time and when he can, thereby reducing stress.
  • Instant credit/disbursement: When a loan is granted and approved, the borrower gets the amount he asked for to be borrowed instantly into his account. This plays a significant role if one is in an emergency and needs a substantial amount of money in a very short period of time.
  • Minimum documentation: When the customer needs a personal loan, it requires minimal documentation to ask for a loan and get the Loan approved. This helps in the case of an emergency as the procurement and checking of minimal documents saves a lot of time.
  • Avail loans up to 7.5 lakhs: The upper limit for a personal loan in AU Small Finance Bank is a whopping amount of 7.5 lakhs. Keeping the upper limit so high comes in helpful when a customer needs a substantial amount of money.
  • No security or guarantor required: The approval of the personal Loan does not need another person as guarantor to be present and to be held accountable if the borrower fails to pay for the money.
  • Low Interest Rates: A personal loan of twenty-five thousand rupees over a period of six months will charge the borrower an interest rate of fourteen per cent. However, this interest rate changes with the amount of money borrowed and the time that it is borrowed for.

Takeaways from the Article

Thus, this concludes the article detailing personal loans and, in particular, AU Small Finance bank personal Loans. It is very integral to understand the basics and intricacies of the methods to apply for personal loans. This article details a few of the important things to know and understand in order to apply for a personal loan.

The information about personal loans is not just limited to this article. One must always read carefully the terms and conditions a specific bank puts out before applying to it for a loan.

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