Description
About Andhra Bank
Andhra Bank is a public sector Indian bank with its presence in 4 extension countries. With its headquarters in Hyderabad, Telangana, the bank operates in most states and union territories in India.
Andhra Bank personal loan
It offers a wide array of financial solutions including loans, fixed deposits, credit cards, debit cards, and a lot more to individuals across the country. A personal loan is one of its key products. Customers can get a personal loan at an affordable and competitive interest rate. Andhra Bank personal loan can be availed to meet your credit requirements for higher education, home renovation, wedding, and medical expenses.
Features and Benefits of Andhra Bank Personal Loan
Following are the features and benefits of Andhra Bank personal loan:
- Flexible repayment tenure: Andhra Bank personal loan EMI can be repaid in 60 months.
- Diverse schemes: The bank offers personal loans under different schemes to cater to different segments of customers ranging from state & central government employees to LIC agents and pensioners.
- Co-obligation: While applying for a personal loan, borrowers can add any co-obligation entity including parents and spouse who earn good income or family pensioners to improve their eligibility.
- Minimal documentation: Andhra Bank personal loan needs minimal documentation and the loan amount is disbursed quickly.
- Attractive interest rate: Interest rate applicable on Andhra Bank personal loan starts from as low as 11.30% p.a. and processing fee is minimal.
- No prepayment charges: There is no prepayment charge on Andhra Bank personal loan.
Types of Andhra Bank Personal Loans
Andhra Bank offers a personal loan under 2 schemes – Consumer Loans and Clean Loans
Andhra Bank Consumer Loans
Andhra Bank provides consumer loans to customers for the purchase of consumer durables and other household appliances. Under this scheme, salaried and self-employed people can get a personal loan up to a certain percentage of their salary or income.
Features of Consumer Loans
- Hypothecation of the article purchased with Bank finance.
- The loan amount can be availed for up to 60 months.
- Salaried employee can get up to 10 months gross salary, non-salaried individuals 40% of gross annual income, and pensioners 4 months pension; or 75% cost of the pledged asset, whichever is less.
- Collateral security: Borrowers can pledge Life insurance policy with equivalent surrender value or shares, NSCs, Units etc. of adequate value.
- Borrowers can add co-obligation entity to improve their eligibility for Andhra Consumer Loans.
Andhra Bank Consumer Loans eligibility criteria
- Any salaried person
- Any pensioner drawing pension through Andhra Bank
- Any self-employed individual meeting repayment capacity set by the bank
Andhra Bank Clean Loans
Andhra Bank offers clean loans to all individuals looking for a cash loan for personal purposes including home renovation, wedding, medical emergency, higher education etc. The loan can be availed for up to 60 months. Customers can add family members as a co-obligation entity. In case of pensioners and LIC agents, nominee/ family pensioners and spouse or one of the family members can act as a co-obligation entity.
Quantum of loan
- Salaried persons: The loan amount shall not be less than 40% of your take-home pay after all deduction including the repayment instalment for the proposed loan.
- For non-salaried persons: 2 times average annual income (average of last three years income is shown in IT returns/ assessment orders).
- For pensioners: 8 times of monthly pension. Cap for pensioners is Rs. 5 lakh. Maximum age 75 years.
- For LIC agents:
- For income tax assesses: Two times of average renewal commission (average for the last three years), subject to a maximum of Rs. 2 lakh. Maximum age 55 years.
- For others: 50% of the average renewal commission for the last three years, subject to a maximum of Rs. 2 lakh. Maximum age 55 years.
Andhra Bank Clean Loans eligibility criteria
- Any salaried person
- Any pensioner drawing pension through Andhra Bank
- Any self-employed individual meeting repayment capacity set by the bank
Andhra Bank Personal Loan Interest Rates
Andhra Bank offers a personal loan to cater to different segments of borrowers under multiple categories. Customers can get a personal loan up to Rs. 5 lakh at a reasonable interest rate and minimal processing charges.
|
Consumer Loans |
||
|
Loan period |
For state, central and PSU employees drawing salary through Bank’s branch |
For private employees, non-salaried class and LIC agents etc |
|
Up to 36 months |
12.70% |
12.70% |
|
Above 36 months to 60 months |
13.95% |
13.95% |
|
Clean Loans |
||
|
Loan period |
For state, central and PSU employees drawing salary through Bank’s branch |
For others |
|
Up to 36 months |
11.30% |
11.80% |
|
Above 36 months to 60 months |
11.55% |
11.80% |
How to calculate Andhra Bank Personal Loan EMI?
While getting a personal loan from Andhra Bank, it is important to calculate the best suited monthly instalment, making sure it fits into your monthly budget. A personal loan EMI calculator helps you calculate your monthly outgo and plan your finance with ease. Borrowers can estimate the EMI for Andhra Bank personal loan using personal loan EMI calculator on Afinoz.com Using Afinoz personal loan EMI calculator is very easy. Enter the following inputs to find out the instalment on your Andhra Bank personal loan.
- Andhra Bank personal loan amount you want to get
- For how long you want to get a personal loan
- Interest rate applicable on Andhra personal loan
How to calculate Andhra Bank personal loan interest rate?
Now calculating Andhra Bank personal loan interest rate is pretty easy with Afinoz personal loan interest rate calculator. All you need to do is fill in the following details into the calculator.
- Andhra Bank personal loan EMI
- Andhra Bank personal loan amount
- Andhra Bank loan tenure
Documents Required for Andhra Bank personal loan
Here is the checklist of the documents required to get a personal loan from Andhra Bank:
For salaried employees
- Proof of identity: A copy of Voter’s ID/ PAN card /Aadhaar card /Driving license
- Address proof: A copy of Leave & License Agreement/ Ration card /Utility bill (not more than 3 months old) / Passport
- Credit information: PAN number to check your credit history
- Income proof: A copy of the bank statement for the last six months
- Salary slips: A copy of salary slips for the last three months with the latest Form 16
- Bank statement: Bank statement showing salary being credited for the last 3 months
- IT Returns/ Assessment Order
- Property Statement
- Latest quotation for article proposed to be purchased
For self-employed employees
- Proof of identity: A copy of Voter’s ID/ PAN card /Aadhaar card /Driving license
- Address proof: A copy of Leave & License Agreement/ Ration card /Utility bill (not more than 3 months old) / Passport
- Credit information: PAN number to check your credit history
- Latest Income Tax Assessment Order, Property statement
- Proof of business continuation
- Latest Form 16
- Latest quotation for article proposed to be purchased
Andhra Bank Personal Loan Comparison
|
Banks |
Interest Rate |
Processing Fees |
Amount |
Terms |
|
Andhra Bank |
11.30% to 15% |
As per the bank’s policy |
Up to Rs. 5 lakh |
Up to 60 months |
|
IDBI Bank |
12% to 14% p.a. |
1% of the loan amount |
Up Rs. 10 lakh |
12 to 60 months |
|
ICICI Bank |
11.25% to 22.00% p.a. |
Up to 2.25% of loan amount + GST |
Up to Rs. 20 lakh |
12 to 60 months |
|
HDFC Bank |
From 11.25% p.a. to 21.50% |
Up to 2.5% of the loan amount |
Up to Rs. 15 lakh |
12 to 60 months |
|
Axis Bank |
15.75% to 24% p.a. |
Up to 2% of the loan amount + GST |
Up to Rs. 15 lakh |
12 to 60 months |
|
IDFC Bank |
Starting from 11.50% p.a. |
Up to 2% of the loan amount |
Up to Rs. 40 lakh |
12 to 60 months |
|
Tata Capital |
11.25% - 19% |
Start at Rs. 1499/- + Applicable GST |
Up to 25 lakhs |
12 to 60 months |
How to apply for personal loan at Afinoz
Applying for a personal loan on Afinoz is very easy. You can apply for a personal loan by clicking ‘Apply Now’ button on the personal loan page. Fill the short and simple personal loan application form to check your eligibility for a personal. You will receive exclusive offers from multiple lenders, including based on your eligibility.
Andhra Bank Personal Loan Customer Care
You can contact the bank on the following touchpoints for any service, help, complain etc.
- Phone number: You can dial 1800 425 1515 between 10 a.m. to 5 p.m. on all working days.
- Email: Send an email on customerser@andhrabank.co.in
- Website: Visit www.andhrabank.in
- You can visit the nearest branch of Andhra Bank
Read More: Andhra Bank Customer Care Number
➤ FAQs
Ques. Where can I get an Andhra Bank personal loan?
You can avail the loan from any of Andhra Bank’s branch or specialized Retail Credit Branches nearest you.
Ques. Can I apply for a personal loan with my spouse?
Yes, spouse with income can be added to improve your eligibility.
Ques. I am a salaried employee. What is the maximum loan that I can borrow?
Salaried employees can get an Andhra Bank personal loan under Consumer Loans scheme. Here is how much loan a salaried person can get from Andhra Bank. Fresh loan:-Salaried person who is applying for a personal loan from Andhra Bank for the first time will get a personal loan under different conditions. If salary routed through Andhra Bank, the maximum principal loan amount you can get is 8 months gross salary or Rs.1,00,000, whichever is lesser. Individuals whose salary is routed through other banks can get 10 months gross salary or Rs.1,00,000, whichever is lesser. Repeat Finance:-If you have already borrowed a personal loan, in case of repeat finance, the maximum Andhra Bank personal loan amount that you can borrow is 10 times the gross monthly salary you get. The maximum amount is subject to Rs.1,50,000.
Ques. I am a pensioner, how much personal loan can I get from Andhra Bank?
Pensioners can get a personal loan up to 4 months’ pension amount or 75% cost of the article, whichever is less, under Andhra Bank personal loan scheme.
Ques. How soon can I get a personal loan from Andhra Bank?
Andhra Bank offers instant personal loan with minimum documentation. If you fulfil the eligibility criteria, the loan will be disbursed in 4 days.
Ques. What is the maximum length of a loan tenure for which I can get an Andhra Bank personal loan?
Andhra Bank personal loans can be availed for a minimum tenure of 12 months and a maximum tenure of 60 months.
Ques. How can I get a personal loan from Andhra Bank?
You can avail the loan from any of Andhra Bank’s branch or specialized Retail Credit Branches nearest you. Fill the loan application form and submit to the banks, and based on your eligibility the bank will decide whether you’re eligible to get the loan.
Ques. Where can I apply for a personal loan?
Andhra Bank operates across India and you can get an Andhra Bank personal loan from any of the Andhra Bank branches. You can also apply for a personal loan at specialized retail credit branches nearest you.
Ques. I am looking for a personal loan, do I need to provide security to get a personal loan from Andhra Bank?
You can get a personal loan from Andhra Bank without pledging any kind of security.
Ques. How do I calculate my EMI?
You can easily calculate your EMI using a personal loan EMI calculator on Afinoz’s homepage. Enter the principal loan amount, the loan tenure and the interest rate you are being charged. Within seconds you will know you EMI.
Ques. Is there any additional charge on a personal loan that I get?
There is a nominal processing fee on Andhra Bank personal loan at the time of application of a personal loan. At the end of every quarter, administrative charges are collected.
Ques. How do I repay my personal loan EMI?
A Personal loan can be repaid at any of Andhra Bank’s branches through cheques. Alternatively, you can repay the personal loan on a monthly basis through auto-debit facility from your savings account in Andhra Bank.
Ques. Can I pay the EMI in advance?
Yes, it is possible to pay your monthly installment in advance. Paying EMI would be beneficial as the interest component comes down depending on the extent of the amount repaid.
Ques. I want to close my loan ahead of the defined tenure. Will I have to pay any charge for closing the loan?
You can foreclose your Andhra Bank personal loan without incurring any charges as long as all outstanding dues are cleared.
Ques. What is the nature of the interest charged?
Personal loan interest rates are based on RLLR (Repo Linked Lending Rate) subject to periodic changes. Floating interest is charged on Andhra Bank personal loans.
Ques. What can I get an Andhra Bank personal loan for?
Andhra Bank personal loan can be availed to fulfil a wide range of personal expenses such as vacation, higher education, wedding, home repair, cash for fulfilling daily expenses, etc.
Ques. Can I apply for a personal loan with my spouse?
Yes, you can apply for a personal loan with your spouse who draws income and the income of your spouse will also be considered in your eligibility for a personal loan.
Ques. How do I find out the monthly instalment on my Andhra Bank personal loan.
Equated Monthly Instalments (EMI) are is made of principal and interest thereon. The best way to know how much money you will be required to pay each month is to use the EMI calculator online on Afinoz.com. It will help you know the EMI you will have to pay on a monthly basis and the interest you will be paying on the loan.
Ques. How interest is calculated on a personal loan from Andhra Bank?
Andhra Bank usually offers a personal loan on a floating rate and rate is linked to the bank's base rate which changes on a periodic basis. Interest is charged on daily reducing balances, reducing the effective interest rate to a significant extent.
Ques. Are additional charges applicable to the personal loan?
Andhra Bank personal loans come with a nominal processing fee that has to be paid upfront when the loan is sanctioned. Andhra Bank also levies administrative charges on personal loans and they must be paid at the end of each quarter.
Ques. How to repay the personal loan?
The payment of EMIs can be done at any branch of Andhra Bank, or the borrowers can choose to provide the bank with standard instructions to deduct the instalments from your savings account on a fixed date as agreed by you.
Ques. Can I prepay the personal loan EMIs and close the loan well before the due date?
Based on the interest rate, you can make a prepayment. As you keep repaying the loan, the interest component will reduce depending on how much you have repaid. You can foreclose the loan ahead of the due date. Prepayment can be done without any additional charges.
Ques. Can I apply for a personal loan with my spouse?
Yes, spouse with income can be added to improve your eligibility.