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Andhra Bank Personal Loan
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Best Rate
10.25%
Processing Fee
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Andhra Bank
Andhra Bank is a medium-sized public-sector bank (PSB) of India, with a network of 2803 branches, 4 extension counters, 38 satellite offices and 3636 automated teller machines (ATMs). The bank now operates in 25 states and three Union Territories. Andhra Bank has its headquarters in Hyderabad, Telangana, India.
How to Apply for Andhra Bank Personal Loan
What is a personal loan?
A personal loan is an unsecured (i.e. without collateral), multi-purpose loan usually taken to cover short-term money requirements. Personal loans usually have a speedy approval process hence making it one of the most popular loans in the market.
An Introduction to Andhra Bank Personal Loans
Being one of the largest bank in India, Andhra Bank offers a wide range of services in the personal loan segment. It is the most preferred bank by all kinds of people for any financial service. For any immediate financial requirement like wedding, medical treatments, house repair, pleasure vacation etc. can be fulfilled using the personal loans offered by Andhra Bank.
Advantages of Andhra Bank
- Low interest rate
- No hidden costs and administrative charges
- Less paperwork
- Long tenure
- Minimum Income Requirement
- Pensioners get attractive offers
Documentation Required for Andhra Bank Personal Loans
Important documents to be submitted while applying for personal loans with Andhra Bank
- Completed loan application
- 3 Passport size photographs
- Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
- Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
- Statement of Bank Account/ Pass Book for last six months
- Form 16/IT returns for the last two financial years for salaried employees
- IT returns for the three years for self-employed professionals
Andhra Bank Personal Loans
Catering to the needs of various sections of people, tailor-made Andhra Bank personal loans is the best option to fulfil your short-term needs. You can choose the best personal loan based on your requirement.
Consumer Loans
These are loans for purchase of consumer durables and other house hold appliances.
Eligibility Criteria
- Any individual having repayment capacity,
- Salaried persons
- Pensioners drawing pension in the branch
Quantum of Finance
- 10-month gross salary in case of salaried class.
- 40% of gross annual income in case of non-salaried class.
- 4 months pension in case of pensioners.
Or
75% cost of the article whichever is less
Rate of interest
| Loan Period | For State and Central Government employees, | For private employees, non-salaried class and LIC agents etc |
|---|---|---|
| Up to 36 months | MCLR (One year) + 2.85% | MCLR (One year) + 3.35% |
| Above 36 months | MCLR (One year) + 3.10% | MCLR (One year) + 4.35% |
Co-obligation
Husband/ father or any third party (with sufficient worth and of regular income) acceptable to the bank.
Security
Hypothecation of the article purchased with Bank finance
Collateral security
- Assignment of Life insurance policy with equivalent surrender value
- Pledge of shares, NSCs, Units etc. of adequate value
Tenure
Maximum 60 months or 5 years
Pre-closure charges:
Nil
Clean Loans
The personal loan offered by Andhra bank is a multipurpose loan which can be used to satisfy the customers financial needs, including but not limited to marriage of a child, business expenses, going on a vacation, buying household articles, buying consumer durable goods, meeting any emergency expenditure, etc.
Quantum of Finance
- Take Home pay: After all deductions including the repayment instalment for the proposed loan shall not be less than 40% of gross salary.
- For Non- Salaried Persons: 2 times average annual proven income (Annual income as average of last three years income shown in IT returns/ assessment orders).
- For Pensioners: 8 times of monthly pension. Cap for pensioners is Rs. 5,00,000/-. Maximum age 75 years.
- For LIC Agents:
- For those who are income tax assesses: Two times of average renewal commission for the previous three years, subject to a maximum of Rs. 2,00,000/-
- For those who are not income tax assesses: 50% of average renewal commission basing on a statement of income for the previous three years, subject to a maximum of Rs. 2,00,000/-
Maximum age: 55 years
Rate of interest:
| Loan Period | For State and Central Government employees, | For private employees, non-salaried class and LIC agents etc |
|---|---|---|
| Up to 36 months | MCLR (One year) + 3.00% | MCLR (One year) + 3.50% |
| Above 36 months | MCLR (One year) + 3.25% | MCLR (One year) + 4.50% |
Co-obligation
- A good third party acceptable to the Bank
- Nominee/family pensioner in case of pensioners.
- In case of LIC agents – Spouse or one of the family members and 1 LIC agent
Collateral security
- Assignment of Life insurance policy with equivalent surrender value
- Pledge of shares, NSCs, Units etc. of adequate value
Tenure
Maximum 60 months or 5 years
Pre-closure charges:
Nil
Andhra Bank Personal Loans Overview
Andhra Bank provides attractive interest rates on personal loans when compared to other lenders. Low interest rate with no hidden charges makes Andhra Bank personal loans a prospective and viable option for borrowing for your urgent financial requirements. With long tenure and part-prepayment, Andhra Bank personal loans do not impose much burden on the customers.
Andhra Bank Personal Loan FAQs
1. What are my loan limits?
Your personal loan limit would be determined by your income and repayment capacity. Andhra Bank offers two types of personal loans. They are Personal loan and Quick Loan.
2. Can my spouse income be included for calculating the loan amount?
Yes, your spouse's income can be included provided he/she guarantees the loan or the loan is taken jointly.
3. Do I have to pledge some form of security?
In some cases, security is required.
4. What is the repayment schedule like?
The minimum amount that you are expected to pay every month is the EMI. You are allowed to pay more than the EMI if you wish to, and we do not charge any prepayment penalty.
5. What is EMI?
EMI stands for Equated Monthly Instalments. This instalment comprises both principal and interest components. Use the EMI calculator to find out your monthly payments based on the loan amount, the rate of interest and the repayment period. Choose the combination that best meets your financial resources and requirements.
6. What is the processing fee? Are there any other charges?
There is no processing fee for Personal loan.
7. Do I have the option of choosing a fixed or floating rate for the loan?
You have the option to avail the loan with either a fixed interest rate or a floating one. In the case of a fixed rate loan, the interest rate on the loan will remain fixed through the entire tenure of the loan, whereas in the case of a floating rate loan, the interest rate could decline or rise in line with the changes in the Bank's Medium-Term Lending Rate (SBMTLR).
8.How does Andhra Bank Personal loan compare with those offered by other banks?
There is total transparency with regard to the rate of interest and the fees charged by us. Andhra Bank offers personal loans at the cheapest rates of interest, with no security or collateral Andhra Bank offer loans for the longest tenors (60 months), with the flexibility provided to reduce the tenor by prepaying the loan without any penalty. The Bank provides finance for any personal need or requirement; the total amount being determined on the basis of repaying capacity. With an Andhra Bank personal loan, you can choose between fixed rates of interest and floating interest rates.
9.How can I apply for the Andhra Bank personal loan?
You can either apply online or visit the nearest Andhra Bank loan centre for a personal loan.
10.Will there be any charges for prepayment towards my Andhra Bank personal loan?
There are no pre-payment charges levied towards the personal loan.
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