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  • Andhra Bank Personal Loan Eligibility Calculator is Rated as "Great!" by 14 Users

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    Andhra Bank Personal Loan Eligibility Calculator

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    About Andhra Bank Personal Loan

    Andhra Bank has two personal loan schemes which are designed to cater to multiple financial needs of customers. The bank offers Consumer Loans and Clean Loans under its personal loans program, ensuring that all monetary requirements of a customer are met. A simple, hassle-free process and competitive rate of interest make their personal loan scheme extremely viable.

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    Andhra Bank Personal Loan Eligibility

    The eligibility criteria for Andhra Bank personal loan are mentioned below.

    For salaried individuals

    • Regular source of income – Applicants should have a regular source of income.
    • Take home income – The take home income of the applicant should be such that it is more than 40% of gross salary after all deductions, including EMIs.

    For self-employed

    • Income – Self-employed or non-salaried applicants should have a history of earning money and are required to prove it through IT returns.

    For pensioners

    • Regular pension – Applicants should have a regular source of pension from a reliable organisation.
    • Maximum age – Applicants should be less than 75 years old.

    Factors affecting Andhra Bank Personal Loan Eligibility

    There are a few factors which can affect the eligibility of an applicant when it comes to obtaining a personal loan from Andhra Bank, some of which are mentioned below.

    • Income –Income plays a crucial role in loan applications, and individuals with high income have a better chance of getting their loan approved. A healthy income instils confidence in the repayment capacity of the applicant.
    • Age – Youngsters might find it hard to obtain loans as they are viewed as carefree, with less financial obligations. Experienced applicants are likely to get a favourable response, as banks consider them stable and settled. Individuals approaching their retirement age can be viewed as risky prospects as they might not have a steady source of income to repay the loan post retirement.
    • City of Residence – It is easier for applicants from big cities to get their loan approved compared to applicants from smaller towns and villages.
    • Type of Employment – Permanent employees with a steady source of income are likely to get their loan sanctioned faster than probationary or temporary employees as probationary employees have no job guarantee and are viewed as risky propositions.
    • History of company – Banks are cautious about new companies or those embroiled in controversies, as employees of these companies might not get their salaries on time. Employees from government organisations and reputed firms are likely to get their loan application approved faster compared to others.

    How CIBIL score affects your Andhra Bank Personal Loan Eligibility

    Andhra Bank relies on the CIBIL score of an applicant to determine his/her credit rating and previous credit history. A good CIBIL score is an indicator of good financial thinking and could see the application being fast-tracked. Applicants with scores over 800 are likely to get the loan sanctioned without hassles, whereas applicants with CIBIL scores below 600 will be rejected by the bank in almost all cases.

    Individuals with average CIBIL scores might be considered for a loan, but their approval or rejection would depend on other factors as well. A healthy CIBIL score reflects the loan repayment capacity of an applicant, which is what most banks look for in loan applicants.

    How to Increase Andhra Bank Personal Loan Eligibility

    Following a few simple steps could increase an individual’s eligibility for a personal loan from Andhra Bank.

    • Timely payment – Timely payment of EMIs and credit card bills will improve the CIBIL score, thus increasing the eligibility to get an andhra bank personal loan.
    • Choosing longer tenure – A longer tenure implies that there would be lower EMIs, which can be deducted from the income without burdening the repayment process.
    • Prepayment – Prepaying any existing loan amount ensures an applicant is left with more disposable income, improving the chance to get a loan approved.
    • Mixing up the loans – A healthy mix of un secured and secured loans helps build a stronger credit report.
    • Limiting loan applications – Multiple loan applications are reflected in the credit report and could portray the applicant as being loan hungry and desperate, lowering his/her credibility.
    • Limiting loan amounts – It is easier to obtain loans for small amounts, as these can be repaid easily. Limiting the loan amount to the sum that is genuinely needed could help quicken the entire process.

    FAQs on Andhra Bank Personal Loan Eligibility

    Q. What is the maximum loan amount sanctioned by Andhra Bank?

    A. The maximum loan amount depends on the applicant and the type of personal loan availed.

    Consumer Loan scheme – Salaried applicants can avail loan amounts up to 10 times their monthly salary and pensioners can avail loan amounts up to 4 times their monthly pension.

    Clean Loans – The maximum amount pensioners can avail under this scheme is limited to Rs. 5 lakh. Non-salaried applicants can apply for loan amounts which are twice their average annual income.

    Q. Does Andhra Bank insist on co-obligation?

    A. Yes, co-obligation is compulsory in order to avail a personal loan. The co-obligant could be a family member or a third party with a regular source of income.

    Q. What are the documents required to apply for a personal loan?

    A. Applicants need to furnish a copy of their salary slip, IT returns, photo ID and property statement.

    Personal Loan Reviews

    • andhra Bank Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      The rate of interest is very low with Andhra bank in concern to my personal loan application. The customer support and the response is really good with Andhra bank. I got the loan within a span of 7 days of time. The required loan amount has been disbursed on time , I am very much happy about it. The service provided by Andhra bank is really good.
      Was this review helpful? 0
      , khammam
      Reviewed on Jul 15, 2017
    • andhra Bank Personal Loan
      " Convenient service for Customers"
      0.5 5.0/5 "Blown Away!"
      I was taken my personal loan from Andhra Bank for few years back. Rate of Interest was less compare to other banks. My loan amount was 55000 with 3 years of tenure. It was done very smooth. They gave me this loan based on m y salary account . Overall they were provide good services for customers.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jan 30, 2017
    • andhra Bank Personal Loan
      "Economical loan range "
      0.5 4.0/5 "Great!"
      I appreciate Andhra bank executives, as they are very keen about processing the customer's loan application.The support offered was good, but I found it was a quite lengthy process.They took around 10days time to complete the process.They follow a economical range of support to be given to the customer when it comes to personal loan.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Jul 23, 2016
    • andhra Bank Personal Loan
      "Lengthy process!"
      0.5 3.0/5 "Satisfactory"
      The personal loan process was very lengthy with Andhra bank. The loan amount was disbursed within one month. They are asking for two guarantors, that too government employees to sign the papers. I would suggest them to get security sign from one person.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Feb 03, 2016
    • andhra Bank Personal Loan
      "Executives need to be more polite!"
      0.5 3.0/5 "Satisfactory"
      I took my personal loan disbursed from Andhra bank. They are very fast in processing the loan in the initial days. Later on the process was bit slow and the loan amount was disbursed after a month. The executives are not friendly with the customers and it would be nice if they behave politely with the customers.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Jan 05, 2016
    • andhra Bank Personal Loan
      "Not good"
      0.5 1.0/5 "Really Bad"
      I would say Andhra Bank personal loan process is not good. They are not treating their customers well . They are not very good in customer services and they are not doing well in all the aspects right from account opening till transaction . They are old fashioned and they are not friendly.
      Was this review helpful? 2
      , bangalore
      Reviewed on Nov 03, 2015
    • andhra Bank Personal Loan
      "Good In Processing"
      0.5 4.0/5 "Great!"
      I have applied for the personal loan with ANDHRA bank very recently. They have offered ,e 14% rate of interest which is very goos. I am loyal customer to them so they have offered me best offers. They have come for the verification so it will take another one week to get the loan amount.
      Was this review helpful? 3
      , secunderabad
      Reviewed on Oct 08, 2015
    • andhra Bank Personal Loan
      "Excellent service.."
      0.5 5.0/5 "Blown Away!"
      I got the Personal loan with ANDHRA Bank and I am maintain a salary account with same bank so the rate of interest offered by them was 9.9% and 2.75% was processing charges compare to other bank its good. After completed 1.5years they will allow to make a part payment.
      Was this review helpful? 6
      , hyderabad
      Reviewed on Sep 04, 2015
    • andhra Bank Personal Loan
      0.5 3.0/5 "Satisfactory"
      I availed personal loan from Andra bank. Since it is a Gov bank there is no proper response. I directly approached the bank manager to process my personal loan. Since I had a salary account in that I was given a lower interest rate of 11.5%. There are no charges. I suggest the bank to improve their customer service.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jul 11, 2015
    • andhra Bank Personal Loan
      "Good "
      0.5 4.5/5 "Excellent!"
      It was very easy for me to get this loan with Andhra Bank because my colleague work in the bank.The customer service provided was good and the loan amount was disbursed within 3days.I will not recommend Andhra Bank but will recommend SBI bank to others.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Jun 13, 2015
    • andhra Bank Personal Loan
      "Not a customer oriented bank "
      0.5 3.0/5 "Satisfactory"
      I would say it was a average service provided by Andhra Bank while getting a personal loan.The customer service provided is not really good and they donâ??t respond to customer in a right way.The interest rate offered was really comfortable and the loan amount was disbursed after 25days which is long time.
      Was this review helpful? 1
      , tirupati
      Reviewed on Jun 09, 2015
    • andhra Bank Personal Loan
      "Satisfactory service"
      0.5 3.5/5 "Pretty good"
      My salary is credited to Andhra bank account. On salary basis I have taken a personal loan from them. Normally I prefer nationalized banks. First of all they have taken lot of time for processing because banking systems are very slow at that. Now a days the process is much faster. I have submitted all the documents to the nearest branch and my loan was disbursed within 10 days. My overall experience was very good.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Aug 07, 2014
    • andhra Bank Personal Loan
      "Excellent experience"
      0.5 4.0/5 "Great!"
      Last month I have availed a personal loan from Andhra bank through my father's savings account. It was a good experience and I am overall satisfied with the services of the bank. Processing was quite delayed upto 20 days and the documentation was fine. Rate of interest & processing fees are good comparatively to other private banks.
      Was this review helpful? 4
      , bangalore
      Reviewed on Jul 15, 2014
    • andhra Bank Personal Loan
      "Very quick processing"
      0.5 4.0/5 "Great!"
      Had a wonderful experience on applying a personal loan with Andra Bank. I received my loan amount last month and I am quite happy with the rate interest, fees & charges. The documentation was very less and the process was completed on a single day. I would strongly recommend the bank.
      Was this review helpful? 14
      , bhubaneshwar
      Reviewed on May 17, 2014
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