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  • Andhra Bank Personal Loan Eligibility

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  • Andhra Bank offers two personal loans – Consumer Loans and Clean Loans. Salaried persons, pensioners, and any other individuals who have a good repayment capacity are eligible to borrow this loan. Clean Loans can be borrowed by individuals who require credit to meet their personal expenses. Borrowers, however, are required to submit a third-party guarantee to the lender.

    Andhra Bank Personal Loan Eligibility Criteria

    The eligibility criteria for the personal loans offered by Andhra Bank are as follows:

    • Andhra Bank Consumer Loans Eligibility Criteria:
      • Salaried individuals can borrow personal loans from Andhra Bank.
      • Pensioners who draw their pension through Andhra Bank can borrow this loan.
      • Others who have a good repayment capacity can borrow this loan.
    • Andhra Bank Clean Loans Eligibility Criteria:
      • Salaried employees, non-salaried individuals, pensioners, and LIC agents can apply for this loan.
      • The borrower is required to have a third-party guarantee.
      • If the applicant is a pensioner, the concerned individual will have to submit a guarantee from their nominee or family pensioner.
      • If the applicant is a LIC agent, the concerned individual’s family member/spouse or 1 LIC agent will have to provide a guarantee.

    Factors Affecting Andhra Bank Personal Loan Eligibility

    • Age: Most lenders are likely to consider the age of an applicant when approving their personal loan application. If you fall under or over the age limits specified by the lender, your personal loan application may be rejected.
    • Income: The income that an applicant earns is likely to have an effect on how much they will be able to borrow from a lender. An individual who earns a high income is likely to have a better repayment capacity and may be able to borrow more from the lender. On the other hand, those who earn a lower income may not be able to borrow much from Andhra Bank due to their decreased repayment capacity.
    • Employment Status: Andhra Bank’s Consumer Loans can be borrowed by salaried individuals, pensioners who draw their pension through an Andhra Bank branch, and those who have a good repayment capacity. Similarly, Andhra Bank’s Clean Loans can be borrowed by pensioners, salaried individuals, non-salaried individuals who are able to repay the loan amount, and LIC agents.
    • CIBIL Score: Banks and financial institutions check an applicant’s CIBIL score before approving their personal loan application. Those who have a CIBIL score of over 700 are likely to get personal loans at lower interest rates.
    • Outstanding Liabilities: Financial liabilities like outstanding personal loan repayments and credit card debts can reduce your repayment capacity, which, in turn, can affect how much you can borrow from a lender.

    How to Improve Your Chances of Getting an Andhra Bank Personal Loan?

    • Improve Your Credit Score: It is advisable to check your credit score before you apply for a personal loan. If you have a low credit score, you should take the required steps to increase your credit score, given that individuals with a high credit score are more likely to be approved for personal loans at a competitive rate of interest.
    • Apply When You Start Earning More: To improve your personal loan eligibility, you should consider applying for a personal loan when you start earning a higher income. Having a high income will allow you to borrow more from the lender.
    • Clear Any Existing Debts: Repaying your existing loans will help you borrow a higher loan amount from the borrower since your repayment capacity will also increase.

    Andhra Bank Personal Loan Details

    Interest Rate 11.6% p.a. onwards
    Loan Amount Will vary based on the nature of employment
    Loan Tenure Up to 60 months
    Processing Fee As per the lender’s terms and conditions

    FAQs

    1. What are the applicable pre-payment charges for Andhra Bank’s Clean Loans?
    2. The lender does not levy any pre-payment charges.

    3. What is the maximum loan amount that will be sanctioned under Andhra Bank’s Consumer Loans?
    4. The maximum loan amount that can be sanctioned is –

      • Salaried employees: 10 months’ gross salary
      • Non-salaried employees: 40% of the applicant’s gross annual income
      • Pensioners: Up to 4 months’ pension
      • Or, up to 75% of the cost of the article
    5. If I am availing the Consumer Loan from Andhra Bank, will I have to provide any security to the lender?
    6. Yes, the article purchased with the borrowed loan amount will have to be hypothecated to the lender.

    7. For what purpose can I borrow the Consumer Loan from Andhra Bank?
    8. The loan can be borrowed to purchase household appliances and other consumer durables.

    9. How will the loan be repaid?
    10. The borrowed loan amount will be repaid in the form of monthly installments.

        

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