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.
Effective 1 April 2020, Andhra Bank has merged with Union Bank. For now there are no changes in Account Number and IFSC Code. For more information checkout Union Bank Personal Loan Eligibility Calculator.
The eligibility criteria for the personal loans offered by Andhra Bank are as follows:
|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|
The lender does not levy any pre-payment charges.
The maximum loan amount that can be sanctioned is –
Yes, the article purchased with the borrowed loan amount will have to be hypothecated to the lender.
The loan can be borrowed to purchase household appliances and other consumer durables.
The borrowed loan amount will be repaid in the form of monthly installments.
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