A public sector bank with network of 2000 plus branches, Andhra Bank offers attractive personal loan schemes to help you meet your urgent financial requirements. Andhra Bank Personal Loans are unsecured loans and you can use the amount received as personal loan to meet your genuine personal needs and purchase household appliances. Under its personal loan scheme, Andhra Bank offers Clean Loans and Consumer Loans.
Andhra Bank offers different rates of interest on personal loans for different tenures. For personal loans up to 36 months, the bank charges 5.50% plus base rate which is 10.25%. For personal loans taken above 36 months, Andhra Bank charges 5.50% plus base rate and a charge of 0.25%. However, Andhra Bank may change its personal loan interest rates without giving you any prior notification.
(Base rate + 5.50 % for loan period < 36 months)|
16% (base rate + 5.50% + 0.25% for loan period > 36 months.)
(The same rate of interest apply for both the personal loan schemes offered by Andhra Bank.
|Loan amount||The maximum amounts for offered by the bank follow: |
|Loan tenure||Maximum 36 months.|
|EMI per lakh ( based on lowest interest) |
(Calculate EMI on your Personal Loan)
|2,419 per month.|
|Base rate (w.e.f.)||10.25% w.e.f. 19.08.2013.|
You can calculate your Andhra Bank Personal Loan interest rate 2015 by using a personal loan EMI calculator. In the calculator, you need to put the total loan amount, tenure of your loan, rate of interest and processing fees (if any). When you put all these information in the calculator, it will instantly reveal your equated monthly instalments and loan amortization table. The loan amortization table will contain information about your EMIs, interest and principal payment made and the outstanding loan amount.
Example: If you have taken a personal loan of Rs.1 lakh for 5 years at 15.75% from Andhra Bank, you will be repaying the following principal and interest amounts on yearly reducing balance to the bank:
|Year||Principal paid (Rs.)||Interest paid (Rs.)||Balance amount (Rs.)|
|Year 4||20,834||8,189||40, 437|
|Year 5||24,363||4,661||16, 075|
There are a lot things that may affect your Andhra Bank Personal Loan Interest Rate 2015. They include your CIBIL score, relationship with your bank and the nature of your employment etc. Listed below are the major factors that may affect your personal loan interest rate:
Don’t ever neglect your CIBIL report. Like all the above mentioned factors, CIBIL score plays a major role in determining your Andhra Bank Personal Loan Interest Rates. If you have a good credit score, Andhra Bank may offer you a lower rate of interest compared to other applicants who do not have a satisfactory credit score. You can maintain a good credit score or CIBIL score by repaying your previous loan amounts on time without defaulting. In fact, with a good credit score, you can negotiate with Andhra Bank to receive a cheaper rate of interest.Normally, banks consider 750 as satisfactory CIBIL score.
Before you apply for a personal loan with Andhra Bank, an understanding of the following key factor will help you understand Andhra Bank Personal Loan Interest Rate 2015: