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.
For loans up to 36 months: MCLR (1 year) + 4.40 % = 13.85% p.a.
For loans above 36 months: MCLR (1 year) + 5.40 + 0.25 % = 15.1% p.a.
|For loans up to 36 months: MCLR (1 year) + 4.40 % = 13.85% p.a. For loans above 36 months: MCLR (1 year) + 5.40 + 0.25 % = 15.1% p.a.|
For salaried applicant: Each instalment not less than 40% of gross salary.
For Pensioners: 8 times of monthly pension not amounting to more than Rs.5 lakh.
For income tax assesses: 2 times the average renewal commission for the previous 3 years, to a maximum of Rs.2 lakh.
For those who are not income tax assesses: 50% of average renewal commission based on statement of income for the previous 3 years, to a maximum of Rs.2 lakh.
|Twice the average annual income of the last 3 years shown in IT returns.|
|Loan Tenure||Maximum of 60 months, with a moratorium period of 1 year.||Maximum of 60 months, with a moratorium period of 1 year.|
|Processing Fee||Yes, nominal||Yes, nominal|
|Age||For salaried: 55 years For Pensioners: 75 years||For non-salaried: 55 years|
|Prepayment Charges||No charge||No charge|
|Foreclosure Charges||No charge||No charge|
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: