Effective 1 April 2020, Andhra Bank has merged with Union Bank.
Andhra Bank personal loans are offered at attractive interest rates to a diverse customer base. The processing fees are minimal and the repayment tenures extend up to 60 months.
| Interest Rate | 11.60% |
| Loan Tenure | 60 months |
| Pre Closure Charges | Nil |
| Guarantor Requirement | Yes |
Andhra Bank is a leading public-sector bank in India that provides excellent financial solutions to individuals across the nation. Whether you are looking for a loan, a debit card, a deposit, or any other banking product, you can approach Andhra Bank to get a tailor-made banking product. If you are interested in taking a personal loan, you can reach out to Andhra Bank for reliable personal loan products. The bank charges affordable and competitive interest rates. If you have a stable source of income, your loan application will get accepted by Andhra Bank easily.
Andhra Bank offers 2 types of personal loans and they include Consumer Loans and Clean Loans.
These loans are provided to individuals who want funds for buying consumer durables and household appliances.
Features
Eligibility criteria
Check more details about Andhra Bank Consumer Loans
These are cash loans that are offered to anybody who needs funds for various purposes.
Features
Check more details about Andhra Bank Clean Loans
| Loan tenure | For central and state government employees, public sector undertakings who have a salary account with Andhra Bank | For non-salaried individuals, private employees, LIC agents, etc. |
|---|---|---|
| Up to 36 months | MCLR (for 1 year) + 2.85% | MCLR (for 1 year) + 3.35% |
| More than 36 months | MCLR (for 1 year) + 3.10% | MCLR (for 1 year) + 4.35% |
| Loan tenure | For central and state government employees, public sector undertakings who have a salary account with Andhra Bank | For non-salaried individuals, private employees, LIC agents, etc. |
|---|---|---|
| Up to 36 months | MCLR (for 1 year) + 3.00% | MCLR (for 1 year) + 3.50% |
| More than 36 months | MCLR (for 1 year) + 3.25% | MCLR (for 1 year) + 4.50% |
| Tenure | MCLR |
|---|---|
| Overnight | 8.10% |
| 1 month | 8.15% |
| 3 months | 8.20% |
| 6 months | 8.30% |
| 1 year | 8.40% |
The MCLR has been effective from 16 October 2017 for the various tenures mentioned above.
The Base Rate for Andhra Bank loans is 9.55% p.a. which is effective from 1 October 2017.
The BMPLR (Benchmark Prime Lending Rate) of Andhra Bank is 13.95% p.a. with effect from 1 October 2017.
Andhra Bank personal loans are offered to individuals who fulfil the following requirements-
Know more about Andhra Bank Personal Loan Eligibility for taking Personal loan
In order to access the BankBazaar EMI calculator, all you have to do is log onto BankBazaar’s homepage and hover your mouse over the ‘Finance Tools’ tab located on the toolbar which will result in the appearance of two options. The options will be EMI Calculator and Finance Calculator.
Once you click on the EMI Calculator option, the tab will lead you to three options, which are, Car Loan, Home Loan and Personal Loan.
Since you are looking to calculate your personal loan monthly EMI instalments, click on the Personal Loan tab. Upon clicking the Personal Loan tab, the page will automatically get redirected to the BankBazaar’s personal loan EMI calculator.
The EMI calculator is an easy to use tool that makes calculating EMI one of the easiest tasks to perform on the web.
You can now see the available tabs and once you fill in the relevant information, you will get your monthly instalments of EMI on your personal loan. Simple, effective and easy.
In order to use the EMI calculator on the BankBazaar webpage, you have to just add your loan amount, loan tenure to the relevant slots. Once you key in the Andhra Bank personal loan interest rate assigned to you and any processing fee if applicable, the EMI calculator will furnish you with all the details regarding the Andhra Bank personal loan that you desire.
The EMI calculator on the BankBazaar page is supplemented with an amortization table that allows you to understand how your monthly EMI instalment is divided between the principal loan and the interest amount on a per year basis.
The EMI calculator shows you the break-up of the total amount payable by you in a neat and easy to understand pie chart
There are numerous reasons why Andhra Bank personal loans are the perfect solution to all loan takers’ problems. Here’s a list of a few of those reasons-
You can track your andhra bank personal loan status online on the Andhra Bank website. You would need to enter your application reference number to track the status.
You can contact Andhra Bank personal loan customer care through the following ways:
General Manager
Nodal Officer for Customer Service, Andhra Bank
Dr. Pattabhi Bhavan
5-9-11, Saifabad
Hyderabad-500 004
Telangana
Salaried employees are offered an Andhra Bank personal loan under the category of Consumer Loans. Following are the terms and conditions for the maximum borrowing amount allowed -
Salaried Classes
Fresh Finance
In these cases borrowers apply for an Andhra Bank personal loan for the first time.
A Fresh Finance is divided into two categories.
| Salary route | Maximum Principal Loan Amount Allowed |
| Andhra Bank | 8 months gross salary or Rs.1,00,000. Whichever is lesser |
| Other Banks | 10 months gross salary or Rs.1,00,000. Whichever is lesser |
*Gross salary is an individual's total personal income before taking taxes or deductions into account. Repeat Finance
Repeat finance is the case in which the loan applicant has borrowed before. In case of repeat finance, the maximum amount that can be availed through an Andhra Bank personal loan scheme is, 10 times the gross monthly salary of the loan applicant. This amount is subject to two precursory conditions:
*Net salary is the salary which is left after deducting tax and National Insurance contributions *Take Home pay is the amount of net salary that the applicant takes home after deducting the payment instalment for the proposed loan
Maximum loan granted to non-salaried individuals or individuals that are self-employed is 40% of the gross annual income or Rs.10,00,000, whichever is lesser.
Andhra Bank personal loan scheme grants pensioners with the maximum loan amount as- 4 months of pension amount or 75% cost of the article, whichever is lesser.
Andhra Bank personal loan is processed in 4 days.
Andhra Bank personal loans are offered for a minimum tenure of 12 months and a maximum tenure of 60 months.
You can avail an Andhra Bank personal loan from any of the Andhra Bank branches across India. You can also apply for a personal loan at any of the specialised retail credit branches around India.
Yes, you and your spouse can apply for an Andhra Bank personal loan jointly. In fact, your spouse’s income can also be added to yours for eligibility purposes.
In order to avail an Andhra Bank personal loan, you do not have to put up any kind of security.
EMIs can be easily calculated using the EMI calculator located on the BankBazaaar homepage by inserting your principal loan amount, the tenure of your loan, the interest rate you are being charged and any processing fee that is applicable.
Andhra Bank charges a nominal sum as processing fee at the time of application of a personal loan. At the end of every quarter, administrative charges are collected.
You can repay your personal loan EMIs at any of the branches of Andhra bank. Alternatively, you can also instruct Andhra Bank to deduct the EMI amount from your savings account on a monthly basis.
Yes, it is possible to pay your monthly instalments in advance. It is beneficial to do so as the interest component gets reduced depending on the extent of the amount repaid.
No, there are no extra charges levied in the event of pre-closure of loan accounts as long as all outstanding dues are cleared.
The Andhra Bank Personal Loan interest rate is charged based on Andhra Bank’s Base Rate which is subject to periodical updates. Floating interest is charged on Andhra Bank personal loans.
Customers may apply for personal loan either directly from any branch of the bank or from specialised Retail Credit Branches. The loan application will have to be filled in and submitted to the bank, and your eligibility for the facility will be at the sole discretion of the bank.
Personal loans from Andhra Bank are available to customers who wish to borrow funds to fund personal expenses such as wedding, educational requirements, home improvement, capital for meeting daily expenses, etc.
Customers can choose to avail loans on a joint basis along with their spouse and the income of the spouse will also be taken into consideration when determining the terms and conditions for your loan.
EMI, or Equated Monthly Instalments as they are known as in their extended form comprise of interest and principal. The best way to figure out how much money you will be required to pay each month is to use the EMI calculator on the bank's official website. Doing so will educate you on the amount you will have to pay on a monthly basis, the repayment period, and the interest you will be paying on the loan.
The rate of interest offered by Andhra Bank is usually floating and linked to the bank's Base Rate which undergoes changes on a periodic basis. Interest is charged on daily reducing balances, this reducing the effective interest rate to a significant extent.
Personal loans from Andhra Bank come with nominal processing fees that must be paid upfront when the loan is being sanctioned. Administrative charges are also applicable to personal loans from Andhra Bank and must be paid at the end of each quarter.
The payment of EMIs can either be done at any branch of Andhra Bank, or the customer can choose to provide the bank with standard instructions to deduct the instalments from your savings account.
Prepayment of loans can be done based on the interests of the borrower. As you keep repaying the loan, the interest component will reduce depending on how much you have repaid. The loan can be cleared well before the due date if customers can manage to do so, and prepayment can be done without the levy of any additional charges.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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