Andhra Bank Clean Loans
Overview about Andhra Bank Clean Loans
A clean loan from Andhra Bank provides cash to individuals who require funds to meet any kind of personal expenses.
Purpose of Andhra Bank Clean Loans
Customers can take out a clean loan from Andhra Bank for any kind of personal reasons.
Features of Andhra Bank Clean Loans
- The maximum amount of loan that can be taken out based on the customer’s take home salary is more than 40% of his/her gross salary after deductions inclusive of the repayment instalment.
- If the customer is a non-salaried individual, the maximum amount that can be borrowed is two times his/her average yearly income (yearly income as average of the previous three years income recorded in assessment orders / IT returns).
- If the customer is a pensioner, the maximum amount that can be availed is eight times their monthly pension. The maximum age of the pensioner cannot exceed 75 years and the cap is set at Rs.5 lacs.
- If the applicant is an LIC agent who is also an IT assesse, the maximum amount sanctioned will be two times the average renewal commission he/she has received over the past three years, but not exceeding Rs.2 lacs.
- If the applicant is an LIC agent but not an IT assesse, the maximum amount will be 50% of the median renewal commission on the income derived over the past three years, but not exceeding Rs.2 lacs. The maximum age of the LIC agents cannot be more than 55 years.
- The maximum repayment period is 60 months.
- The customer must present a third party which the bank will determine whether he/she is acceptable.
- For pensioners, family members can be nominees.
- For LIC agents, there must be a co-obligation from one of his/her family members or spouse and one LIC agent.
Benefits of Andhra Bank Clean Loans
- No prepayment charges
- Low processing fee
- Minimal documentation
- Hassle-free application procedure
- Dedicated team for customer service
- Flexible repayment period
Andhra Bank Clean Loans Interest Rate
If the tenure of the loan is 36 months or less, the rate of interest applicable is the base rate plus 5.50%. As of now, the rate for the stipulated tenure is 15.75%. If the tenure of the loan is more than 36 months, the applicable interest rate is the base rate plus 5.50% plus 0.25%, which is 16%.