• Andhra Bank Consumer Loans

    The consumer loans offered by Andhra Bank provide financial support to customers for the purchase of household appliances and consumer durables.

    Eligibility Criteria

    Customers who wish to take out a consumer loan from Andhra Bank are required to meet the following criteria:

    • Must be an individual with the capacity to repay the loan
    • Must be a salaried person
    • If not salaried individual or businessman, the applicant must be a pensioner drawing pension.

    Features of Andhra Bank Consumer Loans

    • The maximum amount of money that is sanctioned to the customer is the equivalent of his/her gross salary for ten months (if the customer is a salaried individual). If the customer is a non-salaried individual, i.e. self-employed, the maximum amount sanctioned will be 40% of his/her gross yearly income. If the customer is a pensioner, the amount sanctioned will be the equivalent of his/her pension for four month. The amount is subject to the value of the article purchased as the maximum amount offered will be 75% of the article or any of the above, whichever is lower.
    • The maximum repayment period is 60 months.
    • The father / husband or any third party with adequate regular income and worth can act as guarantors.
    • Security must be provided in the form of hypothecation of the item bought through the bank’s funding.
    • Pledges of units, NSCs, shares, etc. of sufficient value and assignment of LIC policy with the corresponding surrender value are accepted as collateral security.
    • The documents accepted by the bank for sanctioning the loan to salaried individuals include a proof of income (property statement, IT returns / salary slip / assessment order).
    • Property statement and the latest IT assessment order are accepted as proof of income for non-salaried individuals.


    • No prepayment charges
    • Low processing fee
    • Minimal documentation
    • Hassle-free application procedure
    • Dedicated team for customer service
    • Flexible repayment period

    Interest Rate

    If the tenure of the loan is 36 months or less, the interest applicable is the base rate plus 5.50%, which is 15.75% at present. If the tenure of the loan is 36 months or more, the interest will be the base rate plus 5.50% plus 0.25%, which is 16% at present.

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