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    Andhra Bank Professional Loan

    Overview about Andhra Bank Professional Loan

    A professional loan from Andhra Bank is an overdraft, term loan or a combination of the two based on the reason for taking credit. It is designed to help professionals meet their financial requirements for a better business environment.

    Purpose of Andhra Bank Professional Loan

    • To establish office premises
    • To renovate office premises
    • To refurbish office premises
    • For the purchase of equipment and tools
    • To cover travel expenses for professionals
    • To meet the daily working requirements of the business

    Eligibility criteria for Andhra Bank Professional Loan

    To be eligible for a professional loan from Andhra Bank, applicants must meet the following criteria:

    • Should be practising chartered accountants, financial consultants, management professionals, cost accountants, valuers, company secretaries, engineers or architects.
    • Should be constituted as individuals, societies, companies, firms or limited liability firms that render professional services.
    • Must be an assesse under Income Tax for a minimum of the past two years.
    • Must be registered with their particular professional body / board / association.

    Features of Andhra Bank Professional Loan

    • The maximum amount of money that is granted through a professional loan from Andhra Bank is Rs.10 lacs.
    • The borrower must provide personal security and hypothecation of the items purchased through the loan.
    • No third party guarantee or collateral security is required.
    • The loan is covered under GGTMSE.
    • The amount granted for term loans is 75% of the value of the asset/s bought.
    • The working capital limit on the loan is 75% of the income expenditure of the last year in accordance with Profit and Loss account.
    • The overall exposure within two times of medial yearly income of the previous two years.
    • The upfront processing charges applicable are 0.50% of the amount the customer wishes to borrow.
    • The repayment period of the loan is a maximum of 60 EMIs.
    • The maximum repayment holiday granted on the loan is one year for interest and principal.

    Benefits of Andhra Bank Professional Loan

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

    Andhra Bank Professional Loan Interest rate

    The rate of interest charged on a professional loan from Andhra Bank is the base rate plus 3.25%. If the base rate is 10.25%, the total interest applicable on the loan is 13.50%.

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