Andhra Bank

Andhra Bank Personal Loan

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Apply Andhra Bank Personal Loan

Andhra Bank Personal Loan

If you are planning some big purchases, it might be a good idea to consider taking a Personal Loan. Many are scared by the thought of it since it may seem like a complicated procedure to get one. On the other hand, you may be planning of clearing a debt, planning a wedding or pursuing a course due to financial restraints. However, a Personal Loan is probably the simplest and most efficient way to achieve financial freedom and plan your financial goals.

One of India's leading state-owned banks, Andhra Bank offers you a Personal Loan to help you address any financial obligations. Planning a holiday, a wedding or buying a laptop can be simple with Andhra Bank Personal Loans.

Andhra Bank Personal Loan Interest Rates Nov 2019

Interest rate

11.55%

Loan tenure

5 Years

Loan turn around period

1-7 Days

Processing Charges

Up to 2% + GST

Who can apply?

Self-employed professionals

Salaried individuals

Indian residents

Dishonour Charges

750 per instance

Lowest EMI

2,202 Per Lakh

About Andhra Bank Personal Loan

One of the most prominent banks in the public sector, Andhra Bank was started in 1923. It was founded by a well-known freedom fighter Dr. Bhogaraju Pattabhi Sitaramayya with a paid up capital of 1 Lakh and authorised capital of 10 Lakhs.  Andhra Bank aims to put the customer at the heart of their service and will go to any lengths to ensure the highest customer service. The bank has a network of over 2,741 branches across the country, making applying for a loan simple and efficient at attractive interest rates.

Why Andhra Bank Personal Loan?

Andhra Bank provides trouble-free loan with minimum documentation. Since it is a state-owned bank, it has branches across the country where the loan can be applied for. One of the most common reasons to take a Personal Loan is to consolidate debt and get your finances in order. Sometimes using a Credit Card is not a good option as there are exorbitant fees charged on it. It can also be very challenging to pay off a big debt in a short time frame which can lead to a lot of stress. Andhra Bank offers two different types of Personal Loans to help individuals realise their financial goals. They offer between 50,000 to 5 Lakhs (depending on the type of borrower and their repayment capacity) with loan repayment tenure of up to 60 months with competitive interest rates.

Features and Benefits of Andhra Bank Personal Loan

These features are what make Andhra Bank Personal Loan different.

  • No prepayment charges
  • Available for All: Anyone can avail this loan, whether you are salaried or self-employed or pensioner.
  • Flexible Tenure: You can extend your loan for up to 5 years including a one year moratorium period to repay it.
  • Affordable Interest Rate: The bank offers an interest rate of as low as 11.75% p.a. (for Clean Loans) and 11.60% p.a. (for Consumer Loans).
  • Top Up: Depending on your repayment schedule and remaining amount on your loan, you can get a top up of a certain amount on your existing loan.
  • Wide Reach: Andhra Bank has over 2,000 branches across India making it convenient and accessible to get a loan.

Andhra Bank Personal Loan Interest Rates

Andhra Bank offers two types of Personal Loans to individuals one is called "Clean Loans" and the other is called "Consumer Loans". If you are applying for a clean loan, then the lowest interest rate you can avail on it is 11.60%. Most banks provide Personal Loans if you have a good credit score of 700.

Clean Loans
Type of Applicant Loan Tenure Interest Rate (per annum)

For private employees/ non-salaried class/ LIC agents and others

Up to 36 months

12.25%

For private employees/ non-salaried class/ LIC agents and others

Above 36 months

13.25%

For employees of State Govt/ Central Govt/ Public sector undertakings drawing salary through Andhra Bank Branches & Pensioners

Up to 36 months

11.75%

For employees of State Govt/ Central Govt/ Public sector undertakings drawing salary through Andhra Bank Branches & Pensioners

Above 36 months

12%

Consumer Loans

For private employees/ non-salaried class/ LIC agents and others

Up to 36 months

12.10%

For private employees/ non-salaried class/ LIC agents and others

Above 36 months

13.10%

For employees of State Govt/ Central Govt/ Public sector undertakings drawing salary through Andhra Bank Branches & Pensioners

Up to 36 months

11.60%

For employees of State Govt/ Central Govt/ Public sector undertakings drawing salary through Andhra Bank Branches & Pensioners

Above 36 months

11.85%

Types of Personal Loans Offered by Andhra Bank?

Andhra Bank offers the following two types of Personal Loans:

Clean Loans

All central government, state government, and public sector employees can apply for a Clean Loan by Andhra Bank. This is also a "cash loan" which can be used to meet any of your financial requirements. All personal purposes can be covered under this loan and it can be paid off in a maximum tenure of 60 months. Those who apply for this loan can be a maximum of 55 years (75 years for pensioners). The loan amount can range anywhere from 50,000 to 5 Lakhs and does not have any pre-payment or foreclosure charges. This is available for salaried employees of a company which is reputable whether it is government sector, public sector or private companies. The repayment for the loan amount can be done in the form of equated monthly instalments (EMIs).

Consumer Loans

This is offered to anyone who wishes to purchase goods such as TV, laptop, refrigerator, AC or even furniture. Individuals who can showcase a steady, consistent source of income are eligible to apply for this loan. This loan can also be utilised to take a long-planned holiday with your family, child's education or a medical emergency. The maximum loan amount is 10 months of gross salary (for salaried class), 40% of gross annual income (for non-salaried class), and 4 months pension (for pensioners). The loan can be taken for a maximum duration of 5 years which also includes a one year moratorium period.

Andhra Bank Personal Loan Eligibility

One of the key factors, you should consider when you apply for a Personal Loan is your CIBIL or credit score. A CIBIL score assesses your capacity to pay back a loan on time and this is an important criterion in determining if you should get a loan. Any applicant can be a minimum age of 21 years at the time of applying for the loan and a maximum age of 55 years at loan maturity (75 years for pensioners). The employment history for a salaried person will also affect the loan sanction. Most banks look at a credit score of 700 for a Personal Loan as a healthy number.

Personal Loan Eligibility Factors

How do you determine what your EMI will be if you are considering applying for a loan? Through an EMI calculator by MyMoneyMantra, which not only gives you an accurate idea of your monthly instalments, but also helps you understand the concepts of principal, interest and loan term.

The bank also takes into account where you have worked, total work experience, and current employment status to determine whether you can get a loan. In addition, sometimes banks also consider the marital status and the reputation of the company you are working for. It is a good idea to research the most ideal loan to get depending on your financial needs and also your credit score. A bankable consumer is one who has a credit score of 700 and above. If you add a spouse as a co-applicant sometimes the eligibility for the loan increases.

If you have a high credit score, there are higher chances that you can secure a Personal Loan at a low interest. It also means that you are a good candidate to avail a loan. Andhra Bank also considers a credit score of 700 and above for availing a Personal Loan. This score can be calculated for free on the website and it showcases your financial history, financial health and ability to repay the loan on time. Andhra Bank Personal Loan doesn't require any collateral or security.

The borrowing criteria for an Andhra Bank Personal Loan are:

  • One must be salaried, self-employed, or pensioner
  • One must be of minimum 21 years of age at the time of loan application
  • One can be maximum 55 years old at the time of loan maturity (75 years for pensioners).
  • One must have a minimum income of 4,000 per month which is also dependent on the city and region.
  • If a person is salaried then they must be in employment for at least 2 years and if they are in business then it must be a minimum 1 year.

 Time Taken to Process a Personal Loan Application

Andhra Bank helps you process a loan in a quick, efficient, hassle-free manner with an interest range of 11.60% - 13.25%. The bank takes about 3-5 days to process the loan provided the application is completely filled and all the documents are given.

Documents Required for Andhra Bank Personal Loan

The following documents are required when a user applies for an Andhra Bank Personal Loan online:

Salaried Non-Salaried

PAN Card

PAN Card

Proof of Residence (Aadhaar/ Driving License/ Voter ID/ Passport)

Proof of Residence (Aadhaar/ Driving License/ Voter ID/ Passport)

Income Proof:

  • Salary Slip
  • IT Returns
  • Assessment Order
  • Property Statement

Income Proof:

  • Latest Income Tax Assessment Order
  • Property Statement
  • Any other valid document
  • Latest quotation for the article proposed to be purchased

Why Apply for Andhra Bank Personal Loan on MyMoneyMantra?

One of the quickest and most effective ways to address a financial obligation is to consider getting a loan. More often than not, you may be planning to buying a car, funding a wedding or maybe getting a new refrigerator due to your financial situation. Or you may have a huge Credit Card debt which you may be finding difficult to pay off which is earning a huge interest month on month. The best way to get financial freedom from troublesome situations is to get a loan and systematically pay it back. Banks such as Andhra Bank provide tailor-made loans to assist any financial need that may arise in your life. MyMoneyMantra helps customers through a step by step process to avail a loan. The team expertly helps navigate the complexity of documentation submission, approvals till the disbursement of the loan seamlessly. Andhra Bank has 24*7 customer care, a multitude of bank branches and state of the art facilities, making it a good choice for your personal finance needs.

How to Apply for Andhra Bank Personal Loan on MyMyMoneyMantra?

One of the best things about getting a Personal Loan is that you do not have to provide any collateral. Sometimes this financial freedom can help you pursue your dreams. In other instances, if you are in immediate need of cash due to a medical emergency or any other financial situation, then it is a good idea to get a loan. This will ensure that you avoid financial loss and plan better for the future. When you get a Personal Loan you can get a home renovation done, get a TV or a laptop or plan a wedding tension-free.

Once you log onto MyMoneyMantra, we will help you assess your financial profile, determine your eligibility for a loan and how to plan a repayment model that is convenient for you. This is done by a team of experts who have spent a significant amount of time assessing products and solutions to offer the best to you.

The process of applying for a Personal Loan through MyMoneyMantra can be taken care completely only by providing the following details:

  • Click on Personal Loan under Loans section on MyMoneyMantra's website
  • Confirm if you are salaried or self-employed
  • Enter the details required including your name, financial and employment information, and so on
  • Enter the OTP received on your registered number
  • You will soon receive a call from our Loan Experts assisting you with the further process.

Other Products by Andhra Bank

Apart from Personal Loans, Andhra Bank also offers other products including:

Housing Loans

Gold Loan

Vehicle Loan

Education Loans

Non-Agricultural Gold Loan

AB Professional Loan

Property Term Loan/ Overdraft (PTL/POD)

Reverse Mortgage Loans

Loan Against Rent Receivables

Loan Against NSCs, KVPs, LIC Policies

Doctor Plus

Account & Deposits

Insurance

Mutual Funds

Demat Accounts

Debit Card

Agriculture Credit

MSME Credit

Mudra

NRI Loans

NRI Deposits

NRI Investments

Credit Cards

Corporate Funding

How to Calculate Andhra Bank Personal Loan EMI?

If you are planning to get a Personal Loan from Andhra Bank, you can calculate the EMI for it through the MyMyMoneyMantra EMI Calculator. 

EMI will vary according to the amount of loan you have borrowed, the tenure of the loan repayment, and the interest charged on the amount borrowed.  You can get the lowest EMI of 2,204 on a loan amount of 1 Lakh at an interest rate of 11.60% (depending on your repayment capacity).

The many factors that influence an EMI are:

Loan Tenure: The total time required to repay your loan in full (principal + interest) is known as loan tenure. If you have decided to borrow a loan from Andhra Bank, you can avail two repayment tenure options - one which is up to 36 months and another is up to 60 months. 

Interest Rate: If your loan amount is low, your interest will be high.  For Andhra bank, the interest rate is also influenced by MCLR (marginal cost of lending rate) for 1 year plus the base interest of the bank. The current interest rates range from 11.60% to 13.25%. If your credit score is good then your loan interest rate will be low.

Loan Amount: The maximum loan amount that can be borrowed is 5 Lakhs.

Andhra Bank Personal Loan Customer Care

You can contact Andhra Bank for any queries on the following toll-free numbers anytime, anywhere:

18004251515 (Tele-Banking)

18994251515 (Credit Card Support)

18004257701 (Pension Related Issues)

Head Office Address

5-9-11, Dr Pattabhi Bhavan,

Secretariat Road, Saifabad

Hyderabad - 500 004, Telangana

Ph:  040-23252000

 Customers can also write to customerser@andhrabank.co.in for any other queries or complaints.

Andhra Bank Latest News

Andhra Bank raises its MCLR by 0.15% bps

Andhra Bank has increased its MCLR by 0.15% for several tenors starting August 2018. The current MCLR is up to 8.70%. The increased MCLR will impact on interest rates of various loans that are linked to the MCLR, including Personal Loans.

Andhra Bank to provide MSME loans quick

One of the branches of Andhra Bank announced on October 8, 2018 that they will be sanctioning MSME loans from 10 Lakhs to 1 Crore without collateral security within an hour of receiving applications. The bank is expected to receive around 500 applications by the end of the month.

Packirisamy - new CEO & MD of Andhra Bank

On September 21, 2018, J. Packirisamy took over as CEO and MD of Andhra Bank. He was elected from Deputing Managing Director, Mid-Corporate, SBI. He joined SBI in 1984 as Probationary Officer.

Staff of Andhra Bank take part in Swachhata Hi Seva

On October 2, 2018, Andhra Bank employees took part in a clean and green programme in the municipal high school at the Nellore Bus Stand area in the Ongole town. Around 100 participants took part in the cleanliness drive called Swachhata Hi Seva, a central government initiative.

Frequently Asked Questions

What is a Personal Loan?

A Personal Loan is an unsecured loan that is usually provided by banks as well as non-banking financial companies (NBFCs) to customers who meet the required eligibility criteria such as the continued state of employment, regular source of income, required salary bracket, good credit score, and regular repayment record. Usually, these loans do not require any collateral or security from the borrower and can be used to meet any financial requirement.

Is there a minimum amount that can be borrowed for a Personal Loan from Andhra Bank?

A Personal Loan completely depends on the individual's needs. For example, a wedding may need more money than funding the purchase of a new phone. It also varies from bank to bank. You can get a minimum of 50,000 as a Personal Loan from Andhra Bank.

Is there a maximum amount that can be borrowed under a Personal Loan from Andhra Bank?

The maximum amount that can be borrowed by an individual depends on the individual's needs and income. It also depends on the CIBIL score of the individual at the time of borrowing the loan. Andhra Bank even provides a top-up on a pre-existing loan provided the EMIs are regular. However, the bank offers a maximum of 5 Lakhs as a Personal Loan.

What is the time given for repayment of the Andhra Bank Personal Loan?

Andhra Bank Personal Loan can be repaid back under a maximum tenure of 5 years.

What should be my age to avail a Personal Loan from Andhra Bank?

Anyone who is minimum 21 years of age at the time of applying for the loan and maximum 55 years at loan maturity (75 years for pensioners) can avail a Personal Loan from Andhra Bank.

What are the documents required for a Personal Loan?

To avail, a Personal Loan one must provide the following documents.

  • PAN Card
  • Proof of Residence (Aadhaar Card/ Driving License/ Voter's ID Card/ Passport)
  • Latest salary certificate/Last 3 months salary slips
  • Income Tax Returns (2 years)
  • Last 6 months salary account statement
  • Proof of Identity (Passport/ Voter's ID Card/ Driving License/ PAN Card)

Is it possible to prepay the Andhra Bank Personal Loan?

Yes, the bank lets you prepay your loan at zero prepayment fee.

How much time does it take for the loan to get approved and disbursed?

Once the right documentation is provided with the help of MyMyMoneyMantra, it can take anywhere between 3-5 days for the bank to approve and disburse the loan.

What happens when I default on a Personal Loan payment?

It is best advised not to default on your Personal Loan payment as it will affect your credit score. Payment of your loan EMIs is systematic and keeps you disciplined regarding your finances. However, if you are unable to pay your EMIs on time, it can cause a lot of damage. For instance, if you default on many payments towards your loan, your credit or CIBIL score could be so low that next time you will not be able to get a loan under your name. Banks can even black-list customers if they are regular defaulters. So it is better not to default unless there are extremely unavoidable circumstances.

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