Tag Archives: andhra bank personal loan eligibility

Andhra Bank Personal Loan

(Updated on 08.05.2019) Andhra Bank Personal Loan – Check & Apply Personal Loan from Andhra Bank with Low EMI Interest Rates, Eligibility, Documents & EMI Calculator.

Andhra Bank Personal Loan – Quick, Easy & Instant Approval Online

Professional Details
Loan Amount
Occupation
Yearly Income
City
Disclaimer: We do not provide Personal Loans but help you to connect with banks to get best deals.
All loans are on sole discretion on the respective banks

Andhra Bank Personal Loan

Andhra Bank Personal Loan is commonly known as ‘Andhra Bank Clean Loan’ & ‘Andhra Bank Consumer Loan’, specially designed to meet any genuine financial requirement of a borrower at any point of financial crisis. Andhra Bank Personal Loan can be availed at most affordable interest rates & at low processing fee. Check out your eligibility criteria for the best Personal Loan with Andhra Bank Personal Loan Eligibility Calculator. Andhra Bank has the perfect Andhra Bank Housing Loan at preferable competitive interest rates for all NRI/ domestic borrowers for their dream home.

Andhra Bank plans to raise Rs. 1,000 crore via QIP – State-owned lender Andhra Bank is planning to raise Rs 800-1,000 crore through a qualified institutional placement (QIP) in the next five months to fund growth, a senior bank official said. The government’s holding in Andhra Bank stood at 61.26 per cent as on June 30, 2017.(Sources: DNA India)

Andhra Bank Personal Loan Interest Rate

Interest Rate MCLR (1 year) + 4.35 %
Processing fee range As per loan amount
Loan Amount Max. 5 lacs (varies according to person’s net income/tax assessment)
Tenure Max. 5 years

Andhra Clean Loan (Personal Loan)

For loans up to 36 months

MCLR (1 year) + 4.40 %

For loans above 36 months

MCLR (1 year)+ 5.40+0.25 %

Andhra Consumer Loan (Personal Loan)

For loans up to 36 months

MCLR (1 year) + 4.40 %

For loans above 36 months

MCLR (1 year)+ 5.40+0.25 %

Andhra Bank Personal Loan EMI Calculator

Andhra Bank Personal Loan EMI Calculator

Fill Loan Amount, Interest rate & Tenure in Fields & get Instant Calculation for Home loan EMI within seconds.
Loan Amount
Interest Rate (Reducing) % Per Annum
Loan Tenure (in Months)
 
Monthly EMI
Total Amount with Interest
Flat Interest Rate PA
Flat Interest Rate PM
Total Interest Amount
Yearly Interest Amount

Andhra Bank Personal Loan Schemes

1) Andhra Bank Clean Loan

  • Loan for all individuals.

  • The loan can be availed to meet any genuine credit requirement of the borrower for personal purposes.

  • No prepayment charges.

  • Maximum Loan amount is 5,00,000 lakhs (for pensioners) or 2 times of average annual income.

  • Maximum repayment period is 60 months.

  • Third party security is acceptable to the bank.

2) Andhra Bank Consumer Loan

  • Loans can be availed for purchase of consumer durable and other house hold appliances.

  • For Salaried individuals and people with strong repayment capacity.

  • Hyphenation of the article purchased with Bank finance can be kept as security.

  • Maximum loan amount can be 10 months gross salary in case of salaried class or 75% cost of the article, whichever is less.

  • Minimum loan tenor is 60 months.

Andhra Bank Personal Loan Eligibility

  • The loan can be availed by Salaried persons and non-salaried persons.

  • Pensioners drawing pension through Andhra Bank branches.

  • Any individual having repayment capacity.

  • LIC agents/Others.

  • Husband/ father or any third party is acceptable to the bank as co-obligation.

MAXIMUM PERSONAL LOAN AMOUNT ELIGIBILITY

Andhra Bank calculates personal Loan amount eligibility based on the individuals’ net take home salary. The maximum loan amount can be availed up to Rs.5 lacs and the minimum loan amount limit is Rs. 50,000/-.

Andhra Bank Personal Loan Documents Required 

For Salaried Individuals

  • Complete application form with two Passport size photographs.

  • Proof of Age & Proof of Identity.

  • Proof of Income.

  • Proof Of Residence.

  • Salary Slip/ IT Returns/ Assessment Order, Property Statement.

For non-salaried Individuals

  • Complete application form with two Passport size photographs.

  • Proof of Age & Proof of Identity.

  • Proof of Income.

  • Proof Of Residence.

  • Latest Income Tax Assessment Order, Property statement.

  • Any other valid Documents.

Andhra Bank Personal Loan Prepayments

Normally, the bank does not allow any prepayment within 6 months from the date of loan disbursement. Loan can be foreclosed after 6 months of loan disbursement. The loan can be cleared well before the due date if you want to do so, and prepayment can be done without the levy of any additional charges. So, the bank does not levy any prepayment fee on both Andhra Bank Consumer Loan and Andhra Bank Clean Loan.

Andhra Bank Personal Loan Quantum Of Finance

The quantum of loan varies according to borrowers’ net take home salary, his/her repayment capacity, income stability, etc. The quantum of loan also varies according to personal loan schemes.

Andhra Consumer Loan (Personal Loan): The maximum loan amount can be availed are as follows:

  • 10 months gross salary in case of salaried class.

  • 40% of gross annual income in case of non-salaried class.

  • 4 months pension in case of pensioners.

  • Or, 75% cost of the article whichever is less.

Andhra Clean Loan (Personal Loan): After all deductions including the EMIs for the proposed loan shall not be less than 40% of gross salary.

  • For Non-Salaried Persons: 2 times average annual income (annual income as of last three years income shown in IT returns/ assessment orders).

  • For Pensioners: 8 times of monthly pension. Max. Loan amount for pensioners is Rs. 5,00,000/- and age should not exceed 75 years.

Andhra Bank Personal Loan For LIC Agents

  • For income tax assessment persons: Two times of average renewal commission for the previous three years, subject to a maximum of Rs. 2,00,000/-

  • For others: 50% of average renewal commission basing on a statement of income for the previous three years, subject to a maximum of Rs. 2,00,000/.

  • The maximum age should not exceed 55 years.

  • Maximum 60 months installment is allowed.

Andhra Bank Personal Loan MCLR May 2019

The MCLR announced by Andhra Bank as effective from 15.04.2019 are as follows:

Loan Tenure MCLR
Overnight 8.20%
1 Month 8.25%
3 Months 8.45%
6 Months 8.60%
1 Year 8.75%

Andhra Bank Personal Loan FAQs

Can I foreclose or prepay my loan?
Yes, you can prepay the entire loan outstanding anytime after paying 6 installments. Prepayment charges as applicable would be levied on the outstanding loan amount. No part prepayment is allowed.

What is the procedure to prepay my Personal Loan?
For prepayment of your Personal Loan account, please visit our nearest Andhra Bank branch. We request you to carry with you the following documents to complete the process:
1. Request Letter signed by the loan applicant
2. PAN Card (if the mode of payment is cash and the amount is more than Rs.50,000)
3. Payment can be made through cash, cheque or demand draft.

Do I have to pay any additional charges?
A processing fee of 2% to 2.25% depending on the company you are employed in and location of the loan will be levied. This fee will be deducted from the disbursal amount payable to you.

Do you offer Balance Transfer facility in Personal Loan?
We offer Balance Transfer Facility if you have paid 12 EMI. Please contact your nearest branch or our call center for further details.

What is the loan amount that can be sanctioned?
Based on your kind of business and your relationship with Andhra Bank, the final loan amount is decided.

What are the loan tenure options?
The loan can be repaid over a period of 12 to 60 months

What security/collateral do I have to provide for Loan?
No security, collateral or guarantors are required for obtaining Personal Loans.