Interest Rate
11.70 - 13.20Processing Fee
0%Loan amount
50000.00 - 200000.00Tenure
5 yearsA Non-Salaried applicant can apply for loan amount of up to 2 times average annual proven income (Annual income as average of last three years income shown in IT returns/ assessment orders).
A Pensioner can apply for the loan amount of up to 8 times of monthly pension, subject to maximum up to Rs. 5 Lakhs.
An income tax assesses can apply for the loan amount of up to 2 times of average renewal commission for the previous three years, subject to a maximum of Rs. 2 Lakhs.
A Non-Income tax assesses can apply for the loan amount as high as 50% of average renewal commission basing on a statement of income for the previous three years, subject to a maximum of Rs. 2 Lakhs.
You can repay the loan in maximum 60 months EMIs.
Interest Rate
11.55 - 13.05Processing Fee
0%Loan amount
50000.00 - 500000.00Tenure
5 yearsApply for loan amount equivalent to 10 month 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.
Maximum 60 months EMIs.
Guarantee of Husband/ father or any third party (with sufficient worth and of regular income) acceptable to the bank.
Collateral security of Assignment of Life insurance policy with equivalent surrender value and Pledge of shares, NSCs, Units etc. of adequate value.
Andhra Bank Personal Loan
Andhra Bank offers Personal loan as high as Rs. 20 Lacs to Salaried-Employee, Self-Employed Professional and Self-Employed Businessman within a span of 2 to 3 days of approval. The Processing fees charged by bank is 2.75% of the loan amount and the tenure to repay your loan is from 12 months to up to maximum of 60 months ( 1 year to up to maximum of 5 years).
Andhra Bank is a good fit for you if?
Salaried / Self-Employed – If you are Salaried-Employee, a Self-Employed Professional or a Self-Employed Businessman, wanting to avail loan from Andhra Bank then, this could be a good fit for you as it will offers you personal loans of up to maximum of Rs. 20 Lacs with a tenure to repay your loan amount within 12 months to as long as 60 months which a quite a long span of time.
LIC Agent – Are you are LIC agent rendering unconditional services to customers and helping them to achieve their goals? Andhra Bank has made a scheme for you with a purpose to meet any of your contingencies and personal credit requirements by lending loan up to Rs. 2 Lacs with a tenure to repay loan within a maximum period of 60 months. so you can take advantage of this scheme.
Pensioners – Andhra Bank knows that the income of a retired person rises more slowly then they have in the past, so by thinking about their financial requirements or their old aged dream goal, this bank has made a scheme for Pensioners in which they can avail loan as high as Rs. 5 Lacs or 8 times of their monthly pension whose maximum age is 75 years.
Andhra Bank Personal Loan at a glance
Annual Interest Rate |
11.70% - 13.20% |
Loan Term |
12 Months - 60 Months |
Loan Amount |
Up to Rs. 20 Lacs |
Time of Funding |
Within 2 to 3 days |
Pre-Payment Charges |
Nil |
Andhra Bank provides personal loan up to maximum of Rs. 20 Lacs within 2 to 3 days of approval and the interest rate charged by Bank is ranging from 11.70% to up maximum of 13.20% per annum. The tenure to repay the loan amount is from 12 months to up to maximum of 60 months. Here, the Pre-Payment charges are Zero which is really a good thing as compared to other competing bank or financial institutions such as Federal Bank which charges Prepayment fees of up to 2% of the outstanding amount.
Why Choose Andhra Bank?
Zero Prepayment Charges – Are you rid of paying unnecessary fees charged by Banks? Don't worry, Andhra Bank does not charge any Prepayment fees on your personal loan as compared to other competing banks and financial institutions like HDFC Bank which charges 2% to up to 4% of the principal outstanding amount as a Pre-payment fees which is quite a high amount. So, you can apply personal loan from Andhra Bank to save your money from these charges.
Low Interest Rate Range – Availing loan from Andhra Bank could be a good choice for you as here, the interest rate are very low ranging from 11.70% to up maximum of 13.20% as compared to other competing banks charging annual interest as high as 24%., So take advantage of this and fulfill your financial needs.
What to watch out for?
Guarantor required in case of Pensioners & LIC Agents – If you are thinking to apply personal loan from Andhra bank, You have to select a person as a guarantor who guarantees to pay your debt if you are in a default on a loan obligation. In case of a pensioner, Nominee / family pensioner should be a guarantor and in case of LIC Agents, Guarantor can be your spouse or one of the family members and 1 LIC Agent.
Compare Andhra Bank Personal Loans to Other Banks
| Bank Name | Andhra Bank | SBI | Allahabad Bank |
|---|---|---|---|
Typical APR |
11.70% - 13.20% |
10.75% - 15.15% |
9.25% - 12.75% |
Loan Term |
12 Months - 60 Months |
12 Months - 60 Months |
12 Months - 84 Months |
Maximum Lending Amount |
Rs. 20 Lacs |
Rs. 15 Lacs |
Rs. 20 Lacs |
Processing Fee |
2.75% of the loan amount |
1% of the Loan Amount |
Min Rs. 223 to Max Rs. 10,000 |
Time to Funding |
Within 2 to 3 days |
Within 2 to 3 days |
Within 2 to 3 days |
Pre-Closure |
Nil |
Zero to Upto 3% of the prepaid amount |
2.25% of the loan amount Only for take- over loans |
Coming to the comparison part, you can avail as high as 20 Lacs to achieve your financial goals within 2 to 3 days of approval while in case of State Bank of In India, the maximum lending amount is Rs. 15 Lacs within 2 to 3 days of approval and in case of Allahabad Bank, you can avail as high as Rs. 20 Lacs within 2 to 3 days of approval. The processing fees charged by Andhra Bank is 2.75% of the loan amount, 1% of the loan amount in case of State Bank of India and in case of Allahabad bank, it charges a processing fees of minimum Rs. 223 to up to maximum of Rs. 10,000.
The typical APR charged by Andhra Bank ranges from 11.70% to up to 13.20% per annum while State Bank of India charges 10.75% to up to maximum of 15.15% per annum and in case of Allahabad bank, the typical APR charged by Allahabad Bank is ranging from 9.25% to up to 12.75% per annum which is quite a low amount. The tenure to repay the loan amount in Andhra Bank is within 12 months to up to maximum of 60 months, which is same in State Bank of India, while Allahabad Bank you are allowed to repay the loan amount within 12 months to up to maximum of 84 months.
The good thing is that, in Andhra Bank you don't have to pay the Pre-Closure charges as compared to other banks such as State Bank of india which Charges Zero to Upto 3% of the prepaid amount and Allahabad Bank which charges 2.25% of the loan amount which is charged only for take-over loans.
Am I Eligible?
- Minimum age of the applicant should not be less than 21 years and Maximum Age of the applicant should not exceed 55 years at the time of loan maturity.
- Maximum age of the pensioner should not be more than 75 years at the time of loan maturity.
- In case of Personal Loan for Doctors, applicant should be a practicing qualified medical practitioners holding any recognized graduate degree in Medicine / Surgery / Dental Science / Physiotherapy / Radiology / Pathology /Diagnostic Imaging with a minimum 2 years experience in practicing.
- Take home pay for salaried applicants should not be less than the 40% of the Gross salary.
- Take home pay for Self-Employed applicants should not be less than the 2 times of average annual income of last 3 years as proven in the ITRs and assessment orders.
- Take home pension for pensioners should not be less than the 8 times of monthly pension.
- Take home pay for Insurance Agents should not be less than the 2 times of average renewal commission as per the last 3 years if the income of the agent comes under tax deduction.
- Take home pay for Insurance Agents should not be less than the 50% of average renewal commission as per the last 3 years if the income of the agent doesn't come under tax deduction.
Loan Offerings
Andhra Bank Clean Loans
- There are various schemes under which Andhra Bank provides loan such as for Pensioners, the maximum personal loan amount provided by Andhra bank is limited to Rs. 5 Lacs and the tenure to repay the loan amount is 12 months to maximum of 60 months. For insurance agents the maximum loan provided by Andhra Bank is up to Rs. 2 Lacs with a interest rate ranging from 11.70% per annum and the tenure to repay the loan amount is from 12 months to up to 36 months for government employees and pensioners including Public Sector Undertakings who are drawing salary through Andhra Bank branches.
- Andhra Bank charges interest rate ranging from 11.95% to government employees and pensioners including Public sector undertaking who are drawing salary through Andhra Bank branches and whose tenure to repay the loan amount ranging from 36 months to up to 60 months. For Private Sector Employees, Self-Employed applicants, and LIC agents, the charges to apply for personal loan is of 12.20% whose tenure to repay the loan amount is from 12 months to up to maximum of 36 months. To those private sector employees, Self-Employed applicants or LIC agents whose tenure to repay the loan amount is above 36 months to maximum of 60 months, the interest rate charged by Andhra Bank is 13.20% per annum and charges 2.75% of the loan amount as processing fees.
Andhra Bank Personal Loan Rate of Interest
| Personal Loan Type | Applicable Interest Rate |
|---|---|
Andhra Bank Clean Loan |
11.70% - 13.20% per annum |
How do I apply for Andhra Bank Personal Loan?
At Paisa
- Click on the ''APPLY NOW'' button provided below
- Fill the necessary details.
- Now click on "Submit"
At Andhra Bank Branches
-
- Walkin to the nearest branch of the Andhra Bank Branch along with the loan application and KYC documents.
- Fill in your details in the form
- Submit the application form at any of your nearest branch of Andhra Bank Branch along with the necessary documents.
Fees & Penalties
| Type of Charge | Applicable Charges |
|---|---|
Processing Charges |
2.75% of the loan amount |
Foreclosure Charges |
Nil |
Penal Charges |
2% per month of the overdue amount |
The Processing fees charged by Andhra Bank is up to 2.75% of the loan amount and this bank does not charge any Pre-Closure charges as compared to other competing banks or financial institutions such as State Bank of india which Charges Zero to Upto 3% of the prepaid amount and Allahabad Bank which charges 2.25% of the loan amount which is charged only for take-over loans while ICICI Bank and Kotak Mahindra Bank charging 5% per annum of the principal outstanding amount and Indusind Bank which charges 4% of the principal amount. So you can opt of Andhra Bank as here, there are no Pre-Closure charges by the bank which could be a benefit for you.
FAQs
Yes, security or a guarantee to avail the Andhra Bank Personal Loan. Below mentioned are the requirements for security or guarantee for personal loan.
For Andhra Bank Clean Loan a good third party guarantee is acceptable, in case of pensioner, Nominee / family pensioner should be a guarantor, and in case of LIC Agents, Guarantor can be your spouse or one of your family member and 1 LIC agent.
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