Andhra Bank Personal Loans

Andhra Bank Clean Loans

4
Processing Fee
0

Loan Amount
₹ Up to 2 Lacs
Tenure
1 - 5 Years

Andhra Bank Consumer Loans

4
Processing Fee

Loan Amount
₹ Up to 5 Lacs
Tenure
1 - 5 Years

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

Do I have to provide any security or guarantee to avail Andhra Bank Personal Loan?

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.

reviews
Great
Shaan Arora
Sat Aug 19 2017 10:37:56 GMT+0000 (UTC) a year ago

Impressive! The interest rate of Andhra Bank’s personal loan is very low. I am impressed by the customer support services of the bank. The best part is that I received the loan within a week and the loan amount was also disbursed on time. I am happy with the services of the bank.

Good
Tushar Chandra
Sat Aug 19 2017 10:43:08 GMT+0000 (UTC) a year ago

Satisfactory Recently, I have applied for Personal Loan with Andhra Bank. The rate of interest I was offered is manageable, I was promised that I will receive the loan amount within two weeks and I received the amount on the designated time.

Bad
Yakshit Arora
Sat Aug 19 2017 10:45:42 GMT+0000 (UTC) a year ago

Not Good I am not at all satisfied with the services of Andhra Bank. I have applied for the personal loan with the bank but the services of the bank are very poor and slow. Moreover, the interest rate is also quite high. They don’t listen to the queries of the customers and they even won’t assist you if you are facing any issue. The bank works in an old-fashioned manner.