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Andhra Bank Personal Loan


Loan Name Interest Rate Processing Fee Loan Amount Tenure
Andhra Bank Consumer Loan MCLR (One year) + 2.85% - MCLR (One year) + 4.3% 0 maximum of 75% of price of article maximum 60 months
Details
Documents Required

  • Salary slip of the individual employees
  • Assessment Order
  • Income Tax Returns Form
  • Property Statement
  • For Non – Salaried Employees – Property Statement or Latest Income Tax Assessment Order
  • Proof of Residential Address
  • PAN Card
  • Latest quotation for the article which is proposed to be purchased
Benefits

  • Lower interest rates
  • Minimum processing fee
  • Get maximum tenure to repay the loan is 60 months
  • Spouse or father or any other third party can act as a co-applicant (one should have a regular income and sufficient worth)
Eligibility

  • The applicant should be a resident Indian.
  • One should have a regular source of income
  • Any individual who has a repayment capacity can avail the loan
  • Pensioners who are drawing a pension in any of the Andhra Bank’s branch
Other Details

  • One can avail this loan to buy any of the consumer durables or any other household appliances.
  • The article purchased out of loan amount will act as a hypothecated security for the bank.
  • The maximum amount of loan sanctioned in case of salaried individuals is 10 months gross salary
    or
  • In case of non-salaried class – 40% of gross annual income
    or
  • For Pensioners – 4 months pension amount
    or
  • 75% of the cost of the article (whichever is less)
Andhra Bank Professional Loan Base Rate + 3.25%=13.5% 0.50% of loan amount Rs 10,00,000 up to 60 months
Details
Documents Required

  • Salary slip of the individual employees
  • Income Tax Returns Form
  • For Non – Salaried Employees – Property Statement or Latest Income Tax Assessment Order
  • Proof of Residential Address
  • PAN Card
  • Aadhaar Card
Benefits

  • Lower interest rates
  • Processing charges are minimum
  • Get quick approval
  • Get maximum loan amount
Eligibility

  • All the practising Chartered Accountants, Engineers, Management or Financial consultants, Valuers, Architects, Cost Accountants, Company Secretaries and so on can apply for the loan.
  • The applicant should be an assessee as per the Income Tax Act rules for a minimum of two years
  • The applicant should be a registered member with the respective professional board or body or association.
Other Details

  • Professional can take a loan to establish or to renovate their office premises or for furnishing office premises or for the purchase of tools, equipment, books, working capital requirements.
  • The maximum loan amount is Rs 10 lakhs.
  • Processing fees is 0.50% of loan amount.

 FAQs

Q: What are the interest rates in Andhra bank for a personal loan?

A: Andhra Bank offers an attractive interest rate for personal loan borrowers.

The interest rate range falls between 12% to 13% per annum. Based on the applicant's profile the interest rate will be decided.

Q: What are the features in Andhra bank personal loan?

A: Personal Loan is available for both salaried and self-employed applicants.

  • Borrowers within the age group of 21 and 55 years.
  • Andhra Bank offers a minimum of Rs 50000 loan amount for the borrowers and the maximum loan amount is Rs 5 Lakh.
  • You can repay your personal loan in a flexible period of minimum 12 months to a maximum of 60 months.
  • Andhra Bank personal loan rate of interest is in the range of 12% to 13% per annum.
  • Lowest EMI is Rs. 2,202 per lakh.

Q: How many days does Andhra bank will take to complete the personal loan process?

A: Banks generally convey their decision on a loan within 15 days of submitting a loan application. If you provide required documents correctly without a fail then you can avail a personal loan within six working days. However, some banks also offer instant loan offers which can be approved within a matter of few hours to 2-3 days.

Q: Are there any prepayment charges on Andhra Bank personal loan?

A: Andhra bank doesn’t collect any prepayment charges from personal loan borrowers. You can take a personal loan from Andhra Bank without any prepayment charges.

Q: How does Andhra Bank personal loan repayment happen?

A: The repayment of a personal loan happens in the form of an EMI (Equated Monthly Installment) through the customer's bank account. The customer is required to present a few post-dated cheques and sign an ECS mandate in favour of the bank at the time of loan disbursal.

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