Andhra Bank Personal Loans

 

Dr. Bhogaraju Pattabhi Sitaramayya, an eminent Indian freedom fighter, established the Andhra Bank. It was registered on 20th November 1923 and commenced business on 28th November 1923. Its paid-up capital was 1 lakh, and authorized capital was ten lakhs. It is a medium-sized public sector bank (PSB) with nearly 3000 branches.

Andhra bank is wholly committed to providing excellent banking services to customers without any discrimination.

Andhra Bank Personal Loans

Andhra Bank provides personal loans to its customers for different financial needs at very affordable rates of interest, and other benefits such as quick documentation process and reasonable repayment options. mymoneykarma gives you all the information you need on Andhra Bank personal loans.

Benefits of Andhra Bank Personal Loans

Andhra Bank personal loans are loaded with customer-friendly features. Here are a few features of Andhra Bank personal loans.

1. Significant loan amounts ranging from a minimum of Rs 25,000 to a maximum of Rs 5 lakhs. The loan amount depends on the applicant's credit score, repayment capability, credit history, and yearly income.

2. Long loan tenures ranging from a minimum of 12 months and a maximum period of five years.

3. Attractive interest rates ranging between 11.55% - 14% per annum.

4. Loans available for salaried individuals, public and private company employees, and government employees.

5. Special offers if the applicant is an existing customer of Andhra Bank.

6. Various feasible repayment channels such as NEFT, post-dated cheques, and online banking.

7. Facility of personal loan transfer from other banks to Andhra Bank.

8. Simplified loan application and approval process with minimal documentation.

Here is a summary of all the information regarding Andhra Bank personal loans.

Interest Rate	11.55% - 14%
Minimum Loan Amount	Rs 25,000
Maximum Loan Amount	Rs 5 lakhs
Minimum Repayment Tenure	12 months
Maximum Repayment Tenure	60 months

Types of Andhra Bank Personal Loans

Andhra Bank offers a single type of personal loan that is acceptable for a large pool of customers ranging from freshers to senior citizens. 

Eligibility Criteria for Andhra Bank Personal Loan  

Applicants must meet the following criteria to get a personal loan from Andhra Bank.

1. Minimum income of Rs 1 lakh per annum.

2. Sound repayment capability and a good credit score.

3. An age range of 21-55 years..

Best Personal Loan Interest Rates 2019

The interest rates of personal loans from other banks are also given below.

Banks	Interest rates
Axis Bank	11.25% - 24%
HDFC Bank	10.99% - 20.00%
SBI	12.50% – 16.60%
ICICI Bank	11.50% - 16.75%
Bajaj Finserv	2.00% - 16.00%
Standard Chartered	10.99% - 16%
Fullerton India	12% - 25%
Kotak Mahindra Bank	11%-24%
CitiBank	10.99% - 18%
IDBI	12.45% - 13.50%
IDFC Bank	11.69% - 15.00%
PNB	11.65% - 12%
YES Bank	10.75% - 16.99%
IndusInd Bank	10%-30.50%
RBL Bank	14.5% - 23%
Canara Bank	13.5% - 14.5%
Tata Capital	11.75% - 19.00%
Bank of Baroda	11.05% - 11.6%

Documents Required for Andhra Bank Personal Loans

Applicants need to submit the following documents while applying for Andhra Bank personal loan.

1. A filled loan application form with necessary details such as income, occupational details, and personal information.

2. Two copies of recent passport sized photographs

3. Copies of the applicant's PAN card and Aadhaar card.

4. Copies of income proof such as salary slips of the previous six months, 

5. Bank statements of the last six months, and a copy of Form 16.

6. Copies of residence proof such as telephone bills, electricity bills, or rental agreement attested by the applicant.

How to Apply for Andhra Bank Personal Loans Online

Applicants can apply for Andhra Bank personal loans online by visiting the Andhra Bank website, following the on-screen instructions, and uploading the required documentation on to the website. Subsequently, the applicant profiles are evaluated, and the loan amount is deposited in the applicant's account upon the approval of the loan within a few days.

How to Apply for Andhra Bank Personal Loans Offline

Customers can also directly walk into the personal loan centers of Andhra Bank along with the necessary documents. They can fill up the application form received at the bank and submit it with the documentation. The loan is approved within a few working days.

 

Related Articles about Andhra bank:

• Andhra Bank Home Loan
• Andhra Bank Loan Against Property
• Andhra Bank Two Wheeler Loan
• Andhra Bank Education Loans

Frequently Asked Questions

1: What is the duration for Andhra Bank personal loan application approval?

Answer: Andhra Bank notifies the applicants of the loan approval within a maximum of 4-7 working days from the date of the application. With mymoneykarma, get your loan approved within 24 hours.

2: What is the loan amount of Andhra Bank personal loans?

Answer: Andhra Bank provides personal loans with a minimum loan amount of Rs 50,000 and a maximum amount of Rs 15 lakhs.

3: What is the rate of interest on Andhra Bank personal loans?

Answer: Andhra Bank offers reasonable interest rates ranging between 11.55% - 14% per annum.

4: Is prepayment of loan allowed with Andhra Bank personal loans?

Answer: Yes, Andhra Bank personal loan provides the facility of pre-closure of the loan before the completion of the loan tenure only after the payment of 6 months.

5: Does Andhra Bank personal loan have any pre-closure charges?

Answer: No, Andhra Bank personal loan does not charge the applicants any pre-closure fees on the approved loan amount.

6: What are the other fees associated with Andhra Bank personal loans?

Answer: Here is a list of fees associated with Andhra Bank personal loans.

Loan Processing Charges	1.8% of the loan amount + GST
Foreclosure Charges	nil
Pre -payment or Part-payment charges	nil
Legal/incidental charges	As actuals
Charges for late payment of Loan amount	nil
Stamp Duty & other Statutory Charges	As applicable by state laws
Loan rebooking/ rescheduling charges	nil
Duplicate NOC	nil
Cheque swapping charges	nil
Loan cancellation charges	nil