Andhra Bank Personal Loan Features
|Andhra Bank Personal Loan Interest Rate||9.75% p.a.|
|Lowest EMI per lakh||Rs 2112|
|Tenure||12 to 60 months|
|Andhra Bank Personal Loan Processing Fee||1% to 2% of Loan Amount|
|Prepayment Charges||Allowed after 12 Months (2 – 4 %)|
|Part Payment Charges||Allowed after 12 Months (2 – 4 %)|
|Min Loan Amt||₹ 50,000|
|Max Loan Amt||₹ 75 Lakh|
Andhra Bank Personal Loan
Andhra Bank Personal Loan is a fixed amount which can be borrowed by an applicant at a fixed interest rate from a financial institution or an online lender. It is repaid over a fixed tenure, which is pre-determined. Personal Loan is a type of unsecured loan which has instant approval, is hassle-free and less paperwork.
In personal loans, there is no need to mortgage any collateral or security. It can be your solution for managing travel costs, wedding expenses as well as the unforeseen medical emergency cost, home renovation, debt consolidation, and others.
Why should one take Andhra Bank Personal Loan?
Andhra Bank Personal Loans are available for both self-employed individuals and salaried working professionals. At Andhra Bank, the Min. Rs. 24,000, Max. Rs. 15 lakhs. The rate of interest is fixed and is charged on a monthly reducing basis.
Benefits of Andhra Bank Personal Loan
Andhra Bank Personal Loan is aimed at addressing the specific need of our customers. They are bundled with some lucrative bonuses, as enlisted below.
- Interest rate: Your interest rate tells that how much more you’ll be paying back to the loan provider than what you’ve borrowed. Hence, a competitively low-interest rate is that you should definitely look for whenever you take a Personal Loan.
- Processing fees: processing fee is a charge levied by the bank to meet the expenses of processing, and for approval of your personal loan at Andhra Bank They charge 2% processing fee + tax for the process of Personal Loan.
- Loan tenure: It is an essential factor when you have to take a decision for taking a loan. Andhra Bank offers loans for tenures from 1 year up to 5 years.
- Effortless Documentation: Extremely simple and hassle-free documentation
- Also, Safe & Secure: All your details remain safe and secure
- Instant Loan Approval: An applicant can get his/her loan amount approval instantly.
- Also, there are no charges of Pre-Payment: If you have enough money and you want to repay your loan before the tenure, there are no pre-payment charges for loans under Rs 20,000
There is an attractive rate of interest on personal loan at Andhra Bank. Andhra Bank Personal Loan interest may vary at 9.75% to 11.99%, .and the tenure can range from 3 months to 36 months. Charges of Foreclosure charges are 3% of principal outstanding. Pre-payment charges are 3% of the amount prepaid.
Personal Loan EMI Calculator
You can easily calculate EMI by using this formula: P x R x (1+R)^N] / [(1+R)^N-1]
P= Principal or your loan amount
R= Rate of interest
N= Tenure (loan term in a number of years)
EMI includes two main components – principal and interest. In the early part of your tenure, the interest amount is higher, and that becomes progressively lower. Towards the end of the tenure, the principal amount forms a large proportion of the EMI.
Andhra Bank Personal Loan Documentation
To apply for Andhra Bank Personal Loan, you need to submit the following documents:
- First of all, Identity proof is required, i.e., Aadhar card, Voter ID, and Driving license.
- Then, the applicant should submit his/her last two months’ salary slips.
- After that, the applicant has to provide his/her previous three months bank account statements of his account.
Andhra Bank Personal Loan Eligibility Criteria
Andhra Bank requires an Indian resident who is an active employee of an MNC, Public or Private limited company and is between 21- 58 years of age is eligible for availing a personal loan at Andhra Bank
The following are some of the other criteria for availing a Personal loan.
- Applicant should have a salary of Rs.20,000/- per month.
- Also, A person who has a minimum educational qualification of being a graduate.
- Applicant should be an active resident of a city for at least one year.
- Also, an applicant have minimum work experience of at least 1 year
How to apply for the Personal Loan via bookmyloans
It is very easy to apply for the Personal Loan. There are basically two methods through which you can apply one is online and another is offline. In the offline process, you need to visit the branch of the bank and have to provide the correct information in the application form. Until the sanctioning of the Personal Loan, you have to visit the bank.
In the online process, you need to visit the site of bookmyloans.in and have to provide information in the application form. Immediately you will get a call from the customer representative of the Bank and they will confirm some of the details from you and let you know the eligibility. Then they will fix your appointment with the banker. Banker collects the required documents. If you face any problem you can contact customer representative of the bank anytime otherwise you can go through bookmyloans.in. So apply now and get instant cash back.
FAQs about Andhra Bank Personal Loan
- Are there any foreclosure and part-prepayment charges?
Yes, there are a foreclosure and part-prepayment charges.
- How do I repay the Loan?
You can repay the Loan in EMIs using ECS facility or through post-dated charges.
- What is a secure fee for an online application?
The secure fee is a charge that is compulsory to pay for the submission or processing of your application form online.
- What if I don’t pay the secure fees online?
In this case, you will lose the benefit of instant approval.
- How secure is the information provided by me?
Information provided by an applicant is wholly secured because we use state of the art security system.
- Do I have to give any security, collateral, or guarantors?
No, there is no need for any security, collateral, or guarantors.
- Is it safe to use my debit card on this site?
Yes, all transactions on our site are safe because we provide best in class security.