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Andhra Bank Business Loan Jul 2021

Andhra Bank Business Loan Interest Rates India

Last Updated 16th Jul 2021

Andhra Bank offers Business Loan starting at interest rate of 15.75%. The rates vary by loan amount, occupation and type of loan availed. Check Best Offers

Interest Rate 15.75%
Processing Fee Case to Case
Tenure From 12 months to 60 months
Lowest EMI per lakh ₹ 2,419
Loan Amount Min ₹ 50,000 and Max ₹ 5 Lakh
Part Payment Facility Nil prepayment charges
Foreclosure Facility Nil prepayment charges

Andhra Bank has merged into Union Bank of India on April 1, 2020. The interest rates of Union Bank of India will now be applicable on Andhra Bank Business Loan.

Apply for Business Loan @ 14.00%*

Andhra Bank Business Loan Details

Andhra Bank offers multiple business loan products for self-employed professionals and non-professionals at low rates. Below-mentioned are the details of the business loan Andhra Bank.

Key Features of Andhra Bank Business Loans
  • Purpose of Loan: You can avail Andhra Bank business loan to expand or modernise your business, purchase assets, set up new units etc.
  • Loan available for self employed professionals and non-professionals.
  • Borrowers within the age group of 21 and 55 years can avail Andhra Bank business loan.
  • Security: Both Secured & Unsecured
  • Loan Tenure can range from 12 to 60 years.
  • Andhra Bank business loan interest rates are in the range of 15.75% to 16.00 %.
  • Andhra Bank Bank business loan EMI per lakh starts from ₹ 2,419.
  • Processing Fee: Case to Case

Factors affecting Andhra Bank Business Loan Rates

There are multiple factors on which Andhra Bank calculates your interest rate. Some of these factors are -

Loan amount

Business loan rate in Andhra Bank depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate. Bank gives loan of minimum ₹ 50,000 to upto ₹ 5 Lakh. Interest rate for high loan amounts can be lower resulting in lower EMIs.

CIBIL Score

Andhra Bank offers business loans at higher interest rate if your CIBIL score is low or vice versa. However, to get a loan from Andhra Bank, your CIBIL score should be at least 700. Higher the CIBIL Score, higher the chances of getting a loan at lowest business loan interest.

Revenue

Andhra Bank will offer you a loan at a lower interest rate if you have higher monthly revenue. Bank gives loan to the borrowers whose annual turnover is at least

Time in Business

Andhra Bank offers loans at lower rates if you have significant business experience. Minimum business existence to get a business loan from Andhra Bank is 12 months.

Lowest Andhra Bank Business Loan Interest Rates

Currently, the lowest business loan rate offered by Andhra Bank starts at 15.75%. There has been no change in the lowest interest rate of Andhra Bank business loan interest rate for a long time and the interest rate continues to be in the range of 15.75% to 16.00%.

Andhra Bank Business Loan Rate Trends of Last 1 Year

Last Updated Date Interest Rates
09 Jun, 2021 15.75%
31 Mar, 2021 15.75%
25 Mar, 2021 15.75%
09 Mar, 2021 15.75%
07 Jan, 2021 15.75%

Andhra Bank Business Loan Eligibility Criteria

To avail Andhra Bank business loan, you need to fulfill the eligibility criteria as mentioned below:

  • Age : Andhra Bank offers business loan to those who are at least 21 years old at the time of loan approval and maximum 55 years at the time of loan maturity.
  • Loan Amount : Based on the loan amount eligibility, Andhra Bank gives you loan amount ranging from ₹ 50,000 to ₹ 5 Lakh. To improve chances of approval, apply for a loan amount that you can comfortably service.
  • Profitability and Revenue : Andhra Bank requires profit for minimum 2 years and minimum business turnover of ₹ 0.
  • Business Stability : Andhra Bank requires a minimum business track record of 12 months. The bank will also look for minimum growth in sales for the last three year. A decline in sales for a certain period or below a certain limit might impact your eligibility to get a loan.
  • ITR and Banking : Andhra Bank gives loan only after checking your income tax return and bank statements. The bank requires you to submit your ITR details and bank statements for a minimum of 12 months & 12 months respectively.
  • CIBIL Score : Andhra Bank will check your repayment history for all current and past loans and credit cards. The Bank advises you to maintain a score of 750 and above to get loan approval.

Andhra Bank Business Loan Fees and Charges

In addition to interest rates, business loan also carry some other charges which include:

  • Foreclosure Charges : These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. Andhra Bank allows prepayment of loan after paying 0 EMI’s with prepayment charges - Nil prepayment charges
  • Processing Fee : Andhra Bank asks for a processing fee of Case to Case with applicable service tax

Documents Required for Andhra Bank Business Loan

To apply for Andhra Bank business loan, you need to submit the following documents:

  • Address proof of individual: Aadhaar Card, Voter’s ID Card, Bank statement, registry copy, rent agreement , utility bills
  • Identity proof of individual: Passport, Driving License, PAN Card, Aadhaar Card, Voter’s ID Card
  • Business existence proof: PAN, sales tax/ excise/ VAT/ service tax registration, copy of partnership deed, trade license, certificate of practice, registration certificate issued by RBI, SEBI
  • Copy of Income Tax PAN for 24 months
  • Bank statement of last 6 months

Andhra Bank Business Loan Eligibility Calculator

You can calculate your eligibility for Andhra Bank business loan using an online Andhra Bank business loan eligibility calculator. It is an online tool that gives you an estimate about your loan eligibility, amount of loan and the best interest rate offer you can avail. It calculates the business loan eligibility on multiple factors. These factors include age, loan amount, loan tenure and Income etc. to calculate the loan amount eligibility of its borrowers.

How to Apply Andhra Bank Business Loan Online at MyLoanCare?

  • In order to get the best offers on a business loan and compare Andhra Bank business loans with other banks, you can apply online through MyLoanCare here.  
  • MyLoanCare will give you a detailed comparison of business loan schemes of all banks, calculate your business loan eligibility and connect you to the customer representatives of the  Andhra Bank.
  • Further, you will also be assisted by a dedicated MyLoanCare loan executive who will ensure that the process of getting a loan is smooth, convenient and quick.

FAQs

Why to take business loan from Andhra Bank?

Andhra Bank is one of the largest Public Sector Bank sector banks in the country that provides lowest business loans starting at 15.75%. The bank also charges a low processing fee starting from Case to Case. Along with that, the bank also offers special business loan schemes such as , & etc.

Has Andhra Bank reduced the business loan interest rate?

Currently, the lowest business loan rate offered by Andhra Bank starts at 15.75%. There has been no change in the lowest interest rate of Andhra Bank business loan interest rate for a long time and the interest rate continues to be in the range of 15.75% to 16.00%.

What is the interest charged on Andhra Bank business loan?

Andhra Bank offers business loans at attractive rates ranging from 15.75% to 16.00%.The bank also provides various customised offers for self employed professionals to get loan at a very low rate of interest.

What is the lowest EMI per lakh on business loan from Andhra Bank?

If you apply for loan from Andhra Bank, your lowest EMI per lakh will be ₹ 2,419.You can calculate your EMI on business loan for different tenures at min business rate starting at 15.75% using MyLoanCare business loan EMI calculator.

What is the minimum and maximum tenure of business loan in Andhra Bank?

These loans are shorter tenure loans. You can repay your loan in a flexible period of minimum 12 months to maximum 60 months.

How much business loan amount I can borrow from Andhra Bank?

Andhra Bank offers you business loan for loan amount ranging from ₹ 50,000 to a maximum amount of ₹ 5 Lakh. Loan amount eligibility in Andhra Bank further depends upon your income, and repayment capability.

What is the processing fee charged by Andhra Bank on business loan?

Andhra Bank charges a processing fee Case to Case with applicable tax.The processing can be negotiated if you are an existing customer or have a good track record.

Is age an eligibility factor to get loan for business from Andhra Bank?

Yes, age is an important eligibility factor to get a business loan as you should be at least 21 years old at loan approval time and 55 years old at loan maturity time.

What are the prepayment charges on business loan from Andhra Bank?

Bank charges a prepayment fee in case you want to repay your entire loan amount before the end of tenure period. The fee charged by Andhra Bank is Nil prepayment charges.

What are the business products offered by Andhra Bank?

Andhra Bank offers various business products for self-employed professionals and non-professionals. These are listed below:

What is the time period of repayment of business loans in Andhra Bank?

Andhra Bank provides business loans for a maximum tenure of 60 years. You must repay your loan at the end of this loan tenure to avoid any late payment penalty.

Andhra Bank Business Loan Customer Care Toll Free Number
City Customer Care Number
Agra 1800-425-2905
Ahmedabad 1800-425-2905
Ambala 1800-425-2905
Anand 1800-425-2905
Aurangabad Bihar 022-26876181

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Andhra Bank Business Loan News - Jul 2021
  • 2021-07-16 : UBI update on change in IFSC code for merged banks - Andhra Bank and Corporation Bank
    Union Bank of India (UBI) on Friday said the IFSC codes of the erstwhile e-Andhra Bank and e-Corporation Bank branches will change with effect from July 1, 2021. Customers of the erstwhile banks will have to get new cheque books with changed IFSC and MICR codes
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