Andhra Bank Personal Loan EMI Calculator - Feb 2018

Last Updated 17th Feb 2018

Get monthly EMI as low as Rs. 2,278 per lakh on Andhra Bank personal loan. Personal loan EMI in Andhra Bank depends upon loan amount, loan tenure, interest rate, monthly salary and company that you work for.

Andhra Bank Personal Loan Calculator

Loan Amount1 year loan3 year loan5 year loan
Rs. 1 LakhRs. 8,838 Rs. 3,273 Rs. 2,174
Rs. 5 LakhRs. 44,189 Rs. 16,367 Rs. 10,869
Rs. 10 LakhRs. 88,377 Rs. 32,734 Rs. 21,737
Personal Loan EMI Calculator
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Personal Loan EMI Calculator Andhra Bank

Andhra Bank Personal Loan EMI

  • Personal Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to Andhra Bank against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
  • Andhra Bank offers affordable and convenient personal loans with loan EMIs as low as Rs. 2,278 per lakh for a 60 tenure and lowest rate of interest on personal loans at 13.05%.

Personal loan EMI calculator at different tenures

Personal Loan EMI for different loan amounts and tenures @ 13.05% interest rate

Loan Amount (Rs.)2 Years3 Years5 Years
1 LakhRs. 4,757Rs. 3,372Rs. 2,278
3 LakhRs. 14,270Rs. 10,115Rs. 6,834
5 LakhRs. 23,783Rs. 16,859Rs. 11,389
10 LakhRs. 47,565Rs. 33,718Rs. 22,779
  • From the above table, it can be interpreted that for various loan amounts taken at the lowest interest rate, EMI differs for loans taken at different tenures. Your EMI is higher when you take a loan for a shorter tenure of 2 years and is higher for a longer tenure loan of 4 years.
  • Each EMI includes a component of interest payment and principal repayment. Even as EMIs remain constant, every month there is a change in proportion of interest component and principal repaid. With every EMI payment, the proportion of principal repayment in EMI keeps increasing and the interest component keeps reducing.
Use EMI Calculator to calculate your interest on personal loan at different tenure
Personal Loan EMI for Rs. 1 Lakh loan amount at lowest 13.05% interest rate offered by Andhra Bankfor different tenures
2 years 3 years 5 years
Andhra Bank EMI for a loan amount Rs. 1 lakh at 13.05% 4,757 3,372 2,278
Total amount you pay back to the bank including principal and interest 1.14 Lakh 1.21 Lakh 1.37 Lakh
Interest you have to pay over loan tenure 14,168 21,392 36,680

The above table shows that EMI paid on the loan will be lower for a loan taken for a longer tenure. However, your total interest outgo is significantly higher in a long tenure loan. In the above example, if you take a Rs. 1 Lakh loan from Andhra Bank for a period of 4 years, you pay the lowest EMI of Rs. 2,278. However, you pay an interest of Rs. 36,680 on a Rs. 1 Lakh loan.
In contrast, if you take a Rs. 1 Lakh loan from Andhra Bank at the lowest loan rate for a period of 2 years, you pay a higher EMI of Rs. 4,757 and pay an interest of only Rs. 14,168 which is less than half of what you pay for a 4 year loan. Hence, it is advisable to choose your loan tenure wisely as longer tenure means high interest expenses.

Factors affecting Andhra Bank Personal Loan EMI

  • Loan amount – This is the amount borrowed by a borrower from Andhra Bank.If you apply for a higher loan amount, your monthly EMI will be high. Andhra Bank gives a minimum loan of Rs. 50,000 which can go upto an amount of Rs. 5 Lakh.
  • Interest rate - Interest rates is the rate charged by Andhra Bank on your personal loan. Higher interest rate increases your loan EMI which will increase the total cost of the loan. Lowest interest rate offered by Andhra Bank is 13.05%. However, it is advisable to do complete market research and compare rates online before you apply for loan.
  • Loan tenure – This is the period in which you can repay your loan in Andhra Bank. Longer loan tenure means lower personal loan EMI. Generally, Andhra Bank offers loan for a maximum tenure of 5 years.

Andhra Bank Personal Loan calculator formula

P*r* (1+r)^n/([(1+r)^n]-1)

Here is an illustration of how Andhra Bank Personal Loan EMI is calculated:

In above formula,

P = Loan amount. This can range from Rs. 50,000 to Rs. 5 Lakh

r = Rate of interest per month. Current rate is 13.05%

n = tenure in month. For Andhra Bank, this can be 60 months

Tips to decide the right amount of EMI
  • Decide the amount you need to borrow: It is important that before approaching a bank for loan, you need to estimate the amount of loan you need to borrow. Remember personal loan is an unsecured loan which can come at high interest rates and hence, it is advisable to limit your loan amount to the minimum required. Also, based on the EMI you can service, try to opt for lowest tenure of loans as long tenure loans result in huge interest outgo.
  • Review your current obligations: Before taking a loan it is advisable to do an evaluation of your current monthly expenses including any EMI obligations that you have on your current loans. The assessment will help you to estimate the amount of EMI you can pay comfortably after taking into account other obligations. Once you arrive at the EMI you can service, you can also decide on the right loan tenure.
  • Calculate your Andhra Bank personal loan eligibility: Your personal loan eligibility is a function an assessment of your repayment capacity based on your monthly income and other fixed obligations.
    • Multiplier based loan amount eligibility - Andhra Bank calculates your loan amount eligibility by applying a multiplier to your net take home salary. This is the simplest method for calculating a loan eligibility used by banks. The formula used in the loan amount eligibility calculation is: Loan Eligibility = (Your Net Salary) x (multiplier of 9 to 18). The multiplier depends on the bank’s internal categorization of your employer company based on its reputation, stability, size and growth in turnover.
    • FOIR based loan amount eligibility - Andhra Bank will also estimate your Fixed Income to Obligations Ratio (FOIR) to ascertain the maximum EMI you can service based on your current income and other monthly expenses. The bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations to calculate your fixed obligations. The proportion of fixed income to your calculated fixed obligations gives your FOIR. Andhra Bank lends up to a maximum FOIR of 0.45. Based on the FOIR, the bank will also estimate the maximum amount of EMI you can service as a borrower. Andhra Bank's assessment may be different from your own assessment. Any differences in assessment may require you to readjust your loan amount requirement. You may also consider paying back other running short term loans to improve your eligibility.
    • Andhra Bank will calculate your loan amount eligibility based on the above two methods and will sanction you a lower loan amount arrived at, by the above two methods.
Quick guide on Andhra Bank personal loan
  • Purpose of Loan: Andhra Bank personal loan is taken to funding medical emergencies, paying additional debts, marriage expenses and other personal finance requirements.
  • Key Features
    • Loan available for both salaried and self employed.
    • Borrowers within the age group of 21and 55years.
    • Loan amount of minimum Rs. 50,000 toRs. 5 Lakh.
    • Loan Tenure 1to 5 years.
    • Interest rates in the range of 13.05%to 14.30%.
    • Lowest EMI of Rs. 2,278 per lakh.
  • Processing Fees: Case to Case of loan amount.
  • Special schemes: Andhra Bank offers customised personal loan interest rates and schemes for special category of borrowers including borrowers working in reputed companies, banks or government employees etc.

Personal loan EMI calculator Andhra Bank – How it works?

  • Andhra Bank personal loan calculator calculates EMI considering a combination of loan amount, interest rate and loan tenure.
  • Andhra Bank EMI calculator considers “reducing balance basis” and assumes that payment of EMI is made in arrears (means interest is charged for the month preceding the EMI payment date) and not in advance.
Personal loan EMI – EMI changes in case of prepayment

In case you prepay your personal loan, the outstanding balance on your personal loan reduces. Andhra Bank gives you two options:

  • Reduce your loan tenure and keep EMI on your personal loan unchanged: This option allows you to close your loan earlier and save the interest outgo associated with the remaining tenure. This is suitable for borrowers who feel that they have adequate income to continue servicing the same level of EMIs.
  • Reduce the amount of EMI and keep your loan tenure same: This option allows you to reduce your monthly EMI and hence, increases the availability of monthly surplus which you can deploy for other purposes. This is suitable for borrowers who anticipate higher monthly personal expenses and hence, would want to reduce their monthly EMI obligations.

FAQs on Andhra Bank EMI Calculator

Why should I calculate Andhra Bank loan EMI before taking a loan?

It is advised to calculate personal loan EMI prior to taking a personal loan. There are several benefits of calculating your Andhra Bank personal loan EMI as discussed below -

  • In case EMI comes out to be more than your monthly budget, then you have the chance toapply for a lower loan amount which fits your monthly budget and makes EMI easilyaffordable
  • If you already know the EMI you have to pay each month, then you can plan your spendsaccordingly
  • Based on the EMI amount, you can opt for making prepayment of your personal loan infuture when you have surplus amount
What is the lowest EMI per lakh offered by Andhra Bank on personal loan?

Andhra Bank offers personal loan at 13.05% interest rate and hence lowest EMI on per lakh loan amount is Rs. 2,278. However, Andhra Bank personal loan interest rate for salary account holders or existing customers can vary.

Can I prepay my Andhra Bank personal loan?

Andhra Bank offers you an option of prepayment after 0 months at Nil prepayment charges.

Is there any processing charge on personal loan from Andhra Bank?

Personal Loan from Andhra Bank charges a processing fee of Case to Case.

Will i get the personal loan from Andhra Bank if i have a bad credit score?

No, for taking a loan from Andhra Bank, an applicant must have a good credit score of 700 and above. Usually, most of the banks avoid giving loans if you have low credit score.

How does a personal loan repayment happen?

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 disbursing the loan.

Can i have a co-applicant while applying for a Personal loan with Andhra Bank ?

Yes, you can opt for a co-applicant to take personal loan from Andhra Bank that will increase your personal loan eligiblity as the income of the co-applicant is also taken into account.

Compare Personal Loan EMI of All Banks

Andhra Bank Personal Loan EMI Calculator Customer Care Number, Email, Application Status, Branches
City Customer Care Number
Agra 1800-425-2905
Ahmedabad 1800-425-2905
Ambala 1800-425-2905
Anand 1800-425-2905
Aurangabad 022-26876181
Bangalore 080-26578833
Bhilai 1800-425-2905
Bhilwara 1800-425-2905
Bhiwadi 022-26876181
Bhopal 1800-425-2905
Bhubaneswar Cuttack 1800-425-2905
Bikaner 1800-425-2905
Chandigarh 1800-425-2905
Chennai 044-24994924
Cochin 1800-425-2905
Coimbatore 044-24994924
Dehradun 1800-425-2905
Delhi 0124-2581936
Durg 1800-425-2905
Faridabad 0124-2581936
Gandhinagar 1800-425-2905
Ghaziabad 0124-2581936
Goa 1800-425-2905
Greater Noida 0124-2581936
Gurgaon 0124-2581936
Guwahati 1800-425-2905
Gwalior 1800-425-2905
Hyderabad 040-23210907
Indore 1800-425-2905
Jabalpur 1800-425-2905
Jaipur 1800-425-2905
Jalandhar 1800-425-2905
Jodhpur 1800-425-2905
Kanpur 1800-425-2905
Karnal 1800-425-2905
Kolhapur 022-26876181
Kolkata 033-22472068
Kota 1800-425-2905
Kozhikode 1800-425-2905
Lucknow 1800-425-2905
Ludhiana 1800-425-2905
Madurai 044-24994924
Meerut 1800-425-2905
Mehsana 1800-425-2905
Mohali Sas Nagar 1800-425-2905
Mumbai 022-26876181
Mussoorie 1800-425-2905
Nagpur 022-26876181
Nashik 022-26876181
Noida 0124-2581936
Noida Extn 0124-2581936
Panipat 1800-425-2905
Patna 1800-425-2905
Pondicherry 1800-425-2905
Pune 022-26876181
Raipur 1800-425-2905
Rajkot 1800-425-2905
Ranchi 1800-425-2905
Rohtak 1800-425-2905
Roorkee 1800-425-2905
Salem 044-24994924
Shimla 1800-425-2905
Sonepat 1800-425-2905
Surat 1800-425-2905
Trichy 044-24994924
Udaipur 1800-425-2905
Vadodara 1800-425-2905
Varanasi 1800-425-2905
Vijaywada 040-23210907
Vizag 040-23210907

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