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Andhra Bank Personal Loan EMI Calculator - Mar 2021

Andhra Bank Personal Loan Calculator

Last Updated 11th Feb 2021

Get monthly EMI as low as ₹ 2,202 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.

Loan Amount1 Year Loan3 Year loan5 Year loan
₹ 3 Lakh₹ 26,592₹ 9,900₹ 6,605
₹ 6 Lakh₹ 53,183₹ 19,800₹ 13,211
₹ 12 Lakh₹ 1,06,366₹ 39,600₹ 26,421

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 Personal Loan.

Personal Loan EMI Calculator Or Free Corona Health Insurance Cover of up to ₹5 lakh
Lowest Interest Rate
Best Offers on Personal Loan offerOffers
Bank/NBFCs Rate* EMI per Lakh* Action
HDFC Bank10.50%₹ 2,149Check Eligibility
Bajaj Finserv12.99%₹ 2,275Check Eligibility
ICICI Bank10.75%₹ 2,162Check Eligibility

* Starting From

Personal Loan EMI Calculator Andhra Bank

  • Personal Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to Andhra Bank against the loan taken for repayment of your loan and payment of interest 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 ₹ 2,202 per lakh for a tenure of 60 months and lowest rate of interest at 11.55%.
  • Andhra Bank Personal loan EMI calculator is a convenient and reliable tool that helps the loan borrower determine the loan repayment schedule. In addition to that, the Andhra Bank personal loan EMI calculator helps first-time loan borrowers to ensure whether they should opt for a loan or not.

Personal loan EMI calculator at different tenures

Personal Loan EMI for different loan amounts and tenures @ 11.55% interest rate

Loan Amount (Rs.)2 Years3 Years5 Years
1 Lakh ₹ 4,686 ₹ 3,300 ₹ 2,202
3 Lakh ₹ 14,059 ₹ 9,900 ₹ 6,605
5 Lakh ₹ 23,432 ₹ 16,500 ₹ 11,009
10 Lakh ₹ 46,864 ₹ 33,000 ₹ 22,018
  • 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 years.
  • Each EMI includes a component of interest payment and principal repayment. Even as EMIs remain constant, every month, there is a change in the 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.
Andhra Bank Personal Loan Interest Calculator
Personal Loan EMI for ₹ 1 Lakh loan amount at lowest 11.55% interest rate offered by Andhra Bank for different tenures
Calculated Results for Andhra Bank Home Loan EMI 2 years 3 years 5 years
Andhra Bank EMI for a loan amount Rs. 1 lakh at 11.55% ₹ 4,686 ₹ 3,300 ₹ 2,202
Total amount you pay back to the bank including principal and interest ₹ 1.12 Lakh ₹ 1.19 Lakh ₹ 1.32 Lakh
Interest you have to pay during the loan tenure ₹ 12,464 ₹ 18,800 ₹ 32,120

The above table shows that EMI paid on 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 ₹ 1 Lakh loan from Andhra Bank for 60 years, you pay the lowest EMI of ₹ 2,202. However, you pay an interest of ₹ 32,120 on a ₹ 1 Lakh loan.
In contrast, if you take a ₹ 1 Lakh loan from Andhra Bank at the lowest loan rate for 2 years, you pay a higher EMI of ₹ 4,686 and pay an interest of only ₹ 12,464 which is less than half of what you pay for a 60 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 that you have borrowed from Andhra Bank. If you apply for a higher loan amount, your monthly EMI will be high. Andhra Bank gives a minimum loan of ₹ 50,000 , which can go upto an amount of ₹ 5 Lakh.
  • Interest rate - Higher interest rate increases your loan EMI as well as the total cost of the loan. Andhra Bank personal loan interest rate for salary account holders can be lower than their quote rates, which can reduce the overall cost of loan and EMI. Lowest interest rate offered by Andhra Bank is 11.55%. However, it is advisable to do complete market research and compare rates online before you apply for a 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 a loan for a maximum tenure of 5 years.

Personal Loan Amortization Calculator

An amortization schedule is a table of periodic loan payments that shows the amount of principal and the amount of interest that comprise each payment until the loan is paid off at the end of its term.

In the Amortization schedule, your Personal Loan monthly EMI will be equal, but the component of EMI, which consists of interest payment and principal payment will not remain the same every month, it keeps on changing.

Illustration: How to read an amortization schedule

Suppose if you take a Personal Loan of ₹ 2.50 Lakh for 4 years at an interest rate of 10.40%. EMI calculated for this loan amount is ₹ 6,389 and the total annual EMIs to be paid annually is ₹ 76,665. The EMI schedule of loan for 4 years is explained below in the table –

Amortization Schedule for a Personal Loan of ₹ 2.50 Lakh over the 4 years

Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
2021 ₹ 19,981 ₹ 43,906 ₹ 63,888 ₹ 2,06,094
2022 ₹ 18,723 ₹ 57,942 ₹ 76,665 ₹ 1,48,152
2023 ₹ 12,402 ₹ 64,264 ₹ 76,665 ₹ 83,888
2024 ₹ 5,390 ₹ 71,275 ₹ 76,665 ₹ 12,613
2025 ₹ 164 ₹ 12,613 ₹ 12,778 -₹ 0

Each Personal Loan EMI consists of both amounts of interest as well as the principal repaid. The interest component of EMI goes down while the principal component goes up in both cases while doing the calculation.

In the above illustration, on a Personal Loan of ₹ 2.50 Lakh, taken at the lowest interest rate of 10.40%, EMI paid is ₹ 6,389 and an annual total of EMIs is ₹ 76,665, the interest component is ₹ 23,514 while the principal component is ₹ 53,152 in year 1 of loan disbursement. You repay only 21.26% of the total principal after paying 12 EMIs during the first year.

In year 4, the interest component of EMI is around 5.41%, while the principal component is around 94.59%. Upto 4 years, you have cumulatively repaid 100% of your total Personal Loan.

Andhra Bank Personal Loan Interest 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 the above formula,

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

r = Rate of interest per month. Current rate is 11.55%

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

How to decide the right amount of EMI?

As a borrower, calculating right amount of EMI is a function of your loan requirement, your monthly income, repayment capacity as well as the amount of monthly instalment you can afford to pay out from your monthly income. As a guide, follow the below steps to estimate the EMI amount that is advisable for you.

  • 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, a personal loan is an unsecured loan that 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 the 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 evaluate your current monthly expenses including any EMI obligations that you have on your current loan accounts. 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 loan eligibility is a function of 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 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 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 treatment in case of emergencies, paying additional debts, marriage expenses and other personal finance requirements.
  • Key Features
    • Loan available for both salaried individuals and self-employed professionals.
    • Borrowers within the age group of 21 and 55 years.
    • Loan amount of minimum ₹ 50,000 to ₹ 5 Lakh.
    • Loan Tenure 1 to 5 years.
    • Interest rates in the range of 11.55% to 13.05%.
    • Lowest EMI of ₹ 2,202 per lakh.
  • Processing Fees: Case to Case of loan amount. This is to be paid at the time of loan application
  • Special schemes: Andhra Bank offers customised personal loan interest rates and schemes for a 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 are online tools which give out EMI calculations using 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.

In case you prepay your personal loan, the outstanding balance on your loan reduces. In this scenario, Andhra Bank will allow you to reduce your loan tenure or reduce your EMI. The right decision is dependent on you monthly budget and personal preference. You should opt to reduce your EMI if you want to have a higher monthly spend budget or you should opt to lower your tenure if you want to save on your total interest outgo and want to close your loan quickly. You can calculate the change in your EMI by inputting the outstanding personal loan amount from Andhra Bank, the interest rate and the remaining tenure in the EMI calculator.

Other Loan Calculators

FAQs

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

It is advised to calculate personal loan EMI in advance before 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 to apply for a lower loan amount which fits your monthly budget and makes EMI easily affordable
  • If you already know the EMI you have to pay each month, then you can plan your spends accordingly
  • Based on the EMI amount, you can opt for making prepayment of your personal loan in future 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 11.55% interest rate for a maximum of 60 months, and hence lowest EMI on per lakh loan amount is ₹ 2,202. However, Andhra Bank may offer a lower interest rate and EMI for their salary account holders or existing bank customers can vary.

How can I pre close Andhra Bank personal loan?

You can preclose your Andhra Bank personal loan by visiting the branch with the required set of documents. Submit the form of preclosure, pay the amount and take the acknowledgement of balance amount that you have paid.

What are the prepayment charges on Andhra Bank ?

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?

Yes, Andhra Bank charges a certain amount of processing fee to process your loan application. Currently, Andhra Bank charges a processing fee of Case to Case on Personal Loan.

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 a 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 loan disbursal.

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 a personal loan from Andhra Bank that will increase your loan eligiblity as the income of the co-applicant is also taken into account.

Can we pay more than EMI in Andhra Bank personal loan?

If you have funds, then you can pay more than the regular EMI on your loan. This will reduce your interest burden along with the outstanding principal. You can also pay one additional EMI every year to reduce loan tenure and in turn interest amount.

How can I pay my Andhra Bank loan EMI?

You can pay the EMI on personal loan by using ECS facility or standing instruction. You can also visit the branch and submit the EMI cheque.

Compare Personal Loan EMI of All Banks

Andhra Bank Personal Loan 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 Bihar 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
Sonipat 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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