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Andhra Bank Personal Loan

Online Andhra Bank Personal Loans

Last Updated 16th Jul 2021

  • Andhra Bank Personal Loan interest rate starts from 8.90%. Check Best Offers
  • The processing fee charged on Andhra Bank personal loan is Case to Case.
  • Andhra Bank also offers pre-approved personal loans at low rates for customers with strong credit history and those with an existing account with the bank.
  • The bank has an online application process where the KYC and documents submission can be done digitally.
  • You can easily check the status of your Andhra Bank personal loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
  • Andhra Bank has special schemes for different income and occupation groups.

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.

Apply for Personal Loan @ 10.25%* Get upto ₹ 1,000* Cashback

Andhra Bank Personal Loan Details

  • Interest Rate on Andhra Bank personal loan ranges from 8.90% to 13.00%.
  • Lowest EMI per lakh works out to be ₹ 2,071 , as calculated on the lowest rate and longest loan tenure.
  • Personal Loans by Andhra Bank are available for salaried working with government, private sector, MNCs and self-employed professionals such as doctors within the age group of 18 to 55 years.
  • Loan amount can range from ₹ 50,000 to ₹ 5 Lakh
  • Andhra Bank Personal Loan can be availed for a period of 12 months and can go up to 60 months.
  • Processing Fees charged by Andhra Bank on personal loan is Case to Case
  • Andhra Bank allows personal loan foreclosure and part prepayment at Nil prepayment charges.
  • Schemes of Andhra Bank as offered to different type of borrowers in 2022 are:

How to Get the Best Offer on Andhra Bank Personal Loan?

There are various factors that impact your chances to get the best offers on Andhra Bank Personal Loan, as listed follows:

  • Loan Amount - Andhra Bank offers loans between ₹ 50,000 and ₹ 5 Lakh and charges lower rates on higher loan amount and vice-versa, so apply accordingly.
  • Salary - Andhra Bank offers personal loan to all customers with a net take home monthly salary of more than ₹ 20,000. The rate of interest is higher if you fall in the low salary bucket and lower if you fall in higher income bucket.
  • Employer Category - Andhra Bank has clubbed the companies in a high to low category based on internal assessment of company’s size, reputation, profitability etc. When you apply for Andhra Bank personal loan, the bank will decide on your interest rate based on the company category you fall in. MyLoanCare can also help you check which category of company you qualify in to help you get the best offer.
  • Relationship with the Bank - Andhra Bank offers special rates to the existing customer of the bank, who have a high likelihood of getting loans at lowest interest rate starting at 8.90%
  • Credit Score - Andhra Bank checks the CIBIL score of personal loan customers which has to be minimum of 650. Higher the CIBIL Score, higher is your chance of securing best offer.

Andhra Bank Personal Loan Documents

You require the following documents to avail personal loan from Andhra Bank

  • Filled up loan application form or an online form, if you are applying online
  • 2 Passport Size Photo
  • Identity Proof – One of the following: Driving License, PAN, Passport, Voter ID, Aadhaar Card
  • Residential Address Proof – One of the following: Registered Rent Agreement, Passport, Leave and Liceincreasnse, Utility Bill of last three months
  • Income Documents – Copy of Form 16 of last 2 years, 3 month pay slip, 3 months bank statement showing salary credit and any EMI debit

Types of Andhra Bank Personal Loan Schemes

Andhra Bank offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

Consumer Loans
  • You can avail durable consumer loan for a maximum tenure of 60 months.
Cash Loans

      How to Apply for Andhra Bank Personal Loan?

      The step-by-step procedure to get a personal loan online from Andhra Bank is mentioned below:

      • Visit the official website of Andhra Bank Or contact your nearest Andhra Bank branch.
      • Now, fill personal, professional and financial details as required by the lender and submit the form.
      • Once you have submitted the application form, Andhra Bank will check your eligibility and provide you with information about the eligible amount you can avail.
      • If you agree to process the application, then you would be required to submit the essential documents which can also be uploaded online.
      • Finally, your documents will be processed by Andhra Bank, and on successful approval of the loan, the funds will be disbursed to your Andhra Bank account immediately.

      You can also apply for Andhra Bank personal loans by visiting their branch or by calling their customer care centre.Offline mode are mentioned below:

      • Visit the nearest Andhra Bank branch and fill in the application form with the loan amount required, your personal details, occupation information and your contact number.
      • The Andhra Bank representative will explain about the eligibility of the loan as well as the loan rates, terms as well as processing fees, prepayment and foreclosure clauses.
      • After submitting the application form and required documents, you will be provided with an application reference number. You can use the same number to track the status of your Andhra Bank Personal Loan application.
      • On successful verification, the loan can get disbursed immediately after loan sanction and signing of the agreement.
      Illustration on Personal Loan Andhra Bank
      Maximum Annual Percentage Rate (APR) 8.9% to 13%
      Representative example of the total cost of the loan, including all applicable fees
      Here is an illustration of the total cost of the loan:
      • Total amount borrowed: ₹ 1,00,000
      • Time period: 12 Months to 60 Months
      • Andhra Bank Personal Loan Interest Rate: 8.90% to 13.00%
      • Processing Fee payable to: NIL
      • Fee payable to MyLoanCare: NIL
      • Total Monthly Cost – From ₹ 2,071 for 60 Months ₹ 1,00,000 loan at 8.90% (lowest rate, longest time period) to ₹ 8,932 for 12 Months ₹ 1,00,000 loan at 13.00% (highest rate, shortest time period). This is inclusive of principal repayment.
      • Annual Percentage Rate (APR) of charge including all applicable fees: 8.9% to 13%
      • Total cost payable over loan tenure: ₹ 1,04,886 for 12 Months loan to ₹ 1,24,259 for 60 Months loan

      Personal Loan from Other Banks in India


      How much time will the Andhra Bank take to take a decision on my personal loan?

      Banks generally convey their decision on a loan within 15 days of submitting a loan application. However, some banks also offer instant loan offers, which can be approved within a few hours to 2-3 days.

      Why should I take a personal loan from Andhra Bank ?

      Below-mentioned is the reason why you must avail a personal loan from Andhra Bank.(1) Zero prepayment charges (2) Simple documentation and conditions (3) Competitive interest rates

      How much interest is charged by Andhra Bank on personal loan?

      Personal loan interest rates in Andhra Bank are 8.90% to 13.00%. Andhra Bank personal loan interest rate for salary account holders are comparatively lower than that for other customers.

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

      If you apply for loan from Andhra Bank, your lowest Personal Loan EMI per lakh will be ₹ 2,071 which corresponds to lowest interest rate of 8.90% and longest tenure of 60 years.

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

      Andhra Bank personal loan has a minimum tenure of 12 months to maximum 60 months.

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

      Andhra Bank offers you loan if you need a minimum amount of ₹ 50,000 to a maximum amount of ₹ 5 Lakh

      Can I add my spouse's income while applying for personal loan from Andhra Bank?

      Yes, you can add the income of your spouse to increase your Personal Loan Eligibility and to get a higher loan amount from Andhra Bank . In this case, the bank will check the CIBIL score of your spouse and ask for all income and bank statements of your spouse for the purpose of processing your application

      How can I get Andhra Bank personal loan?

      You can get a personal loan from Andhra Bank by directly visiting the nearest branch or can apply online at their website. While these two are the traditional methods of applying, you can easily apply for the loan at MyLoanCare website where you can do a thorough comparison of all loan details, rates and charges before deciding to proceed with Andhra Bank’s application process.

      How can I check my Andhra Bank personal loan status?

      You can check the status of your loan online and offline. Once you have applied for a personal loan from Andhra Bank, you will be given an application number. You can use that application number and registered mobile number to check the status of your loan online at Andhra Bank's website. In case you are unable to track your application online, you can get Andhra Bank loan assistance at Andhra Bank loan customer care centre and ask them to help you out with the status. If you have applied for the loan through MyLoanCare, you can check the status of your application by logging into MyLoanCare account.

      What is the importance of credit score if I wish to avail a Andhra Bank personal loan ?

      It is important to have a good credit score if you wish to apply for a personal loan from Andhra Bank. A credit score above 750 is considered good for a personal loan. A low credit score increases the chances of rejection of your application.

      Is there security or collateral needed to get a personal loan from Andhra Bank?

      No, Andhra Bank does not require any collateral or security to lend you the personal loan as it is an unsecured loan.

      Can I close my Andhra Bank personal loan after 1 year?

      You can close your personal loan from Andhra Bank after 0 months by paying charges: Nil prepayment charges

      Can I negotiate with Andhra Bank on the personal loan interest rate?

      Yes, as a customer, you should negotiate for a rate discount when you apply. You may end up getting a better rate from the bank if you have applied for a high loan amount and are in a high income range working with a reputed company.

      How to pay your Andhra Bank personal loan EMI?

      You can pay your Andhra Bank personal loan EMI by using ECS facility or through Standing Instruction.Andhra Bank also provides you the facility to pay your Personal Loan EMI online using net banking and mobile banking.

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      Andhra Bank Personal Loan News - Jan 2022
      • 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
      *Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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