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Andhra Bank Personal Loan Interest Rate

Current Andhra Bank Personal Loan Interest Rate

Last Updated 16th Jul 2021

Interest Rate 8.90% - 13.00%
Tenure Upto 60 months
Processing Fee Case to Case
Loan Amount ₹ 50,000 to ₹ 5 Lakh
Minimum Income ₹ 20,000
Eligible Age 18 to 55 years
Part Prepayment Charges Allowed after paying 0 EMIs with charges ranging from, Nil prepayment charges of the outstanding loan amount.
Foreclosure Charges Allowed with charges ranging from, Nil prepayment charges of the outstanding loan amount.
  • Today’s Andhra Bank personal loan interest rate starts at 8.90%.
  • Andhra Bank offers the lowest personal loan rate of 8.90% to borrowers who are existing customers of the bank or are working with top corporations.

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 Rates and Charges

  • Andhra Bank offers personal loans to salaried individuals at a minimum rate of 8.90%.
  • Apart from the interest rate, the bank also charges processing fees and penalty fees for pre-payment, foreclosure, and late payment as Andhra Bank personal loan rates and charges. As listed below:
Andhra Bank Personal Loan Rates and Charges
Interest Rate 8.90% to 13.00%
Part Prepayment Charges Allowed after paying 0 with charges ranging from, Nil prepayment charges of the outstanding loan amount.
Foreclosure Charges Allowed with charges ranging from, Nil prepayment charges of the outstanding loan amount.
Processing Fees Case to Case

Interest rates on Andhra Bank Personal Loans Schemes

As on today, Andhra BankPersonal loan interest rates are in the range of 8.90% to 13.00%, with lowest rates offered to existing customers of the bank with a strong CIBIL Score and for those working with reputed corporate with a stable employment history. The lowest rate on Andhra Bank personal loan remains unchanged at 8.90% as on 25 May, 2021. The last revision on Andhra Bank Personal Loan was announced on 25 May, 2021 when the rate was 8.90%. Andhra Bank also runs special schemes in which it offers lower rates for defense, armed forces and government employees.Personal loan interest rate for government employee and defense personnel is different from private salaried employees.

Andhra Bank Personal Loan Rate Comparison with Other Banks

Here is a comparison of Andhra Bank Personal Loan with top lenders based on interest rate, loan tenure, amount, processing fee, and other charges. It is always better to compare various personal loan lenders before proceeding with the personal loan process.

Particulars Andhra Bank HDFC Bank SBI
Rate of Interest Starting from 8.90% Starting from 10.25% Starting from 9.60%
Loan Tenure 12 - 60 months 12 - 60 months 6 - 72 months
Minimum Age 18 years 21 years 21 years
Processing Fee Case to Case Upto 2.50% Min ₹ 999 1.00%
Maximum Loan Amount ₹ 5 Lakh ₹ 75 Lakh ₹ 15 Lakh
Prepayment charges Allowed after 0 EMI's, Nil prepayment charges Allowed after 12 EMI's, 2-4% Not allowed
Pre closure charges Allowed after 0 EMI's, Nil prepayment charges Allowed after 12 EMI's, 2 - 4% Allowed after 6 EMI's, 3%

Andhra Bank Personal Loan Balance Transfer Interest Rates

Andhra Bank personal loan balance transfer facility is ideal for existing personal loan customers, who are paying high interest to their existing lender. Through this facility, you can transfer your existing of personal loan with Andhra Bank at a lower rate of interest, without closing the account. However, you do need to check the foreclosure charges that you have to pay to your existing lender. Currently Andhra Bank offers the lowest personal loan balance transfer rate of Nil.

How to Get Low Interest Rates on Andhra Bank Personal Loan?

You can get the lowest Andhra Bank personal loan rate, by ensuring the below-mentioned things:

  • Ensure that you are aware of the Andhra Bank personal loan eligibility and documentation requirements beforehand so that you do not end up paying a higher rate as compensation for lack of any document.
  • Ensure that you maintain a good credit score of 650. The higher the credit score, the higher is your chance of getting a low-interest rate.
  • Always check if you are eligible for a pre-approved offer from Andhra Bank as that allows you to get instant loans at the best rates.
  • Compare lenders to get competitive interest rates. Further keep tracking the loan rates trends, Andhra Bank may offer lower interest rates in the festive season.
  • If you are a high salary earning employee and work in a reputed firm, then leverage it. Andhra Bank offers lower rates to employees working in top firms drawing high salaries.

FAQs

What is Andhra Bank personal Loan interest rate?

Today, the lowest interest rate on Andhra Bank Personal Loan is 8.90%. Borrowers with high income and CIBIL score are eligible for the lowest interest rate.

How can I reduce my interest in Andhra Bank personal loan?

You can reduce the interest to be paid on Andhra Bank personal loan by any of the below-mentioned ways:

  • By maintaining a good CIBIL score
  • By showing all proofs of income
  • By maintaining a good debt to credit ratio
  • By applying at peak time when Andhra Bank provides discounted personal loan offers

Is Andhra Bank personal a floating rate loan or fixed-rate loan?

Andhra Bankis offered at both fixed and floating rate. In the case of the fixed rate, the interest remains the same whereas in the case of the floating rate the personal loan rates keep varying according to the market.

Did Andhra Bank personal loan rate drop in 2021?

Presently, Andhra Bank offers personal loans at an interest rate starting at 8.90%. There has been no change in personal loan rates of Andhra Bank for a long time and continue to stand at 8.90%.

How do I check my eligibility to get a personal loan at a low rate from Andhra Bank?

The lowest rate on Andhra Bank is mostly offered to individuals with high CIBIL and high income. You can check the eligibility for the personal loan at Andhra Bank official website. Apart from that you can also use MyLoanCare Personal Loan Eligibility Calculator.

What is the lowest personal loan rate in Andhra Bank?

The lowest personal rate offered by Andhra Bank on a personal loan is 8.90%.

What is the interest rate 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.

Can I ask for a reduction in the Andhra Bank personal loan interest rate?

You can ask for a reduction in your Andhra Bank personal loan interest rate. However, it depends upon the policy of the bank, whether it allows negotiation or not. Good credit score, high income, and existing relationship with the bank are some of the points which can contribute to the talks going your way.

Is there any need for security or collateral while availing Personal loan from Andhra Bank?

No, there is no need for any collateral or security while availing a personal loan from Andhra Bank. Andhra Bank personal loan is an unsecured loan; thus, it does not require pledging of any asset as security to avail the loan.

How can I close my Personal Loan from Andhra Bank early?

If you want to prepay your entire personal loan from Andhra Bank, then you can do so by making a lump sum payment. However, you should also inquire about the prepayment and foreclosure charges based on the Andhra Bank personal loan scheme availed by you, before making any decision.

How does Andhra Bank calculate the interest on a personal loan?

The interest for Andhra Bank personal loan is calculated based on the following methods:

  • Flat rate method:   Under this method, Andhra Bank personal loan rate is estimated on the original loan amount throughout the original loan tenure. Thereby, the principal amount for calculation remains the same. This method is also called the fixed method of Andhra Bank personal loan interest calculation.
  • Reducing rate method:  As per the Andhra Bank personal loan reducing balance method the interest rate is calculated on the outstanding loan amount. Therefore, the principal component that is paid during the monthly EMI is not chargeable for interest calculation. In this case, the outstanding balance and the interest reduces with time, and the interest is charged only on the remaining principal amount.

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Andhra Bank Personal 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
*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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