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Compare Canara Bank vs Andhra Bank Personal Loan

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Bank
Interest Rate
Interest Rate
13.30% - 14.80%
8.90% - 13.00%
Processing Fees
Processing Fees
0.50%
Case to Case
Loan Amount
Loan Amount
₹ 1 Lakh to ₹ 3 Lakh
₹ 50,000 to ₹ 5 Lakh
Loan Tenure
Loan Tenure
12 to 48 Months
12 to 60 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,698
₹ 2,071
Part Payment Charges
Part Payment Charges
Not Allowed
Allowed after 0 months at Nil prepayment charges
Foreclosure Charges
Foreclosure Charges
Allowed after 1 month at Nil prepayment charges
Allowed after 0 months at Nil prepayment charges
Eligible Age
Eligible Age
21 to 60 Years
18 to 55 Years
Minimum Income
Minimum Income
₹ 15,000
₹ 20,000
Current Work Experience
Current Work Experience
12 Months
NA
Total Work Experience
Total Work Experience
36 Months
NA
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
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Compare Personal Loan EMI of Canara Bank and Andhra Bank

Loan Amount Canara Bank Andhra Bank
₹ 1 Lakh ₹ 2,698 ₹ 2,071
₹ 5 Lakh ₹ 13,488 ₹ 10,355
₹ 10 Lakh ₹ 26,977 ₹ 20,710
₹ 12 Lakh ₹ 32,372 ₹ 24,852

Which is a better bank for Personal Loan – Andhra Bank or Canara Bank?

Andhra Bank offers lower Personal Loan EMI at Rs. 2071 for 60 Months compared to Canara Bank with a minimum EMI of Rs. 2698 for 48 Months. In addition, average customer ratings for Andhra Bank is currently at /5.0, making it a good choice for taking a Personal Loan.

How does Andhra Bank Personal Loan compare with Canara Bank Personal Loan?

It is important to make a detailed comparison of Andhra Bank and Canara Bank on all loan terms and conditions to understand their differences and make an informed decision. Keep in mind that each bank’s scheme has its pros and cons that have to be evaluated before choosing the best offer. Some of the key results of the comparison between the two banks are:

  • Lowest Interest rate of Andhra Bank Loan is 8.90%, which is lower than the lowest interest rate of Canara Bank at 13.30%. Hence, Andhra Bank is offering a cheaper loan option.
  • Compared to other Personal Loan charges such as processing fees, Canara Bank charges a processing fee of 0.50%, while Andhra Bank charges a processing fee of Upto Case to Case.
  • Andhra Bank offers Personal Loan upto an amount of ₹ 5 Lakh, while Canara Bank offers Loan upto an amount of ₹ 3 Lakh. Therefore, Andhra Bank can be a better option if you are looking for a high value amount.
  • One feature that makes Personal Loan a better option is the foreclosure facility. Andhra Bank gives the option to close the loan after Zero months at Nil prepayment charges and Canara Bank gives the option to close the loan after 1 months at Nil prepayment charges. This makes Andhra Bank a better option for Personal Loan.
  • Andhra Bank allows part payment on Personal Loan after Zero months at Nil charges, while Canara Bank does not offer a part payment facility. This makes Andhra Bank a better option for instant loan requirements.
  • with an average customer rating of is equally comparable to with an average customer rating of . Hence, the customer can expect the same kind of service levels from these banks.

Which bank offers a lower interest rate on Personal Loan – Andhra Bank or Canara Bank?

As per the current rates, Andhra Bank offers a lower interest rate of 8.90% on loans compared to Canara Bank, which offers a Personal Loan at 13.30%.

Know more about Canara Bank Personal Loan

Know more about Andhra Bank Personal Loan

Compare Canara Bank Personal Loan With Other Banks

Compare Andhra Bank Personal Loan With Other Banks

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Personal Loan News - Aug 2022
  • 2022-08-09 : HDFC hikes MCRL by upto 10 bps on all loan tenures.
    With the effect of the 50bps hike by RBI in key policy rates, private sector lender HDFC increased its marginal cost of funds-based lending rates on loans across all tenures by upto 10 basis points. The one-year MCLR will now be 8.10% compared to 8.00% previously.
  • 2022-08-06 : SBI to offer personal loans of upto INR 35 lakhs via YONO.
    With the help of Real-Time Xpress Credit (RTXC), SBI will now offer personal loans of upto INR 35 lakhs on YONO app. Customers can now apply for a personal loan on YONO app without having to fill out any documentation.
  • 2022-07-22 : SBI hikes lending rates, loan EMIs to rise.
    Increase in SBI’s Marginal Cost Lending Rates on loans by 10 basis points. The new lending rates will come into effect from 15th July 2022. For one year tenure, MCLR increased to 7.5% from the current 7.4%, and retail loans for cars, houses, or personal loans tend to go higher, affecting monthly loan installments.
  • 2022-05-13 : Punjab National Bank Increases Personal Loan Rates
    The bank has increased the rates by 40 basis points, and after the revision, the bank offers personal loans starting from 8.85% to 14.85%.
  • 2022-05-13 : South Indian Bank Posts all-time High Net Profit in Q4
    The Bank has posted an all-time high net profit of ₹272 crores for Q4 in FY 22 against ₹6.79 crores during the corresponding period of the previous year.
*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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