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Compare Personal Loan - SBI vs Andhra Bank

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Bank
Parameters
Interest Rate
Interest Rate
9.60% - 15.65%
8.90% - 13.00%
Processing Fees
Processing Fees
1.00%
Case to Case
Loan Amount
Loan Amount
₹ 50,000 to ₹ 15 Lakh
₹ 50,000 to ₹ 5 Lakh
Loan Tenure
Loan Tenure
6 to 72 Months
12 to 60 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 1,832
₹ 2,071
Part Payment Charges
Part Payment Charges
Not Allowed
Allowed after 0 months at Nil prepayment charges
Foreclosure Charges
Foreclosure Charges
Allowed after 6 months at 3%
Allowed after 0 months at Nil prepayment charges
Eligible Age
Eligible Age
21 to 58 Years
18 to 55 Years
Minimum Income
Minimum Income
₹ 24,000
₹ 20,000
Current Work Experience
Current Work Experience
12 Months
0 Months
Total Work Experience
Total Work Experience
24 Months
0 Months
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
3.6/5.0
3.6/5.0
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Compare EMI of SBI and Andhra Bank Personal Loan

Loan Amount SBI Andhra Bank
₹ 1 Lakh ₹ 1,832 ₹ 2,071
₹ 5 Lakh ₹ 9,162 ₹ 10,355
₹ 10 Lakh ₹ 18,325 ₹ 20,710
₹ 12 Lakh ₹ 21,990 ₹ 24,852

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

SBI offers lower Personal Loan EMI at 1832 on a Personal Loan for 72 Months as compared to Andhra Bank with a minimum EMI of 2071 for 60 Months. Average customer ratings for SBI is currently at 3.6/5.0 which makes it a good choice for taking a Personal Loan.

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

It is important to do a detailed comparison of Andhra Bank and Personal Loan on all loan terms and conditions to understand their differences and take an informed decision. Keep in mind that each bank’s scheme has its own 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 Personal Loan is 8.90%, which is lower than the lowest interest rate of SBI at 9.60%. Hence, Andhra Bank is offering a cheaper loan option.
  • When compared on other Personal Loan charges such as processing fees, SBI charges a processing fees of 1.00% while Andhra Bank charges a processing fees of Case to Case.
  • SBI offers Personal Loan upto an amount of ₹ 15 Lakh while Andhra Bank offer Personal Loan upto an amount of ₹ 5 Lakh. SBI can be a better option if you are looking for a high value amount.
  • One feature that makes Personal Loan a better option is foreclosure facility. Andhra Bank gives the option to close the loan after Zero months at Nil prepayment charges and SBI gives the option to close the loan after 6 months at 3%. 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 SBI does not offer part payment facility on Personal Loan. This makes Andhra Bank a better option for Personal Loan.
  • Andhra Bank with an average customer ratings of 3.6 is equally comparable to SBI with an average customer rating of 3.6. Hence, the customer can expect the same kind of service levels from these banks.

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

As per the current rates, Andhra Bank offers a lower interest rate of 8.90% on Personal Loan when compared to SBI which offers a Personal Loan at 9.60%.

Know all about Personal Loan

Know more about SBI Personal Loan

Know more about Andhra Bank Personal Loan

Compare SBI Personal Loan With Other Banks

Compare Andhra Bank Personal Loan With Other Banks

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Personal Loan News - Jun 2021
  • 2021-06-10 : Rural Loan Collections to be affected by the Second wave
    As the borrowers are continuously facing the issues created by the pandemic, India Ratings - a rating agency reported that the collections of Rural Loan which includes Home Loan, Loan Against Property, Business Loan, Personal Loan, etc. will be vastly affected because of the second wave of Covid-19.
  • 2021-06-09 : Canara Bank announces personal loan scheme
    Under the ‘Canara Suraksha personal loan scheme’, the bank is offering loans from ₹25,000 to ₹5 lakh to financially assist the customers for covid-related treatment. The moratorium is of six months and the scheme will be valid till September 30, 2021.
  • 2021-06-09 : Healthcare credit facility announced by Canara Bank
    Under the ‘Canara Chikitsa healthcare credit facility’, Canara bank will offer loans from ₹10 lakh to ₹50 crores to all the units engaged in servicing the healthcare. Valid till March 31, 2022, the loan will be available at concessional rates with a tenure of upto 10 years
  • 2021-06-08 : Unsecured personal loan of upto Rs 5 lakh to be made available by the SBI
    Under the Emergency Credit Line Guarantee Scheme (ECLGS) SBI is offering a collateral-free loan up to ₹5 lakh, allowing an unsecured ‘covid personal loan’ for covid treatment.
  • 2021-06-01 : Karur Vysya Bank posted 24% growth in Q4 net
    Karur Vysya Bank posted a 24% rise in its net profit at Rs 104 crore in the last quarter of the fiscal ended March 2021. The profit was boosted by retail loans home, LAP, personal, two-wheeler, car education and doctor loan along with business and mudra loan. The lender credit growth during the year was higher at 8.87% and gross advances reached Rs 52,820 crore.
*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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