Andhra Bank offers personal loans to individuals dealing with any financial condition like a medical emergency, wedding, home renovation, vacation, etc. The process to apply for Andhra Bank Personal Loan takes place online with minimum paperwork and allows quick approval and disbursal of loan amount. Also, Andhra Bank offers the feature of EMI calculator on its official website that allows you to know about your monthly EMI just by adding a few details.
What is Andhra Bank Personal Loan EMI Calculator?
To help you decide on your decision on getting a personal loan from Andhra Bank, the bank has prepared an EMI calculator. In the calculator, you have to enter your loan amount, the tenure over which you would be paying the loan and the interest rate. Once you hit calculate, your monthly EMI is displayed along with the interest rate. There is also an option to display a chart of all the EMIs along with the interest payment and principal amount. This way, you will be able to avail a loan as per your repayment ability and will have stress- free EMIs in future.
For example, if a loan of Rs.1 lakh is to be taken out at 1.25% interest rate and it is to be repaid over a period of 12 months. The EMI payments along with the interest will look as follows:
Features of Andhra Bank Personal Loan
- Andhra Bank offers personal loans to various groups of customers ranging from a high salaried professional to businessmen and pensioners too.
- Andhra Bank has a feature to know about EMI amount and interest payments every month before you apply for the personal loan to help you with your decision to get the loan.
- The interest rates are highly competitive and affordable and that makes repayment easy.
- The documentation process for getting a personal loan is not too long and complex.
- Disbursal time of the loan amount is quite fast. As soon as all documents are submitted, the first loan amount is transferred to your bank account within days.
- There are no hidden fees and charges. The pricing structure is entirely transparent.
- The loan can be pre-closed also. It usually comes with a pre-closure charge. Usually, a pre-closure request can be put in after the first EMI payment is done.
Eligibility Criteria to Avail Andhra Bank Personal Loan
Andhra bank has set the eligibility criteria low to make the loan quiet accessible for all sections of people. The basic eligibility criteria are:
|Age||Minimum age should be 21 years; and maximum age must be 65 years|
|Employment type||Salaried or Self-employed|
|Employment status||Employed total years: 2; Employed in the current organization: 1 year|
|Minimum income per month||Rs. 4000 – Rs. 20,000|
|Tenure||Minimum – 6 months; Maximum: 60 months|
Interest Rate of Andhra Bank Personal Loan
The interest rates of personal loan are different for different applicants. The base interest rate is the minimum rate which RBI has set as the limit for banks to lend.
|Tenure||The interest rate for Government employees and pensioners||The interest rate for private employees, salaried people and LIC agents|
|Upto 36 months||MCLR* (1 yr) + 2.85%||MCLR (1 yr) + 3.35%|
|More than 36 months||MCLR (1 yr) + 3.10%||MCLR (1 yr) + 4.35%|
*MLC R: Marginal Cost of Funds based Lending Rate or the minimum rate at which banks are allowed to lend.
Documents Required to Avail Andhra Bank Personal Loan
Andhra Bank has minimum documentation requirements for their personal loan applicants. Documentation will be different in some aspects for salaried applicants and self-employed applicants. One important thing to note is that income tax return of the last two years needs to be submitted for both salaried and self-employed employees.
- Loan application form
- Passport size photographs
- Bank statements of the last 6 months
- Address proof (copy of utility bill or rent agreement)
- Identity proof (copy of driver’s license, voter id, PAN card etc.)
- ITR copies of last three years for self-employed individuals
- Form 16/IT returns for the last two years for salaried employees.
Customer Care of Andhra Bank
If you have any queries regarding your personal loan application, there are ways you can choose to contact a bank customer care support. You can call their toll-free number or write an email to them. Apart from this, you can also write a letter to the bank.
- Toll free number: 1800-425-1515
- Telephone: 040 23234313
- Email ID: firstname.lastname@example.org
- Correspondence address: Nodal Officer for Customer Service, Andhra bank, Dr. Pattabhi Bhavan, 5-9-11, Saifabad, Hyderabad – 500 004, Telangana