Andhra Bank Personal Loan can be used to deal with various personal financial needs including medical expenses, purchase of consumer durables, debt consolidation, etc. Currently Andhra Bank offers three types of personal loans – Andhra Bank Consumer Loan, Andhra Bank Clean Loan and Andhra Bank Loan against NSC/KVP/LIC Policy. These loans all feature the option of foreclose so that you can save on the interest charges associated with the personal loan. Read the article below to have an insight into the foreclosure process, charges and benefits associated with Andhra Bank personal loans.
Andhra Bank Personal Loan Pre-Closure Charges

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Andhra Bank Personal Loan Pre-Closure Charges
Andhra Bank Personal Loan Foreclosure Charges and Other Processing Fees
Foreclosure refers to paying off a loan completely before the end of its contracted tenure. Partial pre-payment, on the other hand, refers to paying an amount in excess of the actual EMI amount payable. The charges associated with foreclosure, part pre-payment and processing an Andhra Bank personal loan are given below:
| Type of Charge | Applicable Charges |
|---|---|
| Foreclosure charges | Nil* |
| Part Prepayment Charges | Nil* |
| Processing Fees | As per guidelines in force |
* Prepayment charges may apply in case of Loan against NSCs, KVPs and LIC Policies as per the loan agreement.
How to Foreclose an Andhra Bank Personal Loan
Currently, an Andhra Bank personal loan cannot be foreclosed online. To foreclose your Andhra Bank Personal Loan, you can either contact the bank’s customer care or visit the nearest Andhra Bank branch and follow the applicable offline process. The loan can be foreclosed at any time with Nil foreclosure charges being levied.
Documents Required for Preclosure of Personal Loan
Usually, the following documents are needed to foreclose your Andhra Bank personal loan:
Preclosure Benefits
Some benefits of pre closing your Andhra Bank personal loan are as follows:
Full Prepayment/ Foreclosure
Partial Prepayment
Also Check: Andhra Bank Personal Loan Status: Track Application & Check Active Loan Online
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Personal Loan Articles
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The APR (Annual Percentage Rate) of a personal loan is its annualised cost of borrowing, which includes the interest rate as well as the processing fees, documentation fees and other fees charged during the loan origination. The APR is expressed in the form of a percentage and thus, allows personal loan applicants to detect personal loan schemes offered at lower interest rates but with higher processing fees and/or other charges.
The APR of personal loans usually ranges between 11.29% to 35%. For example, assume that you have availed a personal loan of Rs. 5 lakhs @ 10.50% p.a. with a repayment tenure of 5 years. The processing fee charged for this loan is 1.5% of the loan amount, which amounts to Rs 7,500. Therefore, the total borrowing cost of your personal loan will be Rs 1,52,317 and its APR will be 11.16%.
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Get up to ₹50 Lakhs starting at 9.98%*
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