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
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