Andhra Bank Personal Loan: Interest Rates, Eligibility, How to Apply

Andhra Bank Se Personal Loan Kaise Le : Andhra Bank offers Personal Loan for long tenure. There are no hidden costs and pensioners also get attractive offers.

Benefits of Andhra Bank Personal Loan

  • low interest rates
  • No hidden costs and administrative fees
  • less paperwork
  • longer repayment period
  • Minimum income requirement
  • Attractive offers for pensioners

Documents Required for Andhra Bank Personal Loan

Important documents to be submitted while applying for personal loan from Andhra Bank

  • Well filled application form
  • 3 passport size photographs
  • Identity Proof (Photocopy of Voter ID / Passport / Driving License / PAN Card)
  • Residence proof (photocopy of recent telephone bill / electricity bill / passport)
  • Bank account/passbook details for the last six months
  • Form 16/IT Return for the last two financial years for salaried employees
  • IT returns for three years for self-employed professionals
form well filled
proof of identification any one

Passport

driving license

Aadhar card

Voter ID Card

Address proof Rent Agreement Electricity Bill Passport (Proof of Permanent Residence) Ration Card
proof of income ITR of last two years

last 6 months salary slip

Bank statement of last 3 months

Andhra Bank Personal Loan Interest Rates & Features

Rate of interest 10.49% to 18.00%
Minimum EMI per lakh Rs 2148
repayment period 12 to 60 months
processing fee 2.50% (Minimum Rs.1000)
prepayment fee After 12 months (2 to 4%)
part payment fee After 12 months (2 to 4%)
Maximum loan amount 75 lakh rupees
Minimum loan amount 50,000 rupees

Eligibility Criteria for Andhra Bank Personal Loan

  • CIBIL Score: It shows your credit history. Your CIBIL score should be 750 or above for personal loan.
  • Salary: The bank decides the sanction of your loan amount based on your monthly income. This is only to ensure that the applicant is able to repay the loan amount post loan disbursement.
  • Location: Your loan will be sanctioned only from that bank branch which is near to your current location.
  • Age: The age of the applicant for the loan should be 21 to 60 years.
  • Company Profile: The market value of your company in which you work (for salaried applicants) or your own (for self-employed applicants) matters a lot. That’s why it is important to have a good company profile.
  • Processing fee: There is always some amount charged by the banks which is called loan processing fee. Applicable up to 2.5% of the loan amount or minimum Rs.1000 and maximum Rs.25000.

Documents Required for Bank Personal Loan from Andhra for Salaried Applicants

  • Salary slip of last three months
  • Bank statement of last six months
  • PAN card is mandatory
  • Aadhar card is required as proof of identity
  • copy of residence proof
  • two passport size photographs

Note: In case of rent, rent agreement is to be attached.

Documents Required for Personal Loan from Andhra Bank for Self Employed Applicants

  • Company documents as well as ITR files
  • pan card
  • Aadhar card
  • proof of residence
  • two passport size photographs

Frequently Asked Questions ( FAQs ) about Andhra Bank Personal Loan

Benefits of Andhra Bank Personal Loan

Taking a personal loan with minimal documentation becomes easy as no security is required. Andhra Bank offers Personal Loan in just 10 seconds to its pre-approved customers and within 4 hours for new customers. The interest rate starts from 10.50% per annum and the loan amount can be used by the borrower for any personal financial requirement.

What is the personal loan interest rate in Andhra Bank?

The Andhra Bank personal loan interest rate varies from 10.50% to 22% p.a. with the repayment tenure of your choice ranging between 1 to 5 years.

What is the process to get a personal loan from Andhra Bank?

The process to get a personal loan from Andhra Bank is simple. You can apply by visiting the nearest Andhra Bank branch, through an Andhra Bank ATM or by using the Andhra Bank Loan Sahayata app.

  • The loan amount required will be calculated as per your requirement.
  • Check your loan eligibility online or by visiting the branch
  • You have to approach the bank in your preferred mode (online or offline)
  • Required documents to be submitted to the bank
  • Once your application and documents are verified and approved, the loan amount will be disbursed.

What is the CIBIL score required to avail personal loan from Andhra Bank?

Your CIBIL score is a major factor in deciding your eligibility for a personal loan. Andhra Bank requires that your CIBIL score should be more than 750. You can increase your CIBIL score by making timely payment of your EMIs and credit cards.

How to Check Andhra Bank Personal Loan Status?

You have several options to check Andhra Bank personal loan status:-

Log in to the Andhra Bank netbanking portal, click on Loan and click on Inquiry to check your loan status.

You can also visit your bank branch and ask the banker for the same.

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