Personal Loan Rates 20181201 views
Table of Contents
- 1 About Andhra Bank Personal Loan
- 2 Andhra Bank Personal Loan Interest Rates
- 3 Andhra Bank Personal Loan EMI Calculator
About Andhra Bank Personal Loan
With a wide network of 2,803 branches spread all across the country, it would not be wrong to say that Andhra Bank is a name you can trust. With its unmatched services and best of products such as Personal Loan, this bank is fulfilling the needs of varied individuals. Yes, be it buying a consumer durable appliance, home renovation or traveling to your favourite destination, Andhra Bank solves all your hurdles of life. If you want to know more about Andhra Bank Personal Loan, this article is for you. Read it further to have an in-depth knowledge on the same.
Quotes from 18 banks | Instant Approval | Maximum Loan Eligibility
Andhra Bank Personal Loan Interest Rates
|Interest Rates||11.70% - 13.20%|
|Loan Amount||Up to 75%|
- Any individual having repayment capacity
- Salaried persons
- Pensioners drawing pension in the branch
Know Your Eligibility for Andhra Bank Loan Schemes
In order to give you more clarity regarding your eligibility on the Andhra Bank Personal Loan, kindly go through the example below.
Avinash Sharma, a senior manager working in a renowned organization is getting a handsome salary of ₹90,000. After all his monthly deductions in the form of monthly expenses, let’s say he would be able to save somewhere around 50% each month. So, let’s assume if he is capable of saving somewhere between 50% of his net monthly income, what would be his personal loan eligibility for Andhra Bank.
Well, the lender is assuming that Avinash is saving around half of his monthly income i.e. ₹45,000. Thus, with his overall savings of ₹50,000 he can easily pay the EMIs of his personal loan without any hassle. But, before going any further, he wants to know the exact amount of his personal loan EMIs. Hence, to give him more clarity on the same, below is an example, showing calculations of a loan amount, interest rates and tenure so that Avinash can know his EMIs better.
Loan Tenure-5 years
Rate of Interest-13.85%-15.10% p.a.
Your monthly EMI will be ₹2,319-2,384
Your calculation for Andhra Bank personal loan would be
₹1 Lakh x 45000/2319=₹19.40 Lakhs and ₹1 Lakh x 45000/2384=₹18.87 Lakhs
So, your personal loan amount eligibility of Andhra Bank would range between ₹18.87-19.40 Lakhs
Andhra Bank Personal Loan EMI Calculator
When it comes to knowing the EMI, it is nothing but a combination of the principal as well as interest that you pay each month so as to repay your personal loan. Now, after knowing what EMI is, you must be keen to know how your personal loan EMI in Andhra Bank is calculated? If you avail a personal loan from the bank, what would be the monthly outgo from your pocket in the form of EMIs?
Well, it is very easy and convenient to calculate your EMIs as it can be done by an EMI Calculator, which usually considers the loan amount, tenure and interest rate of your loan. It gives you the exact details in a few seconds and saves your time. Actually, the calculator begins the calculations by calculating the interest component and then the principal amount, which is payable on your personal loan.
Suppose, you want to avail a personal loan of ₹2,00,000 Lakh to travel abroad from Andhra Bank at an interest rate of 11.50% per annum for 5 years. However, now you must be interested to know the EMI, interest outgo and total amount payable from your pocket.
Moreover, nothing to worry because for your better understanding, below is the table showing your EMI, interest and total amount payable on the personal loan of the same amount, but for different repayment periods.
Table Showing EMI, Interest Outgo, and Total Repayment Amount EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Loan Amount Interest Rate Tenure Monthly Instalment Total Interest Amount Total Amount ₹ 2,00,000 11.50% 1 ₹ 17,723 ₹ 12,676 ₹ 2,12,676 ₹ 2,00,000 11.50% 2 ₹ 9368 ₹ 24,834 ₹ 2,24,834 ₹ 2,00,000 11.50% 3 ₹ 6595 ₹ 37,427 ₹ 2,37,427 ₹ 2,00,000 11.50% 4 ₹ 5218 ₹ 50,454 ₹ 2,50,454 ₹ 2,00,000 11.50% 5 ₹ 4399 ₹ 63,911 ₹ 2,63,911 Year Principal Interest Balance Amount 1 ₹ 31,403 ₹ 21,379 ₹ 1,68,596 2 ₹ 35,211 ₹ 17,571 ₹ 1,33,385 3 ₹ 39,480 ₹ 13,301 ₹ 93,904 4 ₹ 44,268 ₹ 8514 ₹ 49,636 5 ₹ 49,677 ₹ 3146 ₹ 0
Table Showing EMI, Interest Outgo, and Total Repayment Amount
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
|Signed Application Form with Photograph||Signed Application Form with Photograph|
|Copy of Passport/Voter ID Card/Driving License||Copy of Passport/Voter ID Card/Driving License|
|Processing Fee Cheque||Processing Fee Cheque|
|Last 3 Months Bank Statement/6 Months Bank Passbook||Last 3 Months Bank Statement/6 Months Bank Passbook|
|Latest Salary Slip||Latest Bank Statement|
|Current Dated Salary Certificate with Latest Form 16||Latest ITR or Form16|
Andhra Bank Personal Loan Customer Care Number
For any queries, complaints and concerns, you can anytime get in touch with the customer care executives of the Andhra Bank at 1800 425 1515. The executives with their friendly and helpful nature are always there to guide you, ensure that you have a memorable journey. The best thing about these professional and experienced experts is that they are 24×7 available at your service, which means you can anytime get in touch with them to get the solution for all your concerns.
Features & Benefits
- Lowest Rate of Interest
- Flexible Tenures
- Avail Loan with Maximum Amount
- For Collateral-Commercial & Residential Properties are Accepted
- Less Paperwork and Quick Approvals