Andhra Bank Personal Loan Apply Online 2023

Andhra Bank Personal Loan – Apply Online 2022

Personal Loan

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    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.

    Andhra Bank Personal Loan Interest Rates February 2023

    Interest Rates8.90% - 13.00%
    Loan AmountUp to 75%
    Tenure60 Months
    Prepayment ChargesNil

    Eligibility Criteria

    • Any individual having repayment capacity
    • Salaried persons
    • Pensioners drawing pension in the branch
    • Others

    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 INR 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. INR 45,000. Thus, with his overall savings of INR 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.

    Amount – INR 1 Lakh

    Loan Tenure – 5 years

    Rate of Interest – 8.90% - 13.00% p.a.

    Your monthly EMI will be INR 2,189 – INR 2,273

    Your calculation for Andhra Bank personal loan would be

    INR 1 Lakh x 45000/2189 = INR 20.55 Lakhs and INR 1 Lakh x 45000/2273=INR 19.79 Lakhs

    So, your personal loan amount eligibility of Andhra Bank would range between INR 19.79-20.55 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 INR 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

    Loan AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
    ₹ 2,00,00011.50%1₹ 17,723₹ 12,676₹ 2,12,676
    ₹ 2,00,00011.50%2₹ 9368₹ 24,834₹ 2,24,834
    ₹ 2,00,00011.50%3₹ 6595₹ 37,427₹ 2,37,427
    ₹ 2,00,00011.50%4₹ 5218₹ 50,454₹ 2,50,454
    ₹ 2,00,00011.50%5₹ 4399₹ 63,911₹ 2,63,911

    EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

    YearPrincipalInterestBalance 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

     Documentation Required

    Signed Application Form with PhotographSigned Application Form with Photograph
    Copy of Passport/Voter ID Card/Driving LicenseCopy of Passport/Voter ID Card/Driving License
    Processing Fee ChequeProcessing Fee Cheque
    Last 3 Months Bank Statement/6 Months Bank PassbookLast 3 Months Bank Statement/6 Months Bank Passbook
    Latest Salary SlipLatest Bank Statement
    Current Dated Salary Certificate with Latest Form 16Latest 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: The bank charges the lowest interest on your borrowed amount that ranges from 8.90% - 13.00%. The lower rate ensures you save on your loan payment.
    • Flexible Tenures: You have up to 5 years to pay the borrowed loan in equated monthly installments. And the tenure can be set by the customer based on their repayment capacity for which they can take assistance from the EMI calculator.
    • Avail Maximum Loan Amount: You can borrow up to INR 5,00,000 from Andhra Bank based on your income and credit history. Do check your eligibility for the personal loan before you apply for the loan amount.
    • Less Paperwork and Quick Approvals: Andhra Bank requires a few ID proofs and income details of the customer to approve the loan amount. And it will take a maximum of 3 to 4 working days to approve your personal loan.

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