Andhra Bank Business Loan
Last Updated : Nov. 23, 2016, 6:29 a.m.
Andhra Bank provides a small business loan to the MSME units engaged in manufacturing and service sector. The loan amount can be used for various business activities such as the purchase of assets or for working capital requirements. The applicant can apply for the loan under various schemes considering the needs and eligibility. Eligibility criteria, quantum of loan and tenure vary from scheme to scheme. The high loan amount can be availed at an attractive rate of interest.
Andhra Bank Loan Details
| Particulars | Details |
|---|---|
| Interest Rate | 10.00% - 13.50% |
| Loan Amount | ₹1 crore & above |
| Tenure | Up to 15 years |
| Processing Fee | 0.50% - 1% of the loan amount |
How To Apply :
The eligible candidates can apply for a business loan by visiting the nearest branch office. The executives will assist you in completing the formalities.
Andhra Bank Business Loan EMI Calculator
To know how much amount the borrower needs to pay per month for the loan taken use the EMI calculator. The Business Loan EMI Calculator helps and assists in calculating the required amount. It works on the simple principle. The user just needs to enter the loan amount, tenor and the rate of interest. After insertion of the relevant values the calculator will compute the EMI amount along with the total interest payable.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| Year | Principal | Interest | Balance Amount |
|---|---|---|---|
| 1 | ₹ 2,27,161 | ₹ 4,46,324 | ₹ 37,72,838 |
| 2 | ₹ 2,54,581 | ₹ 4,18,905 | ₹ 35,18,256 |
| 3 | ₹ 2,85,310 | ₹ 3,88,176 | ₹ 32,32,946 |
| 4 | ₹ 3,19,748 | ₹ 3,53,737 | ₹ 29,13,198 |
| 5 | ₹ 3,58,343 | ₹ 3,15,143 | ₹ 25,54,855 |
| 6 | ₹ 4,01,596 | ₹ 2,71,889 | ₹ 21,53,258 |
| 7 | ₹ 4,50,071 | ₹ 2,23,415 | ₹ 17,03,187 |
| 8 | ₹ 5,04,396 | ₹ 1,69,089 | ₹ 11,98,790 |
| 9 | ₹ 5,65,279 | ₹ 1,08,206 | ₹ 6,33,511 |
| 10 | ₹ 6,34,041 | ₹ 39,975 | ₹ 0 |
Andhra Bank Business Loan Schemes, Eligibility, Loan Amount and Tenure
| Loan Schemes | Eligibility | Amount | Tenure |
|---|---|---|---|
| Property Term Loan | Salaried Individuals, pensioners and Professionals and Self - Employed | Minimum – ₹2 lacs | Up to 180 months |
| Individuals engaged in Agriculture and Allied activities and others, who are having income tax returns for at least 2 years | |||
| Partnership firms, limited companies and LLPs are also eligible for finance under this scheme. The entity should be making cash profit for the last 2 years | Maximum - No limit | ||
| Age should be between 21 – 65 years | |||
| CGTMSE | All new and existing micro and small enterprises except retail trade | ₹1 crore | - |
| AB Professional Loan | Constitution: Individuals, Firms, Limited Liability firms, Companies or Societies engaged in rendering professional services | ₹10 Lacs | 60 months |
| Should be an assessee under Income Tax at least for the last two years | |||
| Should be a registered member with their respective professional Association/ Board/ Body | |||
| Doctor Plus | Constitution: Individuals, Firms, Limited Liability Firms, Companies Trusts and Societies engaged in rendering professional medical services. In case of non individual constitution – key promoter should be a qualified medical practitioner | Up to ₹20 lacs | 84 months |
| Qualification and Experience: | |||
| All practising qualified medical practitioners holding a recognized graduate degree in any Branch of Medicine/ Surgery/ Dental Science/ Physiotherapy /Radiology/ Pathology / Diagnostic Imaging etc with a minimum practicing experience of 2 years |
Documents Required
- Proof of Identity: Voter’s ID Card/ Passport/ Driving License/ PAN Card/ Signature identification from present bankers of proprietor, partner of director (if a company)
- Proof of residence: Recent telephone bills, electricity bill, property tax receipt /Passport / Voter’s ID Card of Proprietor, partner of Director (if a company)
- Proof of business Address
- Last three years balance sheets of the units along with income tax/ sales tax returns etc. (Applicable for all cases from₹2 lakhs and above) However, for cases below fund based limits of₹25 lakhs if audited balance sheets are not available, then unaudited balance sheets are also acceptable as per extant instructions of the bank
- Memorandum and articles of association of the Company/ Partnership Deed of partners etc.
- Assets and liabilities statement of promoters and guarantors along with latest income tax returns
- Rent Agreement (if business premises on rent) and clearance from pollution control board if applicable
- SSI / MSME registration if applicable
- Projected balance sheets for the next two years in case of working capital limits and for the period of the loan in case of term loan (for all cases of ₹2 lakhs and above)
- In case of takeover of advances, sanction letters of facilities being availed from existing bankers/ Financial Institutions along with detailed terms and conditions
- Photocopies of lease deeds/title deeds of all the properties being offered as primary and collateral securities
- Position of accounts from the existing bankers and confirmation about the asset being standard with them (Required only in case of takeover)
Features And Benefits
- Availability of loan to different business entities and professionals under various schemes
- Benefit of collateral free loan up to ₹1 Crore
- Flexible repayment option
- Reasonable rate of interest
Andhra Bank Customer Care
Call on the customer care number to clear all product related queries. The service providers will update you with the latest information regarding the product. You can talk to the executives on the Toll- Free Number: 1800 425 1515. The service can be accessed by all existing and new customers.