Andhra Bank Personal Loan

Personal Loans

With a wide network of 2803 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 Details

ParticularsDetails
Interest Rates

11.50% - 13.00%

Loan AmountUp to 75%
Tenure60 Months
Prepayment ChargesNil

Eligibility Criteria for Andhra Bank Personal Loan

  • 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 ₹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.
Amount-₹1 Lakh
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

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Also, know Andhra Bank car loan and Andhra Bank Loan Against Property interest rates

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 ranges between 13.85%-15.10% per annum for 5 years. However, now you must be interested to know the  EMI, interest outgo and total amount payable from your pocket.  Well, ₹4,638-4,768, ₹78,287-86,109, and ₹2,78,287-2,86,109 is the amount that you will pay at the end of your personal loan tenure.
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.

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Table showing EMI, interest outgo and total amount payable on your personal loan

Loan Amount
(in ₹)
Loan Tenure
(in Years)
Interest Rate
(in p.a.)
EMI
(in ₹)
Total Interest Outgo
(in ₹)
Total Amount (EMI+Interest)
(in ₹)
2,00,000113.85%-15.10%17,943-18,06115,320-16,7332,15,320-. 2,16,733
2,00,000213.85%-15.10%9,588-9,70730,122-32,9642,30,122-2,32,964
2,00,000313.85%-15.10%6,821-6,94345,555-49,9432,45,555-2,49,943
2,00,000413.85%-15.10%5,450-5,57661,612-67,6622,61,612-2,67,662
2,00,000513.85%-15.10%4,638-4,76878,287-86,1092,78,287-2,86,109
   

Amortization Table

YearPrincipal Payment
(in ₹)
Interest Outgo
(in ₹)
Balance Amount
(in ₹)
129,802-28,96625,854-28,250170,198-171,034
234,201-33,65721,455-23,559135,997-137,377
339,250-39,104 16,406-18,11296,747-98,273
445,045-45,43610,611-11,78051,702-52,837
551,755-52,8973,961-4,423

Andhra Bank Personal Loan Documentation 

SalariedSelf-employed
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-It’s 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

(Updated on 5th January 2017)