Andhra Bank has decreased its personal loan interest rates by 0.25%, or 25 basis points with effect from Monday, September 11, 2017. This interest rate cut will reduce the cost of funds for those people who want to avail Andhra Bank personal loans.
Andhra Bank – Current Personal Loans Interest Rates
New Delhi (Delhi, India), February 22, 2018
Andhra Bank Cuts Personal Loan Interest Rate to 11.25% Per Annum
The Andhra Bank has decreased its personal loan interest rates by 0.25 percent, or 25 basis points with effect from Monday, September 11, 2017.
Andhra Bank has revised its personal loan minimum interest rate from 11.50 percent to 11.25 percent per annum (MCLR-1Year + 2.85%) for Andhra Bank personal loan applicants.
The personal loan interest rate of Andhra Bank is benchmarked or linked to its One-Year MCLR (Marginal Cost of Funds based Lending Rate). Andhra Bank’s current One-Year MCLR, which is called MCLR-1Y, is 8.40 percent per annum with effect from Monday, September 11, 2017.
Andhra Bank’s current interest rate cut will reduce the cost of funds for those people who want to avail Andhra Bank personal loans.
Andhra Bank – Current Personal Loan Interest Rates for the New Loans
Andhra Bank Personal Loan Interest Rate for Purchase of Consumer Durables and Household Appliances: 11.25% to 12.75% Per Annum (MCLR-1Year + 2.85% to MCLR-1Year + 4.35%)
Andhra Bank Personal Loan Interest Rate for Salaried and Self-Employed Applicants: 11.40% to 12.90% Per Annum (MCLR-1Year + 3.00% to MCLR-1Year + 4.50%)
Andhra Bank Personal Loan Interest Rate for Doctors or Medical Practitioners Applicants: 11.75% Per Annum (MCLR-1Year + 3.45%)
Andhra Bank Personal Loan Interest Rate for Practising Chartered Accountants, Company Secretaries, Cost Accountants, Architects, Engineers, Financial Consultants, etc.: 11.75% Per Annum (MCLR-1Year + 3.45%)
Andhra Bank Personal Loans Rate of Interest is Floating or Fixed: Fixed Rate of Interest
Andhra Bank Personal Loan Processing Fee: 0.50% of the Personal Loan Amount (Minimum Rs. 500 Maximum Rs. 5,000 plus GST)
Andhra Bank Personal Loan Documentation Charges: Rs. 250 plus GST
Andhra Bank Personal Loan Minimum Borrowing Amount: Minimum Personal Loan Amount is Rs. 50,000
Andhra Bank Personal Loan Maximum Borrowing Amount: Maximum Personal Loan Amount is Rs. 20,00,000
Minimum Tenure for the Andhra Bank Personal Loans: Minimum Personal Loan Tenure is 12 Months
Maximum Tenure for the Andhra Bank Personal Loans: Maximum Personal Loan Tenure is 60 Months
Minimum Net Income Requirement for Availing Andhra Bank Personal Loans: Minimum Net Income Required is Rs. 12,000 Per Month
Minimum Age Limit for Getting the Andhra Bank Personal Loan Sanctioned: Minimum Age 21 Years at the Time of Personal Loan Commencement
Maximum Age Limit for Getting the Andhra Bank Personal Loan Sanctioned: Maximum Age 60 Years for Salaried Applicants and 65 Years for Self-Employed Applicants
Andhra Bank Personal Loan Prepayment Penalty:
No prepayment allowed within 12 months from the date of disbursement of the Personal Loan
4% of the Principal Outstanding plus GST within 13 to 24 months from the date of first EMI of Personal Loan
3% of the Principal Outstanding plus GST within 25 to 36 months from the date of first EMI of Personal Loan
2% of the Principal Outstanding plus GST after 36 months from the date of first EMI of the Personal Loan
Andhra Bank Personal Loan Pre Closure Charges:
No foreclosure allowed within 12 months from the date of disbursement of the Personal Loan
4% of the Principal Outstanding plus GST within 13 to 24 months from the date of first EMI of Personal Loan
3% of the Principal Outstanding plus GST within 25 to 36 months from the date of first EMI of Personal Loan
2% of the Principal Outstanding plus GST after 36 months from the date of first EMI of the Personal Loan
Charges for Andhra Bank Personal Loan EMI Late Payment: Minimum 2% Per Month of the Andhra Bank Personal Loan EMI Outstanding Amount plus GST
Andhra Bank Personal Loan EMI Cheque, SI, or ECS Bounce Charges: Rs. 500 plus GST
Different Options for Making Andhra Bank Personal Loan EMI Payments: The four options for making Loan EMI payments are Internet Banking, Standing Instruction (SI), Electronic Clearing Service (ECS), or Post-Dated Cheques (PDCs)
Security, Collateral, or Guarantor Requirement for the Andhra Bank Personal Loan: No Security, Collateral, or Guarantor is Required
Documents Required for the Andhra Bank Personal Loan: (1) Andhra Bank Filled up Personal Loan Application Form, (2) Two Passport Size Photos, (3) Income Tax PAN Card Cop, (4) Identity Proof – Passport, Driving License, PAN Card, Voter ID Card (Any One), (5) Residential Address Proof, and (6) Income Documents
Andhra Bank – Deposits and Loans Interest Rates
Current Deposits and Loans Interest Rates of Andhra Bank