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Overview
Are you in need of urgent funds for a significant personal expense? In that case, a personal loan might be a good and convenient option. You do not need to offer any collateral or security and can use the loan amount as you desire. Interest rates for personal loans in India, like elsewhere in the world, are relatively high as compared to other retail loans because the lenders do not hold any collateral in case of customer default. They attempt to safeguard their money against the risk of default by charging a higher interest rate.
The personal loan amount can be used for any kind of expenditure including an expensive holiday, towards improving your business cash flow, to consolidate your credit card debt, to celebrate a wedding, buying an expensive gadget, medical treatment, or simply to tide you over a temporary financial shortfall.
The interest rate on a personal loan could range from as low as 11% to as high as 32% per annum or more. It is influenced by a variety of factors, like your credit history including your repayment track record, your credit score, your net annual income, debt-to-income ratio, employment stability etc.
About Andhra Bank Personal Loan Interest Rate
Some features and benefits of Andhra Bank personal loans:
- No restrictions on end use of loan amount
- Flexible tenures up to 60 months
- No collateral required
- Loan payable in easy installments
- Andhra Bank loan payment options include payment by Standing Instruction from your savings account Easy and simple documentation
- Loan amount determined by take home pay and income for both salaried and non-salaried individuals
- No security required
Andhra Bank Personal Loan Interest Rate 2018: 13.00% to 14.50% p.a. (typical range, subject to periodic review)
Personal Loan Interest Rates in Andhra Bank vary and the interest rates and other charges are subject to regular reviews.Andhra Bank Personal Loan Interest can range anywhere from 12.90%-15% per annum though it can be higher, depending on your credit history amongst other factors. The final interest rate will be based on your income, loan amount, loan tenure, and the bank’s internal policies and the applicable rates at the specific time among other factors. For the most up to date information on the Andhra Bank Personal Loan Rate of Interest and other associated fees and charges, it is advisable to contact the bank directly.
For loans up to 36 months: MCLR (1 year) + 4.40 %
For loans above 36 months: MCLR (1 year) + 5.40+0.25 %
How to calculate Interest/EMI on Andhra Bank Personal Loan
A Personal Loan EMI or the Equated Monthly Instalment is the fixed amount that you need to pay on the same date every month towards paying off your personal loan in full, including interest. Each EMI consists of payment towards the principal and interest component.
You can calculate your personal loan EMI payments using the Andhra Bank online Personal Loan EMI Calculator on the website. The calculator will help in determining your exact EMI outflow every month as well as the interest amount you pay. Using the calculator is free, easy and simple, and you can calculate your EMI in a matter of minutes to help you with your monthly personal budgeting.
How CIBIL™ score affects Andhra Bank Personal Loan Interest Rates
Remember that your credit score is a vital factor in the personal loan approval process. It is good to remain updated on your credit score when you plan to apply for a personal loan, or any line of credit, for that matter. You can learn your credit score by obtaining a copy of your credit report from one of the three main credit rating bureaus in India. It is generally desirable to have a credit score of at least 750 when applying for a personal loan.
It is difficult to secure a personal loan with a low interest rate if you have bad credit. If you have a poor credit score and your loan application is approved, be warned that you might be charged a high interest rate and other unfavorable terms on your loan.
Andhra Bank Personal Loan Status
When the bank receives a completed application form along with the necessary supporting documents, it determines your eligibility for a personal loan. If you qualify, you will get an approval for a specific loan amount based on your requirement and repayment capability. You can contact the customer care department for help with tracking your loan application.
Andhra Bank Personal Loan Interest Rate FAQs
1. What are the minimum and maximum loan amounts?
The final amount is at the discretion of the Bank. The loan amount also depends on various parameters like your income, credit history, repayment patterns and capacity, among various other factors. You can contact the bank directly for details on minimum and maximum amount applicable to you.
2. What are the tenures available?
You can choose a loan tenure ranging from 1-5 years.
3. I need a personal loan as soon as possible. How much time will it take for my loan to get approved?
If eligible and the documents are in order, personal loans are generally approved within 7 to 10 working days from the submission of complete set of required documentation. However, if you are an existing customer, it may take less time for the loan to be processed.
4. What is personal loan EMI?
Personal Loan EMI or the Equated Monthly Instalment is the fixed amount that you need to pay on the same date every month for the entire loan tenure, towards servicing your personal loan.
5. Is there a processing fee or documentation charges?
Yes, there is a processing fee charged which is a percentage of the total loan amount along with other associated charges.
6. Is there a prepayment charge?
No, there is no prepayment penalty on Andhra Bank personal loans – however, it is best to check this at the time of applying for the loan.
How to apply for an Andhra Bank Personal Loan
There are several ways of applying for an Andhra Bank Personal Loan:
- You can apply online at the Andhra Bank website
-You can go in person to your nearest branch with the required documentation
-You can contact the customer care department of Andhra Bank
Need help with advice on eligibility and on which loan offer suits you the best?
If you want to apply for a personal loan with the lowest interest rates as applicable to your unique credit profile, CreditMantri can guide you through the entire application process and match you with the loan offer best suited to your credit needs.
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