About Andhra Bank Personal Loan

A personal loan is a kind of loan where you borrow money from the commercial bank or a NBFC at a certain rate of interest for some period of time. A personal loan can be used to fulfill your personal needs, be it anything. You can use the funds according to your requirements. The bank is not concerned about the usage of the funds.

Andhra Bank Personal Loan Eligibility

Not everyone can get a personal loan. There are some criteria on the basis of which the bank provides a personal loan to the applicants. Let us discuss them.

There are two categories of the applicants.

  1. Salaried
  2. Self-employed

There are different criteria for both categories. Let us see both of them one by one.

Salaried Applicant

  1. First of all, the age of the applicant should be more than 21 years and maximum upto 60 years.
  2. Secondly, he/she should be earning Rs. 18,000 per month at least.
  3. After that, the applicant should have the work experience of 3 years at least.
  4. The applicant should be getting the salary in his/her bank account.
  5. Lastly, the credit score, i.e. CIBIL score of the applicant should be good.

Click to know more about Salaried Applicant

Self-employed Applicant

  1. If the applicant is self-employed then his/her minimum age should be 25 years and maximum of 65 years.
  2. He/she should be filing ITR for last three years at least.
  3. His/her CIBIL score should be good.
  4. The ITR filed should be of Rs. 2.5 Lakhs per annum and ITR of 3 years is required.

Click to know more about Self-employed Applicant

Andhra Bank Personal Loan Uses

  1. A wedding can be one of the reasons to get a Personal Loans. In Indian culture, the wedding is the most important and memorable day of a person. So you can get the financial help by getting a personal loan.
  2. Though most of the banks don’t provide you with a car loan to buy a second-hand car, so people prefer to get a personal loan to get the finances for a second hand car.
  3. After that, paying the pending credit card bills and medical expenses can be a reason to get the personal loan.
  4. In India, agriculture is the occupation of many people, so they can get finances to buy agricultural equipment by getting a personal loan.
  5. Everybody wants to have a dream home, so people get a personal loan to renovate or repair their homes.
  6. Sometimes financial problems come in the way of getting higher education or sending your child abroad for higher education. You can overcome this problem by getting a personal loan.

Andhra Bank Personal Loan Documentation

To avail a Personal Loan, you will need to provide the following documents

Document

Salary of individuals

Professionals

Businessmen

2 photographs

Yes

Yes

Yes

Details of Identity

Yes

Yes

Yes

Details of Residence

Yes

Yes

Yes

Signature verification from the bank

Yes

Yes

Yes

Certificate of Degree & Certificate of practice

No

Yes

No

Details of Income

Form 16 and Latest pay slip (Form 16 required only when applying under holiday finance)

Balance Sheet and IT returns P/L statement of account for the last 2 years

IT Returns and Balance Sheet & P/L statement of Account for the last 2 years

Statements of bank account

On last 3 months

On last 6 months

In the last 6 months

 

Andhra Bank Personal Loan Benefits

  1. A personal loan can be taken for different reasons. If you need finance, you can borrow it from a financial institution. There are different rules and criteria to get a personal loan. One must check his eligibility for getting the loan. Personal loans are multipurpose finance options. There are various benefits of taking a personal loan. You can avail a good deal by comparing offers and finalizing the best one as per your needs. Here are some benefits of personal loan:
  2. A Loan without any collateral or security: A Personal Loan is not a secured loan. Banks don’t ask for any security or collateral. So, there is no need of pledging your assets as collateral or security. It is purely given as per the customers' income.
  3. Simple Documentation: Personal Loans are simple and easy. You can get it with minimum documentation with a quick and hassle free process. Banks need some basic documents of the borrower like identity proof, address proof, income proof, etc.
  4. Loan Amount: The amount can be ranging from Rs. 50,000 to Rs. 20 lakh.
  5. Quick Loan Approval: It is easily sanctioned within 48-72 hours without any hassle. After getting the documents, banks will do the verification of the given details and the loan will get disbursed within 24 hours of verification.
  6. Multipurpose finance: Personal loan can be used for various purposes i.e. in paying old bills, home renovation, wedding shopping, financing holiday trips and many more.
  7. No Third party involvement: The loan is directly given to the borrower without the involvement of the third party. It is a relationship between the borrower and the lender.
  8. Hassle free: Getting a personal loan is now a hassle-free process. Online loan portals have made it more convenient and easy. You can get the loan amount in your account without stepping out of your place.

Andhra Bank Personal Loan Interest Rates

A Personal loan is an instant finance option provided by the commercial banks. The customer can avail a personal loan from any finance lending institution. Personal loan interest rates vary according to the borrower's profile. Some banks provide special offers to their internal customers like affordable interest rates, low processing fee, affordable EMIs and long tenure period.

Click to know more about Interest Rates on Personal Loan

Andhra Bank Personal Loan Repayment

There are many repayment options available for the borrowers. You can choose any offer according to your ease and comfort. The loan can be repaid in monthly installments. The maximum period of tenure is 5 years.

How to Apply?

  1. You can apply for Andhra Bank personal loan online on the website of Dialabank.
  2. First of all visit www.dialabank.com on google.
  3. After that, fill the online application form for Andhra Bank personal loan.
  4. Fill your basic information with your name, contact number, and valid e-mail account.
  5. You will get a call back in no time at all.
  6. After that, you will be guided by our relationship managers properly.

Why Dialabank?

  1. This is the most reliable and oldest platform to apply for a personal loan.
  2. Dialabank is India’s first financial helpline company.
  3. You will get a proper, complete and worthy information from the experts.
  4. You are not charged a single rupee for the information provided, also there are no charges for applying the loan too.
  5. Furthermore, there is no need to go anywhere, you will get all the information about the rate of interest, your eligibility, your EMI’s and the interest rates at a single place.
  6. You can also compare the rates of interest with other banks and also check your offers.
  7. Besides this, the rates of interest are quite low.
  8. Your loan will get approved and disbursed very easily and quickly if you are eligible.

Click to know more about EMI Calculator

Who isn’t Eligible?

  1. A salaried person, earning less than Rs.18,000.
  2. A self-employed person who is not paying the ITR or pays less than Rs. 2.5 Lakhs.
  3. An applicant whose age is less than 21 years.
  4. A person with CIBIL scores less than 700.

Special Note: We do not provide Personal Loan to bad credit holder, but you can fulfill your money requirement with Gold Loan easily.

About Andhra Bank

Andhra Bank is a medium-sized public sector bank founded on November 20, 1923. It is Headquartered in Hyderabad. This banks deal with various financial products like consumer banking, loans, insurance, private banking and many more. In the category of loan, the bank provides Personal Loan, Gold Loan, Car Loan, Two Wheeler Loan, Business Loan, Home Loan and Education Loan. Also, the bank does not put any end-use restriction on the use of the loan amount.

FAQs

What is the minimum salary to get a personal loan?

To get a personal loan the minimum salary of the applicant should be Rs. 18,000 per month.

How is the interest on a personal loan calculated?

To calculate the personal loan interest rate you can use Personal Loan EMI Calculator.

How is EMI on a personal loan calculated?

EMI Formula

E = P*R (1+r) n/ ((1+r) n-1))

Where

E is EMI

P is Principal Loan Amount

R is the Rate of Interest calculated every month. 

What is the tenure of personal loan in Andhra Bank?

The loan tenure of the Personal Loan is from one year to five years.

How much personal loan amount I can borrow from Andhra Bank?

The applicant can take a loan amount of Rs. 50,000 to a maximum amount of Rs. 50 Lakh. It depends on your income and job profile also.

How much does Andhra Bank charge processing fee on a personal loan?

The processing fee charged is 1% to 3%.

Is age an eligibility factor in getting a personal loan from Andhra Bank?

Yes, age matters a lot while applying for a personal loan. The minimum age of the applicant should be 21 years and the maximum is 60 years.

How to use the loan calculator?

You just have to visit EMI Calculator. After that, enter the amount of loan, tenure of loan and interest rate. Your EMI will automatically get calculated.

How much CIBIL score is required for a personal loan?

The minimum CIBIL score required for a personal loan is generally 700. This would mean that the applicant is creditworthy and the applications are processed without hassle. In general credit scores range from 300 - 900; 300 being on the lower end of the range and 900 on the higher end.

How to pay Andhra Bank personal loan EMI through net banking?

Choose your net banker from drop down or click on pay. You will be securely redirected to the payment interface of your selecting net banking option. Confirm your payment money towards your  Loan account. You will get an online transaction confirmation as well as a Transaction Reference Number.

How to close Andhra Bank personal loan before one year?

Visit Andhra Bank branch nearby with all documents. Secondly, you may be required to fill a form or write a letter requesting pre-closure of the Personal Loan account. After that, pay the pre-closure amount. Sign the necessary documents if any. Take acknowledgment of the balance amount you have paid.

Since a Personal Loan is unsecured loan, no asset needs to be released from the bank. Your Loan will close automatically once the bank receives the applicable money. The bank will dispatch a loan closing document that you need to keep safe.

Closing a Personal Loan is as easy as applying for one.