Andhra Bank business loan

Andhra Bank Business Loan Key Features

Andhra bank Interest Rate 15.75%
Tenure From 12 months to 60 months
Lowest EMI per lakh ₹ 2,419
Loan Amount Max up to Rs. 5 lakh
Part Prepayment, Charges No pre-payment permitted until repayment of 6 EMIs
Early Foreclosure, Charges Nil
Andhra bank Processing Charges Nil
Repayment Period 12 – 48 months
Prepayment Condition No pre-payment permitted until repayment of 6 EMIs
Collateral Not required

Interest Rate, Fees, and Charges (Self Employed Non-Professional)

Facility Charges
Interest Rate Charges 15.75%
Loan Processing Charges Case to Case
Prepayment No pre-payment permitted until repayment of 6 EMIs
No Due Certificate / No Objection Certificate (NOC) NIL
Duplicate no due certificate / NOC NIL
Solvency Certificate Not applicable
Charges for late payment of EMI @ 24%  p.a.
Charges for changing from fixed to floating rate of interest Not applicable
Charges for changing from floating to a fixed rate of interest Not applicable
Stamp Duty & other statutory charges As per applicable laws of the state
Credit assessment charges Not applicable
Nonstandard repayment charges Not applicable
Cheque swapping charges ₹ 500/-
Amortization Schedule charges ₹ 200/-
Cheque Bounce Charges ₹ 550/- per cheque bounce
Legal / incidental charges At actual
CIBIL Report Copy Charges ₹ 50 Per Copy

Interest Rate, Fees, and Charges (Self Employed Professional)

TABLE WILL APPEAR

Advantages of Andhra Bank Business Loan

Some advantage of Andhra bank –
  • Unlimited free ATM transactions at Andhra and another bank VISA ATMs in India
  • No charges will apply to services like NEFT/RTGS transactions and demand drafts.Andhra Bank business loan
  • If your credit score will be good there may be a chance of a low-interest rate.
  • Less paperwork is needed to get an Andhra bank business loan.
  • You can use Andhra bank business loans in your flexible way.
  • You can get multiple credit cards.
  • You can simply pay by Internet Banking, Mobile Banking, SimplyPay UPI App, Online utility bill payment facility, etc.
  • Now you don’t need to worry if you don’t have a minimum balance for CEP accounts, you can receive a salary without it also.

Andhra Bank Business Loan Eligibility Criteria

Eligibility Criteria Description
Age 21 to 55 years
Minimum Turnover 0
Business Existence (in months) 0
ITR (months) 0
Loan Amount ₹ 50,000 to ₹ 5 Lakh
Loan Tenure 60 months
Owned House or Place of Work Not Required
CIBIL Score 750 and above


Andhra Bank Business Loan Documents Required

List of Common Documents

  • Voter ID card / Driving License/ PAN Card and MAPIN card are some documents required for Identity proof
  • Passport /Ration card /Electricity Bill/ Sales Tax certificate/Trade license are some documents required for Proof of Residence.
  • Copy of  Bank Statement
  • Latest ITR and statement of computation of Income for the last 2 yrs.
  • Proof of continuity of business
  • Other Mandatory Documents that are Certified copy of Memorandum & Articles of Association certified by a director, Sole Proprietorship Declaration.
  •  Financials audited/ certified  by a CA
  • Application form with the applicant’s signature and photograph.
  • For Valid Proof for Identity: Sales Tax certificate, Trade license, Lease agreement, Ration card, Electricity Bill, Passport.
  • For Residence Proof: Ration card Tel, Lease agreement, Electricity Bill, Passport, Trade license, Sales Tax certificate
  • Age Proof: Passport, PAN card, Voter’s identity card
  • Financial Documents: Copy of IT returns for the last two years and the latest Bank statements for 6 months along with the Profit and Loss balance sheet for the last two years audited by a C.A.

Self Employed (Private Ltd. Co. and Partnership Firms)

  • Identity proof of private limited company: PAN Card, VAT, Service Tax, Sales tax,  IT return of the concern/ Electricity bill /Water bill/ Registration under Shops Articles of Association, and Memorandum.
  • Proof of identity to be submitted for the authorized signatories (2 Directors which includes the managing director) (any one of the following): PAN card, Voter’s identity card, Passport, and Driving license

Self Employed Individuals – Professionals

  •  Sole proprietorship need his/her identity proof
  • PAN Card /Income tax return or Water bill, and electricity bill in the name of the concern
  •  Passport, Driving license, Voter’s identity card, PAN card must be submitted by a sole proprietor for identification.
  • Address Proof for the Sole Proprietor: Driving license, Voter’s identity card, Ration card, Passport

Self Employed Individuals – Non Professionals:

  • Sole proprietorship need to submit his/her  id proof such as Passport, Voter’s identity card, Driving license
  • Individual identity proof
  • Last 3 years sales tax return
  • Photocopy of periodic stock, creditors-statement for the latest three months, and age-wise book-debt.
  • Photocopy of bank statement of main banker/copy of bank statement for the term loan for last  months
  • Last 3 years Income tax returns

It is mandatory to fill in the Business Loan Application form, irrespective of which business loan you are looking for, without the application the loan will not be processed.

Business Loan EMI Calculator for Andhra Bank 

Loan Amount 10 Year Loan 15 Year Loan 25 Year Loan
₹ 20 Lakh ₹ 24,958 ₹ 19,871 ₹ 16,307
₹ 30 Lakh ₹ 37,437 ₹ 29,807 ₹ 24,461

Compare with Business Loan from other Banks

Bank
Interest Rate 15.65% – 21.35% 15.75%%
Processing Fees Starting from 0.99%, Max 2.50% case to case
Loan Amount ₹ 50,000 to ₹ 50 Lakh ₹ 50,000 to ₹ 5 Lakh
Loan Tenure 12 to 48 Months 60 Months
Lowest EMI Per Lakh ₹ 2,816 per lakh ₹ 2,419 per lakh
Part Payment Charges Not Allowed Not Allowed
Foreclosure Charges Allowed after 12 months at 2 – 4% Allowed after 6 months at 5%

Video: How to apply for Andhra Bank Business Loan

VIDEO WILL APPEAR

Purpose of Business Loan from Andhra Bank

  •  Expansion of your business and stock – If you are planning to expand your business or want to increase your stock, want to add more capital so you can go for a business loan.
  • Cash flow – It is always a hard part for small businesses and it always is a headache for your business until the customer will pay you which will lead to in and out of cash in your business.
  • To Improve Terms on a Larger Loan – If you are planning for a huge amount of loan in the future to upgrade your business or machinery so it will a suggestion to may the previous loan to maintain a good credit score.

EMIs of Several Banks and NBFCs for Different Tenures

EMI for different Business Loan amounts and tenures. Here you can compare which is pocket friendly to you.

Total Loan Amount Loan Tenure
Loan Amount (Rs.) 10 years 15 years 25 years
2,500,000 ₹ 31,197 ₹ 24,839 20,384
5,000,000 ₹ 62,395 ₹ 49,678 40,768
7,500,000 ₹ 93,592 ₹ 74,516 61,152
10,000,000 ₹ 1.25 Lakh ₹ 99,355 81,536

Other Loan Products from Andhra Bank

Personal Loan Gold Loan

Why should you apply for Andhra Business Loan at Dialabank

  • This is the best platform to apply and get all help and assistance to avail of these loans, which is for free.
  • It provides the best service in the country by evaluating the bank’s services, not by its reputation.
  • Dialabank’s assistance advantage is that it provides the least rate of interest on business loans in the market.
  • This service also provides documentation at the doorsteps. That means no bank visits.
  • Dialabank also assists with the least paperwork.
  • Dialabank has earned a reputation from the customers by helping them. The bank loans are provided directly from the banks, so there is no risk involved in the fraud.

Know more about Dialabank by visiting us online or by calling on 9878981166.

How to calculate EMI for Andhra Bank Business Loans?

Table Showing EMI, Interest Outgo, and Total Repayment Amount

LOAN AMOUNT INTEREST RATE TENURE MONTHLY INSTALMENT TOTAL INTEREST AMOUNT TOTAL AMOUNT
₹ 3,00,000 14.10% 1 ₹ 26,555 ₹ 18,661 ₹ 3,18,661
₹ 3,00,000 14.10% 2 ₹ 14,023 ₹ 36,547 ₹ 3,36,547
₹ 3,00,000 14.10% 3 ₹ 9863 ₹ 55,063 ₹ 3,55,063
₹ 3,00,000 14.10% 4 ₹ 7796 ₹ 74,207 ₹ 3,74,207
₹ 3,00,000 14.10% 5 ₹ 6566 ₹ 93,972 ₹ 3,93,972

You can also calculate the specific loan amount EMIs on Dialabank’s EMI Calculator.

Benefits of Andhra Bank Business Loans

  1. Andhra bank business loan helps to purchase assets for business which will help you in expansion.
  2. Andhra bank required less paperwork, so the process will be hurdle free and fast.
  3. If your credit history will be good there are chances you may have to pay a low-interest rate.
  4. Andhra bank will help you in the cash flow of your business.
  5. Increment in sales and business growth.

Andhra Bank Business Loan Processing Time

Banks generally convey their decision on a loan within 30 days of submitting a loan application. However, some banks provide quick loan service which can be approved in 2-3 days. The turnaround time for an Andhra Bank instant loan can be 2 to 3 days.

Andhra Bank Business Loan Preclosure

Business Loan Preclosure charges are 2% of the disbursed limit.

Pre Calculated EMI Table for Andhra Business Loan

Loan Amount 5 Year Loan 7 Year Loan 15 Year Loan
₹ 20 Lakh ₹ 42,298 ₹ 32,996 ₹ 21,248
₹ 30 Lakh ₹ 63,446 ₹ 49,494 ₹ 31,872

How to Apply for Andhra Business Loan Online?

  1. Visit Dialabank
  2. Go to the loan section and click on the Andhra business loan link.
  3. The applicant will be directed to all details of the business Loan where they can choose their preferred bank.
  4. To know information and free guidance, you may call on 9878981166.
  5. Check the eligibility criteria for the Business loan offered by Andhra Bank and fill a user-friendly Andhra Bank Business Loan.

Andhra Business Loan Status

You can find the loan status by Calling +919878981166 or by visiting Main Andhra Bank

Dialabank Andhra Business Loan Customer Care Number

Dialabank is the leading agent for availing Andhra Business Loan. You can apply online at Dialabank or give a call at +919878981166

Dialabank helps you to find the best option of Banks and NBFCs by providing you with a detailed market comparison of different banks so that you can make the right choice.

FAQs

How much loan amount applicant can get through business loan Andhra Bank?

From rs 50,000 to INR 4,000,000 and also depend on applicant income.

How do I repay my Andhra bank business loan?

It should be repaid through EMIs- Equated Monthly Installments; it can either be through standing instructions and post-dated cheque.

Do applicants need any security thing to get an Andhra bank business loan?

No, they don’t need to put any security to get a loan.

✅ Who are eligible for an Andhra bank business loan?

Public and private companies, sole trader, and a partnership firm.

Yamaha FZ25 Loan Yamaha MT 09 Loan
Yamaha RayZR 125 Loan Yamaha NMax 155 Loan
Yamaha MT-15 Loan Yamaha XSR155 Loan
Yamaha WR 155R Loan Yamaha YZF R15 V3 Loan
Yamaha YZF R1 Loan RBL Bank Two Wheeler Loan