AB Personal Loans - Consumer Loans
Nature of the Scheme
To provide consumer credit to individuals having an assured source of regular income to acquire consumer durables such as purchase of brand new consumer durables like Refrigerators, TVs, wooden and steel furniture, washing machines, Mixer and grinders, Cooking ranges and other house hold equipments
Features of Andhra Bank personal loan
- The Andhra Bank personal loan options are diverse in order to cater to the different salary classes, hence making the repayment convenient to the loan taker
- Andhra Bank personal loan does not limit the borrower’s options of spending the money that is given as the personal loan
- Minimalistic paperwork makes the Andhra Bank Personal Loan a hot favourite amongst individuals seeking personal loans
- Debt consolidation and fulfilling pressing financial duties is made quick and easy with the Andhra Bank personal loan options
Eligibility
- Any individual having repayment capacity,
- Salaried persons
- Pensioners drawing pension in the branch
- Others.
Rate of interest
| Loan Period | For State and Central Government employees, Public sector under takings who are drawing salary through our Branches and Pensioners | For private employees, non salaried class and LIC agents etc |
| Upto 36 months | MCLR (One year) + 2.85% | MCLR (One year) + 3.35% |
| Above 36 months | MCLR (One year) + 3.10% | MCLR (One year) + 4.35% |
Quantum of Finance
- Maximum amount of loan that can be sanctioned :
- 10 month gross salary in case of salaried class .
- 40% of gross annual income in case of non-salaried class .
- 4 months pension in case of pensioners.
Or
- 75% cost of the article whichever is less
Repayment
- Repayable in monthly installments. Maximum period 60 months.
Security
- Hypothecation of the article purchased with Bank finance
Documents Needed for Andhra Bank Personal Loans
Proof of Income –
- Salary Slip/ IT Returns/ Assessment Order, Property Statement
- For Non salaried person – Latest Income Tax Assessment Order, Property statement
- Any other Valid document
- Latest quotation for article proposed to be purchased.
How to calculate EMI for Andhra Bank Personal Loans?
The applicant may select the EMI calculator and fill up the requisite details accordingly. Post-filling up the details such as Loan Amount, Rate of Interest and Tenure, the results would be prompt and the applicant may know the forthcoming EMI amount in case he/she applies for the personal Loan.
Check Andhra Bank Personal Loan EMI Calculator Her
