IN THIS ARTICLE
Andhra Bank provides its customers loans to fulfil their dreams. You need huge amount of money to meet many of our basic needs, be it a new house, car, or to renovate our old house. Andhra Bank provides loans with reasonable interest rates that suit our requirements.
Andhra Bank Types of Loans (Personal, Home, Car, etc.)
AB provides various types of loans such as housing, education, personal, vehicle, gold, mortgage, reverse mortgage loans to its Andhra Bank Account holders. All of these loans are given at different interest rates and considers different eligibility criteria.If you want to know about other bank Loan types then checkout here IDBI Bank Loans, HDFC Bank Loans and ICICI Bank Loans.
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Andhra Bank Loan Interest Rates
The interest rates for housing loan are one-year MCLR + 0.05%, for women and one-year MCLR + 0.10% for others, for loan amount up to 30 lacs, one-year MCLR + 0.05% for women and one-year MCLR + 0.10% for others, for loan amount from 30 lacs to 75 lacs, one-year MCLR + 0.15% for women and one-year MCLR + 0.20% for others, for loan amount above 75 lacs, and one-year MCLR + 1.20% for women and one-year MCLR + 1.20%, for home loan modifications.
The rate of interest for gold loan is one-year MCLR + 2.00% which is irrespective of loan amount and loan period. Check here for low rate of interest on Gold loans from South Indian Bank Loans.
The rate of interest for a two-wheeler vehicle is MCLR + 1.95% up to 36 months and MCLR + 1.95% + 0.25% for above 36 months. The rate of interest for a four-wheeler is one-year MCLR + 0.70% for new cars and one-year MCLR + 3.45% for used cars.
The rate of interest for educational loans is one-year MCLR + 2.00% for up to 7.50 lacs and one-year MCLR + 1.70% for above 7.50 lacks. Check here education loan interest for Bank of India Loans.
The rate of interest for consumer personal loan is one-year MCLR + 2.85% for govt. employees and one-year MCLR + 3.35% for non-govt. employees, for up to 36 months. It is one-year MCLR + 3.10% for govt. employees and one-year MCLR + 4.35% for non-govt. employees, for above 36 months.
The rate of interest for clean personal loan is one-year MCLR + 3.00% for govt. employees and one-year MCLR + 3.30% for non-govt. employees, for up to 36 months. It is one-year MCLR + 3.25% for govt. employees and one-year MCLR + 4.50% for non-govt. employees, for above 36 months.
The rate of interest for reverse mortgage loan is one-year MCLR +1.95 %
The rate of interest for loan against rent receivables is one-year MCLR + 1.20 to 2.70 % for up to 36 months, one-year MCLR + 1.20 to 2.70 % + 0.25 for above 36 months up to 60 months, and one-year MCLR + 1.20 to 2.70 % + 0.50 % for above 60 months. Compare the Loan Interest Rate of Andhra Bank with other banks like IndusInd Bank Loans, Central Bank of India Loans and Canara Bank Loans.
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Andhra Bank EMI Calculator
EMI stands for equated monthly installments. Andhra bank offers an EMI calculator to ease out the tedious job of EMI calculation.
How It Works
- You need to pay a fixed amount every month to the Andhra Bank Account in the EMI scheme.
- You have to pay that amount until the end of the EMI tenure.
- The EMI is calculated on the total loan amount and the EMI interest, and the total EMI loan amount is divided equally by the number of months of the tenure.
- It is very simple to use EMI calculator, first open the calculator page. Now, enter EMI amount, rate of interest and loan tenure and click ‘Calculate’. Within few seconds you will get EMI per month, total Interest Rate and total payment.
FAQ’s Related to Andhra Bank Loans
- Does the bank charge for prepayment on Home Loan?
View AnswerNo, Andhra Bank doesn’t charge for prepayment on Home Loan.
- Do I need any security to get a Gold Loan?
View AnswerGold loans are approved by accepting gold ornaments of the customer. Bank approves the gold loan only after complete assessment of the gold.
- How much Andhra Bank will charge in case an EMI is missed?
View AnswerThe bank charges you a penal interest if you don’t pay the EMI on the due date decided by the bank.
- What is the maximum amount that I can borrow as a Car Loan from Andhra Bank?
View AnswerAndhra Bank offers you 85% of the on-road price of the car as loan.