Nature of the Scheme

To meet any genuine credit requirement of the borrower for personal purpose.

• For Salaried Persons

Fresh Finance: 8 times gross salary subject to maximum of Rs. 1,00,000 /- (Salary should be routed through Andhra Bank)

Repeat Finance: 10 times gross monthly salary subject to maximum of Rs. 1,50,000/- (take home pay – 40%)

• Take Home pay : After all deductions including the repayment instalment for the proposed loan shall not be less than 40% of gross salary.
  For Non Salaried Persons : 2 times average annual proven income (Annual income as average of last three years income shown in IT returns/ assessment orders).
  For Pensioners: 8 times of monthly pension. Cap for pensioners is Rs. 1,00,000/- . Maximum age 75 years.
  For LIC Agents :
• For those who are income tax assesses: Two times of average renewal commission for the previous three years, subject to a maximum of Rs. 2,00,000/-
• For those who are not income tax assesses: 50% of average renewal commission basing on a statement of income for the previous three years, subject to a  maximum of Rs. 2,00,000/-
• Maximum age : 55 years

60 months (EMI)

A good third party acceptable to the Bank

Nil

Renewal facility can be allowed only after 1/3rd of the stipulated repayment period of loans is lapsed and the installments are regular and up to date.