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 Retail » Loans |
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| Housing Loans |
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| Where can I avail a housing loan |
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Loan can be availed from any branch of Andhra Bank or specialized Retail Credit Branches nearest to you |
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| Who can be a co-applicant |
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Applications of individuals can be considered jointly with spouse and major children for sanction of housing loan |
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| If applied jointly, will the income of the co-applicant be considered for loan eligibility and is the property to be registered in joint names |
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Yes, provided the necessary documents evidencing the same are submitted. The property need not be registered in the joint names of the applicants. |
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| Can I also take a loan for repairs or renovation |
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Yes, you can avail of a loan for either repairs or renovation |
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| How can I know my EMI |
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EMI stands for Equated Monthly Instalment comprising principal and interest component. You may use our EMI calculator to know your monthly instalment based on loan amount, interest and repayment period |
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| Can I avail a loan for purchase /Cconstruction in one city while working in another city EMI |
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Yes, subject to verification of legal sanctity and fulfillment of other parameters |
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| Can I get my loan liability insured |
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Yes, upon payment of applicable one time premium and submission of health declaration etc |
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| What is the mode of interest charged |
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Rate of Interest is floating in nature and linked to our Base Rate subject to periodic changes. It is charged on daily reducing balances which lowers your effective rate of interest significantly
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| Do I get any tax benefits by availing a housing loan |
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Yes, under the relevant sections of the Income Tax Act, resident Indians are eligible for tax benefits on principal and interest component on the loan. A certificate for claiming tax benefits is issued once in a year
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| Do I need to pay any additional charges |
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Nominal processing fee is collected upfront at the time of sanction of the loan and administrative charges at the end of every quarter
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| Where and how can I repay |
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Loan installments can be paid at any of our branches. Alternatively, standing instructions can also be given for deduction of installments from your savings account.
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| Can I pay my instalments in advance |
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Yes, in fact it is in your interest. To the extent of amount of repayment, interest component gets reduced
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| Can I close my loan account ahead of the due date |
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Yes, you can prepay the loan. However, prepayment charges as applicable will be collected.
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| Education Loans |
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| Where can I avail an education loan |
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Loan can be availed from any branch of Andhra Bank or specialized Retail Credit Branches nearest to you
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| How can I know my EMI |
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EMI stands for Equated Monthly Instalment comprising principal and interest component. You may use our EMI calculator to know your monthly instalment based on loan amount, interest and repayment period
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| Can I get my loan liability insured |
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Yes, upon payment of applicable one time premium and submission of health declaration |
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| What are the components of the loan |
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The various components eligible for inclusion are tuition fee, equipment essential for the course, hostel fees, transportation, books and stationery, computer/laptop.
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| What is the mode of interest charged? |
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Simple Interest is charged during the initial holiday/moratorium period. The repayment holiday is for course period + one year from the date of completion of studies or six months from the date of getting employment, whichever is earlier.
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| Do I get any tax benefits by availing an education loan |
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Yes, under the relevant sections of the Income Tax Act, the paying parent is eligible for tax benefits in respect of the interest paid. A certificate for claiming tax benefits is issued once in a year
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| Do I need to pay any additional charges |
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No processing charge/upfront fee is collected on education loans |
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| Where and how can I repay |
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Loan instalments can be paid at any of our branches. Alternatively, standing instructions can also be given for deduction of instalments from your parents’s savings account
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| Can I pay my instalments in advance |
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Yes, in fact it is in your interest. To the extent of amount of repayment, interest component gets reduced
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| Can I close my loan account ahead of my due date |
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Yes, you can repay the loan, without any prepayment charges. |
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| I have completed my studies and am employed. Do you sanction loans for acquiring additional qualifications to improve skills |
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Yes, education loans are provided under our career advancement scheme provided you have ten years of residual service and submit no objection certificate and undertaking letter from your employer.
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Can I take a loan for taking up overseas employment after completion of my
studies
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Yes, loans are sanctioned for taking up employment abroad and to meet initial expenditure for air tickets etc.
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| Vehicle Loans |
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| Where can I avail a vehicle loan
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Loan can be availed from any branch of Andhra Bank or specialized Retail Credit Branches nearest to you.
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| What make of vehicle can I purchase
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Finance is extended for all makes of cars and two wheelers, including second hand vehicles which are not more than three years old.
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| If applied jointly, will the income of co-applicant be considered for loan eligibility?
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Yes, provided the necessary documents evidencing the same are submitted |
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| How can I know my EMI ?
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EMI stands for Equated Monthly Instalment comprising principal and interest component. You may use our EMI calculator to know your monthly instalment based on loan amount, interest and repayment period
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| Can I get my loan liability insured?
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Yes, upon payment of applicable one time premium and submission of health declaration |
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| What is the mode of interest charged |
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Rate of Interest is floating in nature and linked to our Base Rate subject to periodic changes. It is charged on daily reducing balances which lowers your effective rate of interest significantly
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| Do I need to pay any additional charges? |
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Nominal processing fee is collected upfront at the time of sanction of the loan and administrative charges at the end of every quarter
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| Where and how can I repay? |
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Loan installments can be paid at any of our branches. Alternatively, standing instructions can also be given for deduction of installments from your savings account.
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| Can I pay my installments in advance? |
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Yes, in fact it is in your interest. To the extent of amount of repayment, interest component gets reduced.
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| Can I close my loan account ahead of my due date? |
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Yes, you can repay the loan. However, prepayment charges as applicable will be collected.
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| Does your bank have any tie-up arrangements with any company and what are the benefits of the same? |
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Yes, we have tie up arrangements with Bajaj Auto Limited, Hero Honda Motors for two wheelers and Tata Motors and Maruti Suzuki for four wheelers. Free accessories will be offered exclusively to customers purchasing four wheelers with loans availed from our bank.
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Personal Loans
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| Where can I avail a personal loan |
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Loan can be availed from any branch of Andhra Bank or specialized Retail Credit Branches nearest to you
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| For what purpose can I avail a personal loan? |
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Loan can be availed from any branch of Andhra Bank or specialized Retail Credit Branches nearest to you
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| Can I avail the loan jointly with my spouse? |
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Yes, spouse income can also be included for eligibility purposes
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| Do I need to offer any security ? |
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No security is required
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| How can I know my EMI |
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EMI stands for Equated Monthly Instalment comprising principal and interest component. You may use our EMI calculator to know your monthly instalment based on loan amount, interest and repayment period
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| What is the mode of interest charged |
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Rate of Interest is floating in nature and linked to our Base Rate subject to periodic changes. It is charged on daily reducing balances which lowers your effective rate of interest significantly
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| Do I need to pay any additional charges |
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Nominal processing fee is collected upfront at the time of sanction of the loan and administrative charges at the end of every quarter
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| Where and how can I repay |
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Loan installments can be paid at any of our branches. Alternatively, standing instructions can also be given for deduction of installments from your savings account.
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| Can I pay my installments in advance |
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Yes, in fact it is in your interest. To the extent of amount of repayment, interest component gets reduced
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| Can I close my loan account ahead of my due date |
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Yes, you can prepay the loan without any charges being levied for the same
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| Can I close my loan account ahead of my due date |
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Yes, you can prepay the loan without any charges being levied for the same
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| Gold Loans |
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| Where can I avail a gold loan |
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Loan can be availed from any branch of Andhra Bank
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| For what purpose can I avail a gold loan |
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Loan can be availed for meeting contingencies
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| What will be the quantum of loan that I can avail? |
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The quantum of loan is fixed on the basis on the appraiser’s value which is dependent on fineness, purity and net weight of the ornaments (value/weight of the stones in the ornaments will not be taken into account)
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| What security do I need to provide |
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You need to deposit gold jewellery which will be valued and based on which the loan will be granted
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| What is the mode of interest charged? |
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Rate of Interest is floating in nature and linked to our Base Rate subject to periodic changes. It is charged on daily reducing balances which lower your effective rate of interest significantly
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| Do I need to pay any additional charges ? |
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Nominal appraisal charges are collected upfront at the time of sanction of the loan.
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| Where and how can I repay |
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Loan installments can be paid at any of our branches. Alternatively, standing instructions can also be given for deduction of installments from your savings account.
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| Can I pay my instalments in advance |
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Yes, in fact it is in your interest. To the extent of amount of repayment, interest component gets reduced
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| Can I close my loan account ahead of my due date |
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Yes, you can prepay the loan without any charges being levied for the same
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| Mortgage Loans |
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| Purpose |
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To meet any contingencies and personal credit requirement
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| Types of securities accepted
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National Savings Certificates (NSC), Kisan Vikas Patra (KVP), Life insurance policies, any other security that the Bank may specify from time to time
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| Who can be a co-applicant
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Applications of individuals can be considered jointly with spouse and major children for sanction of housing loan
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| I have availed a housing loan.Can I also take a mortgage loan on the same security
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Yes, subject to availability of sufficient surplus security coverage and at the same branch where the title deeds are lodged
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| How can I know my EMI |
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EMI stands for Equated Monthly Instalment comprising principal and interest component. You may use our EMI calculator to know your monthly instalment based on loan amount, interest and repayment period
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| What is the mode of interest charged |
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Rate of Interest is floating in nature and linked to our Base Rate subject to periodic changes. It is charged on daily reducing balances which lowers your effective rate of interest significantly
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| Do I get any tax benefits by availing a mortgage loan |
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No tax relief is available for mortgage loans
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| Do I need to pay any additional charges |
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Nominal processing fee is collected upfront at the time of sanction of the loan and administrative charges at the end of every quarter
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| Where and how can I repay |
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Loan installments can be paid at any of our branches. Alternatively, standing instructions can also be given for deduction of installments from your savings account.
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| Can I pay my installments in advance |
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Yes, in fact it is in your interest. To the extent of amount of repayment, interest component gets reduced
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| Can I close my loan account ahead of the due date |
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Yes, you can prepay the loan. However, prepayment charges as applicable will be collected.
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| Rent Receivables |
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| Where can I avail this loan |
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Loan can be availed from any branch of Andhra Bank
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| How can I know my EMI |
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EMI stands for Equated Monthly Installment comprising principal and interest component. You may use our EMI calculator to know your monthly installment based on loan amount, interest and repayment period
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| What is the mode of interest charged |
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Rate of Interest is floating in nature and linked to our Base Rate subject to periodic changes. It is charged on daily reducing balances which lowers your effective rate of interest significantly
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| I have leased out my premises for a period of 60 months. Am I eligible for a rent receivable loan |
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Yes, however the quantum of loan will be based on the unexpired period of lease
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| Do I need to get the lease agreement registered |
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Yes, the lease agreement is to be registered with the competent authority by paying the applicable stamp duty
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| Is any undertaking letter from the lessee required to be submitted |
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Yes, the lessee has to enter into a tripartite agreement undertaking to remit the rent amount directly to the Bank.
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| Do I need to pay any additional charges |
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Nominal processing fee is collected upfront at the time of sanction of the loan and administrative charges at the end of every quarter
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| Can I close my loan account ahead of the due date |
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Yes, you can prepay the loan. However, prepayment charges as applicable will be collected.
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Reverse Mortgage Loans
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| Where can I avail this loan |
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Loan can be availed from any branch of Andhra Bank.
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| For what purpose can I avail the loan |
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Loan can be availed for renovation of the existing property, medical emergencies and other genuine needs
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| I have let out my house. Can I take a reverse mortgage loan on the property |
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No, loans under this scheme are extended against house property which is under self occupation.
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| What is the mode of interest charged |
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Rate of Interest is floating in nature and linked to our Base Rate subject to periodic changes. It is charged on daily reducing balances which lower your effective rate of interest significantly .
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| Do I need to pay any additional charges |
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Nominal processing fee is collected upfront at the time of sanction of the loan and administrative charges at the end of every quarter
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| Can I close my loan account ahead of the due date |
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Yes, the borrower or his legal heirs shall be provided with a right to settle the loan without sale of the property
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Features of Loans Against NSCs, KVPs, LIC Policies
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| Purpose |
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To meet any contingencies and personal credit requirement
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| Types of securities accepted |
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National Savings Certificates (NSC), Kisan Vikas Patra (KVP), Life insurance policies, any other security that the Bank may specify from time to time
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| Restrictions |
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loans or advance of any type will not be sanctioned against
- the security of Indira Vikas Patra (IVP)
- NSCs and KVPs issued by far off post offices
- Life Insurance policies which are in the name of third parties
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| Amount of loan |
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Upto Rs 50000/- without third party guarantee and above Rs 50000/- against third party guarantee acceptable to the Bank
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| Margin |
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25 % (value of the security includes accrued interest)
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| Facility |
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Term Loan
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| Repayment |
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Repayable within a maximum period of sixty months
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| Prepayment charges |
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Charges applicable as per guidelines in force
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