Andhra Bank
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Toll Free Number: 1800 425 1515

Call 040-23122297 for Internet & Mobile Banking/ATM -24x7 Helpdesk or mail to us on adchelpdesk@andhrabank.co.in

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Consumer Loans
 

 Nature of the Scheme

  • Loans for purchase of consumer durables and other house hold appliances.
 
 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.

 
Co-obligation

Husband/ father or any third party (with sufficient worth and of regular income) acceptable to the bank.

 
 Security

Hypothecation of the article purchased with Bank finance

 
 Collateral security
  • Assignment of Life insurance policy with equivalent surrender value
  • Pledge of shares, NSCs, Units etc. of adequate value
 
 Documents

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.

 
Checklist for Personal Loan
 
 
 
 
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