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Personal Loan in Andhra Pradesh, Interest rates from 10.50%

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Personal Loan in Andhra Pradesh

Personal loans are unsecured loans, meaning they don’t require collateral, making them a popular option for various needs in Andhra Pradesh. However, navigating the market can be overwhelming. This guide aims to provide comprehensive information on personal loans in Andhra Pradesh, empowering you to make informed decisions.

Eligibility and Requirements for PL in Andhra Pradesh

  • Age: Between 21 and 65 years (may vary depending on lender).
  • Employment: Salaried individual with a stable income source.
  • Credit score: Minimum credit score requirement varies by lender (typically above 700).
  • Citizenship: Indian citizen residing in Andhra Pradesh.
  • Documents: Proof of identity, address, income, and employment.

Comparison of bank Lenders in Andhra Pradesh

Banks
InstitutionInterest ratesLoan amount
DBS bankFrom 10.99%Upto 15 Lakhs
HDFCFrom 10.5%Upto 40 Lakhs
Axis BankFrom 10.49%`Upto 40 Lakhs
ICICI bank10.75%-19%Upto 40 Lakhs
Bank of Baroda10.75% – 18.5%Upto 5 Lakhs
SBIFrom 11%Upto 30 Lakhs
IndusIndFrom 10.49%Upto 50 Lakhs
Yes BankFrom 10.99%Upto 40 Lakhs
Standard CharteredFrom 11.5%Upto 50 lakhs
IDFCFrom 10.49%Upto 50 Lakhs
Kotak MahindraFrom 10.99%Upto 40 Lakhs
PNBFrom 11.40%Upto 20 Lakhs
Bandhan bankFrom 11.55%Upto 25 Lakhs

Comparison of bank NBFCs Lenders in Andhra Pradesh

NBFCs
InstitutionInterest ratesLoan amount
Piramal FinanceFrom 12.99%Upto 35 Lakhs
Shriram FinanceFrom 14%Upto 35 Lakhs
Tata CapitalFrom 10.99%Upto 35 Lakhs
InCredFrom 18%Upto 3 Lakhs
FinnableFrom 16%Upto 10 Lakhs
PaySenseFrom 16.8%Upto  5 Lakhs
PoonawallaFrom 9.99%Upto 30 Lakhs
FullertonFrom 11.99%Upto 25 Lakhs
LendingKartFrom 12%Upto 3 Lakhs
Axis FinanceFrom 13%Upto 25 Lakhs
L&T FinanceFrom 12%Upto 7 Lakhs
Mahindra FinanceFrom 10.99%Upto 10 Lakhs
Aditya BirlaFrom 11.99%Upto 50 Lakhs
Bajaj FinanceFrom 11%Upto 50 Lakhs

Types of Personal Loans Available in Andhra Pradesh

  • General Personal Loans: Used for various purposes without restriction.
  • Top-up Loans: Additional loans offered to existing borrowers with good repayment history.
  • Balance Transfer Loans: Used to consolidate high-interest debts into a single loan with a lower interest rate.
  • Marriage Loans: Specifically designed to cover wedding expenses.
  • Travel Loans: Financed for travel and vacation expenses.
  • Education Loans: Used to cover education costs like tuition fees and living expenses.

Interest Rates and Charges for PL in Andhra Pradesh

  • Interest Rates: 10% – 24% per annum (APR)
  • Processing Fees: 1% – 3% of the loan amount
  • Foreclosure Charges: 2% – 4% of the outstanding balance
  • Late Payment Penalty: 1% – 2% of the EMI amount

Types of Personal Loans in Andhra Pradesh:

  • Fixed Rate Loan: Offers a stable interest rate throughout the loan term.
  • Floating Rate Loan: Interest rate fluctuates based on a reference rate.
  • Balance Transfer Loan: Consolidates high-interest debts into a single loan with a lower interest rate.
  • Top-Up Loan: Extends additional credit based on your existing repayment record.
  • Gold Loan: Secured loan using gold jewelry as collateral, often offered with lower interest rates.
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Additional Tips for Obtaining a Personal Loan in Andhra Pradesh

  • Maintain a good credit score: This is crucial for securing a loan with favorable terms.
  • Shop around and compare offers: Don’t settle for the first offer you receive.
  • Negotiate terms: If possible, negotiate interest rates and processing fees.
  • Borrow responsibly: Only borrow what you can afford to repay comfortably.
  • Read the loan agreement carefully: Understand all terms and conditions before signing.

How to Apply for a Personal Loan at Andhra Pradesh?

Fincover.com is an online marketplace that allows you to compare loan quotes from various banks and NBFCs.

Mentioned-below is the process to apply for a Personal Loan at Fincover.

  • Visit https://www.fincover.com/banking/loan/personal/ 
  • Complete the loan application by filling up all the necessary details
  • Most popular quotes matching your requirement will be displayed.
  • Apply for the bank along with the requested documents and get a reference number. You can then check the status of the application from our dashboard.
  • Upon verification and approval, the loan will be disbursed to your account. The whole process takes just a few days, some even hours. The loan processing time varies from bank to bank
Personal Loans by Bank