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The founder of Andhra Bank was an eminent freedom fighter and a multifaceted genius, Dr. Bhogaraju Pattabhi Sitaramayya. The bank was registered on 20th November 1923 and commenced business on 28th November of the same year. There are multiple Andhra Bank financial services offered to customers along with other Andhra Bank banking services. A medium-sized public sector bank (PSB) of India, Andhra Bank boasts a network of 2803 branches, 4 extension counters, 38 satellite offices and 3636 ATMs as of 31 March 2016. With its headquarters in Hyderabad, the bank operates in 25 states and three Union Territories. It holds the credit for having pioneered the introduction of Credit Cards in the country in 1981.
About Andhra Bank
The products of the bank range from consumer banking and corporate banking, to private banking, wealth management, finance and insurance, amongst others.
Andhra Bank has opened a representative office in Dubai and another at Jersey City, New Jersey (USA). With the latter having a large number of Indians from Andhra Pradesh, this move has been a strategic one. In 2010, a commercial banking license was awarded to a locally incorporated bank by Malaysia, to be jointly owned by Bank of Baroda, Indian Overseas Bank, and Andhra Bank. The new bank, India BIA Bank (Malaysia), will have its headquarters in Kuala Lumpur, which hosts a significant Indian population. Andhra Bank will hold a 25% stake in the joint venture. Andhra Bank holds the first rank in terms of number of Life Insurance Policies mobilized amongst all the agency banks dealing with the Life Insurance Corporation of India.
Vision and Mission
The vision of Andhra Bank is to emerge to be a significant player in extending its full range of banking services through innovative customer centric products. The bank also aims to maximize stake holders’ value in the process. It believes in working in unison towards delivering unparalleled customer service, by striking a balance between technology and human resources, and thus, accomplishing world class standards of performance.
Andhra Bank Loans
A number of loan schemes are available for customers. Andhra Bank interest rates are flexible, specially tailored to meet the specific needs of every individual customer. Some of the Andhra Bank loan details are as follows:
Andhra Bank Home Loan: The bank extends home loan solutions to individuals either singly or jointly with family members. This type of loan is available in rural, urban, semi-urban, and metros, etc. The customized approach seeks to offer greater convenience for the construction or purchase of house/flat. According to Andhra Bank loan scheme, the eligible age for housing loans is 21 to 65 years. The repayment period is a maximum of 30 years. The borrower should not be more than 75 years of age on the due date of the loan. The eligibility of loan amount is subject to the prospective applicant’s repayment capacity.
For the purchase of plot, it has to be situated in residential areas within Municipal/Corporation limits in urban and metro areas. The bank will also consider finance for purchase of sites offered for sale by state owned agencies like Housing Boards or any other similar organization in urban and metro areas. Repayment capacity for both the loan constituents – i.e. plot and construction, will be taken into account for the assessment of eligible amount of loan. When it comes to purchase of plot, the maximum time limit to complete the construction of house stipulated is 12 months from the date of loan. The account may be declassified from housing loans and charging commercial rates of interest if this is not complied with.
Andhra Bank also offers home loans to NRIs, for which one needs to satisfy the primary eligibility criteria of minimum one year of service abroad. This home loan can be availed by non-resident Indians and persons of Indian origin individually or jointly with resident close relatives. A copy each of Passport, VISA, Work permit, and agreement with present employer needs to be submitted. The maximum loan amount under this scheme is Rs. 250 lakhs. The purposes include, purchase or construction, repairs/renovation of house/flat. All other guidelines are the same as those applicable to general home loan scheme.
Andhra Bank Personal Loan/Consumer Loan: the nature of this scheme is to provide loans for the purchase of consumer durables and other household appliances. Andhra Bank personal loan eligibility makes any individual with repayment capacity eligible for this type of loan, be it salaried persons, pensioners drawing pension in the branch, or any other person with a steady source of income. For the salaried borrowers, the maximum loan amount that can be sanctioned is the gross salary for 10 months. When it comes to the non-salaried class, it is the 40% of gross annual income. For pensioners, it is the pension of 4 months, or 75% cost of the article, whichever is less. The repayment can be made in monthly installments, with the maximum period being 60 months. The documents required in order to apply for Andhra Bank personal loan mainly includes the proof of income, which might be salary slip/IT returns/assessment order or property statement. For non-salaried candidates, it is the latest income tax assessment order, and property statement.
Andhra Bank Loan Against Property/Mortgage Loan: Andhra Bank loan against property advantage serves the purpose of meeting any genuine credit requirement for personal purposes. Andhra Bank loan against property eligibility includes employees or pensioners receiving such income at any Andhra Bank branch. However, in case any salaried person is not drawing salary from the branch, he/she can get an irrevocable letter of undertaking from their employer to remit loan installments to the branch directly till the closure of the loan is to be obtained. The maximum repayment period for this loan is 120 months. Loan against property from Andhra Bank lays down that one has to be in the age bracket of 21 to 65 years (both inclusive) at the time of availing the loan. The quantum of loan in this case is 50% of the value of security depending on the repayment capacity and maximum of Rs. 200 lakhs.