| Tenure | MCLR |
|---|---|
| MCLR Overnight | 9.35 |
| 1-month MCLR | 9.40 |
| 3-month MCLR | 9.45 |
| 6-month MCLR | 9.50 |
| 12-month MCLR | 9.60 |
Based on customer needs, Andhra Bank has introduced two types of personal loans. Both of these are available at the new MCLR base and Base Rate interest system.
As per the RBI guidelines, the Marginal Cost of funds based Lending Rate, MCLR is linked with all the new loans offered by Andhra Bank. The MCLR rate depends on numerous factors such as the cost of maintaining Cash Reserve Ratio, CRR, the cost of funds, bank operating expenses, the minimum rate of return, etc. The schedule of MCLR rates as per 1st April 2016 is:
The new personal loans offered by Andhra Bank post 1st April 2016 are linked with MCLR based interest rate system. These interest rates shall depend on the tenure of the loan. A small percentage shall be added with the current MCLR rate by the bank.
The interest rates for existing borrowers shall be calculated based on the Base Rate System. The Base Rate and Prime Lending Rates (BPLR) are applicable as 9.75% and 14% respectively.
Andhra Bank Personal Loan shall follow the following interest rates on the customer loans and clean loans. The existing customers have an option to migrate the MCLR linked with the interest rate system for their personal loans.
| AB Consumer Loan | AB Clean Loan | |
|---|---|---|
|
For loan up to 3 years |
Base rate + 5.50 % = 15.75 |
Base rate + 5.50 % = 15.75 |
|
For loan over 3 years |
Base rate + 5.50% + 0.25 = 16.00 |
Base rate + 5.50% + 0.25 = 16.00 |
The MCLR rates mentioned above are applicable as of April 1, 2016.
