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Andhra Bank Car Loan

Loan Name Interest Rate Processing Fee Loan Amount Tenure
Andhra Bank Car Loan One Year MCLR + 0.70 % for New Cars Rs 1000 - Rs 25000 + (GST charges) 50 lakhs 84 months
Details
Documents Required

  • Salary slip of the applicant
  • Valid Driving License (if self-driven)
  • Income Tax Returns
  • Proforma Invoice
  • Documents for KYC compliance
  • Proof of Residential Address
  • Assessment Order
Benefits

  • Get maximum loan amount on-road vehicle price
  • The loan is available to both individual salaried employees as well as for corporate customers
  • Lower interest rates
  • The loan can be availed both for new cars and used ones
  • Get highest loan repayment tenure
Eligibility

  • The applicant should be an Indian
  • Any individual who is having a minimum gross income of Rs 1 lakh per annum
  • The minimum age of the applicant should be 21 years
  • The eligible loan amount is calculated based on the repayment capacity of the borrower
  • Eligibility is also calculated based on maximum permissible EMI and it should not be over and above 60% of the net salary for salaried individuals and 70% in case of non-salaried borrowers.
Other Details

  • In case of a used car, the maximum amount of loan available is 60% of garage value or 25,00,000 (whichever is less)
  • The used cars should not be less than three years old.
  • The loan should be repaid over a period of 84 months in case of new cars.
  • The loan tenure for used cars stands at 60 months.
  • Processing Charges stands at 1% of the loan amount, minimum of Rs 1,000 and a maximum of Rs 25,000 + applicable GST charges.
Vehicle Loan to Women Borrowers For 4 Wheelers One Year MCLR + 0.70 % - One Year MCLR + 3.45 % 1% of loan amount + GST charges up to Rs 5,00,000 up to 72 months
Details
Documents Required

  • Duly filled in application form
  • Proof of Income – Salary Slip/ IT Returns
  • Proforma Invoice
  • Assessment Order
  • Valuation Certificate from a reputed garage for the second sale (in case of the second-hand vehicle)
  • Valid Driving License
  • Documents for KYC compliance
  • Proof of Residential Address
Benefits

  • Attractive interest rates
  • Lower processing fee
  • No hidden charges
  • Income of the co-applicant can be added for total annual income
Eligibility

  • Applicant should be a salaried women employee (permanent employee)
  • The applicant can be either professional or self-employed having valid income proof
  • Women borrower should have a valid driving license at the time of submitting the application
  • Salary of the applicant should be routed through Andhra Bank (applicants salary account should be with Andhra Bank)
  • Letter of Undertaking from the employee for recovery of the loan amount
  • Post dated cheque at the discretion of the manager (if it is a special case)
Other Details

  • Interest rates for new cars stand at MCLR+0.70% per annum
  • Interest rates for used cars stand at MCLR+3.45% per annum
  • The loan is meant exclusively for women who draw their salary from Andhra Bank
  • Income of the applicant should be more than Rs 1,00,000 per annum
  • 50% of the annual income of the husband will be taken for calculating the eligibility in case if he is a co-obligant
  • Quantum of finance in case of a new vehicle is 90% of on-road price or 3 years of gross salary (whichever is lower)
  • Quantum of finance in case of used vehicles is 60% of garage value or 3 years of gross salary (whichever is lower)
  • The second-hand four-wheelers should not be older than three years
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