Andhra Bank Car Loan Interest Rates
“Andhra Bank” was founded by the 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 1923 with a paid up capital of Rs 1.00 lakh and an authorised capital of Rs 10.00 lakhs.
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- For 4 Wheelers : 85% of road price (includes invoice price, Life tax, Registration charges, Insurance and accessories) for salaried class/ SME/Corporate borrowers under Standard Asset category and with credit rating B and 80% for other borrowers or 3 years gross salary whichever is lower.
- Second Sale: (not more than three years old): 60% of garage value or Rs. 5,00,000 /- whichever is lower.
- Accessories: not exceeding Rs. 5,000 /- for 4 wheelers & Rs. 1,000 /- for 2 wheelers.
| Repayment |
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| Co-obligation |
| Third party acceptable to the Bank for both 4 and 2 wheeler. |
| Security |
| Hypothecation of vehicle purchased |
| Documents |
| Valid driving license Proof of Income – Salary Slip/ IT Returns/ Assessment Order, Proforma Invoice. Valuation certificate from reputed garage for second sale. |