Andhra Bank Car Loan Interest Rates

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.

 Nature of the Scheme
  • 2 wheeler and 4 wheeler loans to Individual
 Eligibility
  • Any individual having minimum gross income of Rs. 1.00 lac per annum for 4 wheelers and Rs. 60,000 /- p.a for 2 wheelers.
 Margin on Road  Price amount
Category of the BorrowerMargin
Salaried class and where salary deduction is available15%
SME/ Corporate Borrowers under Standard Asset Category and with Credit rating B and above15%
Other Borrowers20%
 Quantum of Finance
New Vehicle:
  • 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
  • For 4 wheelers (New) – minimum 12 months and maximum 72 months (EMI).
  • For 4 wheelers (Second sale) – 60 months EMI.

 

 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.

 

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