Andhra Bank
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Toll Free Number: 1800 425 1515

Call 040-23122297 for Internet & Mobile Banking/ATM -24x7 Helpdesk or mail to us on adchelpdesk@andhrabank.co.in

Anytimers
 
Loans for 4 Wheelers
 
 Eligibility
  • Any individual having minimum gross income of Rs. 1.00 lac per annum .
  • Corporate customers of the Bank.
 Rate of interest
MCLR + 0.55 %
Margin on Road Price amount for New Cars.
 
Category of the Borrower for New Cars.
Minimum margin
Salaried class and where salary deduction is available
15%
Other Borrowers.
20%
For Used cars
40%
 
 Quantum of Finance

New Vehicle:

  • Eligible amount is worked out based on the repayment capacity and maximum permissible EMI should not be more than 60%of net salary in case of salaried people and 70% in case of Non salaried class .
  • Used Cars : (not more than three years old): 60% of garage value or Rs. 25,00,000 /- whichever is lower.
 
 Repayment
  • New Cars - Maximum 84 months (EMI).

  • Used Cars – Maximum 60 months EMI.
  • Repayment terms can also be in the shape of Quarterly/Half yearly/Yearly instalments depending on the income flow and occupational status of the borrower.
 
 Co-obligation
Third party acceptable to the Bank .
 
 Security

Hypothecation of vehicle purchased 

 
Documents
  • Valid driving license if self driven.
  • Proforma Invoice.
  • Salary Slip
  • IT Returns/
  • Assessment Order,
  • Documents for KYC Compliance.

Car loans to corporate clients and firms.

Eligibility: Limited Companies, Firms, Societies and Trusts holding account with Andhra bank.

Maximum loan amount : Rs.25 lakhs to Rs.50 lakhs depending upon the dealings with the Bank.
Hypothecation charge is to be registered in Registration Certificate of the vehicle in favour of the bank and is exempted from registration of charge with ROC.

 
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