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
 
Vehicle Loan to Women Borrowers for 2 Wheelers
 
 Nature of the Scheme

A two wheeler vehicle loan scheme exclusively for women including purchase of four wheelers on second sale.
 
 Eligibility

  • Salaried women (permanently employed)/ professional and self-employed having income proof.
  • Women borrower should have a valid driving licence in their name.
  1. Salary of the applicant is to be routed through Andhra Bank
  2. Letter of Undertaking from the employee for recovery
  3. Post dated Cheque at the discretion of the manager as a special case
  • P&SE Woman : Post dated cheques to be obtained
 Rate of interest

For loan up to 36 months : MCLR + 1.80 %
For loan above 36 months : MCLR + 1.80 % + 0.25 % 
Income Criteria

For 2 wheelers income should be more than Rs. 60,000 /- p.a
 50% of the husband's salary will be taken for computing eligibility provided he is a  co-obligant. 

 
 Quantum of Finance
 
New Vehicle: 90% on road price which includes invoice price, Life tax, Registration charges, Insurance and accessories, if any, worth Rs. 5,000 /- or 3 years gross salary whichever is lower.

Second Sale: Four wheelers (not more than three years old): 60% of garage value or 3 years gross income whichever is lower. 

 
 Repayment

For 2 wheelers - minimum 12 months and maximum 60 months (EMI)
 
 Co-obligation


Husband/ father or any third party acceptable to the bank. 

 
 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. 

 
Concessions

Processing/ Upfront charges – No processing charges up to 30.09.2016

 
Prepayment Charges
No prepayment charges
 
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