Andhra Bank
Facebook Twitter
Skip to navigation | Skip to main content

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 4 Wheelers
 
 Nature of the Scheme

A four 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
MCLR + 0.55 % 
Income Criteria

For 4 wheelers income should be more than Rs. 1,00,000 /- 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 4 wheelers - minimum 12 months and maximum 72 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 – Nil
Concessions as per scheme – No processing charges

 
Prepayment Charges

1% on the balance outstanding at the time of prepayment for both four and two wheeler
 
For purchase of Second Hand Four Wheeler
 
Age of Vehicle

Not more than three years

 
Margin

40% of value as per reputed garage certified after depreciation

 
Quantum of Finance

60% of the value as per reputed garage certificate or 3 years gross income whichever is lower subject to maximum of Rs. 5.00 lakhs
 
Repayment

Maximum 60 months (EMI)s
 
Valuation

Valuation of the vehicle by a reputed garage to the satisfaction of the Bank.

 
chiclogo