| Vehicle Loan to Women Borrowers for 4 Wheelers
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 Nature of the Scheme
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A four wheeler vehicle loan scheme exclusively for women including purchase of four wheelers on second sale. |
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| Eligibility |
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- Salaried women (permanently employed)/ professional and self-employed having income proof.
- Women borrower should have a valid driving licence in their name.
- Salary of the applicant is to be routed through Andhra Bank
- Letter of Undertaking from the employee for recovery
- Post dated Cheque at the discretion of the manager as a special case
- P&SE Woman : Post dated cheques to be obtained
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| Income Criteria |
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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. |
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| Quantum of Finance |
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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.
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| Repayment |
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For 4 wheelers - minimum 12 months and maximum 72 months (EMI). |
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| Co-obligation |
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Husband/ father or any third party acceptable to the bank.
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| Security |
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Hypothecation of vehicle purchased |
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| Documents |
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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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| Concessions |
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Processing/ Upfront charges – Nil
Concessions as per scheme – No processing charges
For prompt repayment – 0.50% on interest –Back End.
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| Prepayment Charges |
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1% on the balance outstanding at the time of prepayment for both four and two wheeler |
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| For purchase of Second Hand Four Wheeler |
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| Age of Vehicle |
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Not more than three years
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| Margin |
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40% of value as per reputed garage certified after depreciation
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| Quantum of Finance |
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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 |
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| Repayment |
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Maximum 60 months (EMI)s |
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| Valuation |
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Valuation of the vehicle by a reputed garage to the satisfaction of the Bank.
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