Andhra Bank Car Loan | Interest Rates 2020 | Eligibility | Documents

Get Best Interest Rates on Andhra Bank Car Loans online. Know more on Documents, Eligibility, Repayment & loan EMI for car loans online.

Andhra Bank Car Loan Interest Rates 2020

Particular Interest Rates
New Car 7.40% – 7.50%
Used Car 10.40% – 10.50%

Any individual having minimum gross income of Rs. 1.00 lac per annum for 4 wheelers.

Compare, Calculate & Save more on Interest Rates & EMIs

Professional Details
Loan Amount

Occupation

Annual Income

City

About Andhra Bank:

Andhra Bank is a medium-sized public sector bank, with a network of 2904 branches by 30 -09- 2018. “Andhra Bank” was founded by the eminent freedom fighter and a multifaceted genius, Dr. Bhogaraju Pattabhi Sitaramayya.

Documents

  • Valid driving license
  • Proof of Income – Salary Slip/ IT Returns/ Assessment Order, Proforma Invoice.
  • Valuation certificate from reputed garage for second sale.

Margin on Road  Price amount

Category of the Borrower

Margin

Salaried class and where salary deduction is available

15%

Other Borrowers.

20%

For Used cars

40%

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

Head Office of Andhar Bank

    • 5-9-11, Dr Pattabhi Bhavan,
      Secretariat Road, Saifabad
      Hyderabad 500 004. A.P.
      Ph: 040- 23252000 Extn : 2422
      Fax: 040- 23231385
      Toll Free No. 1800 425 2905

Other products of Andhra Bank are: