KYC-PAN, speech & ID proof Income proof, bank statement and a single picture
Age between 18 and less than 65 years
The minimum yearly income of the applicant (salaried/non-salaried) ought to be Rs.2,40,000
Good to Know
Loan to value ratioUpto 85% of car cost
Program just in division Andhra Bank is a business bank that's public, using a system of 15 expansion counters 2000 divisions, 38 satellite offices and 1563 automatic teller machines. Services and the products supplied by the bank categorized into Retail, Corporate, NRI, MSME, and companies of Agricultural businesses. The creditor offers mutual funds, deposits, loans solutions, insurance, and customers cards. Under the Business, the lender provides loans & advances, job evaluations, and loan syndication. Underneath the NRI company department, the creditor provides Deposit loans, schemes suppliers, and investment options. To find out more, follow a few basic steps provided below to find. Consider This provider is not a spouse. Stop by its office for more information.
Documentation needed to apply for an Andhra Bank Car Loan
1. Signed application form with photograph
2. Photo ID and age proof
3. Residence proof
4. Last 6 months bank statement
5. Documentation for salaried applicants:
Last 3 months salary – slips
Form 16 or Income Tax Returns
6. Documentation for self-employed applicants:
Last 3 years Income Tax Returns with computation of Income
Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Andhra Bank Car Loan Interest Rates
Andhra Bank Car Loan Details
9.10% p.a. for new car loans and 11.85% p.a. for used car loans.
A nominal processing fee is deducted at the time of loan disbursement.
84 EMIs for new vehicles and 60 EMIs for used vehicles.
Pre Closure charges
1% on the outstanding balance at the time of prepayment.
No, however, a third-party co-applicant is accepted by the bank while the hypothecation of vehicle purchased serves as security.
Features of Car Loan From Andhra Bank
With just basic documents to meet the KYC guidelines along with paperwork relating to the proposed car, the application process is largely hassle free.
The loan amount depends upon the basis where the highest permissible EMI should not exceed 60% of net salary of the applicant and 70% for the non midsize class. Up to 85 percent of the ''On Road" value of the vehicle is funded by the bank.
The bank follows the system of base rate connected method of calculating rate of interest for car loans. The current rate of interest in loan payable up to 36 months is base rate + 0.50% and for loans above this threshold, the speed is Base Rate + 0.75 percent. Aggressive, the rates provided by Andhra Bank goes soft on your wallet.
The loan amount and interest charges can be repaid in up to 84 EMIs. An unique feature from Andhra bank is the option to also make the repayment in quarterly/half yearly/yearly basis. This kind of flexibility ensures that you get to choose a term of your choice, as per your budgeting requirement.
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