|Interest Rate Range||Processing Fee Range||
25L - 50L
- 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
- 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
|Interest Rate||9.10% p.a. for new car loans and 11.85% p.a. for used car loans.|
|Processing fee||A nominal processing fee is deducted at the time of loan disbursement.|
|Loan Tenure||84 EMIs for new vehicles and 60 EMIs for used vehicles.|
|Pre Closure charges||1% on the outstanding balance at the time of prepayment.|
|Guarantor Requirement||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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