Andhra Bank - Car Loan : Loans / EMI / Finance options

• Loan Application form (With Necessary attested Documents & Photographs)
• Driving License
• Post dated Cheque (as a special case)
• ID proof :(Aadhar Card, PAN Card, Passport, Voters ID Or Company ID card)
• Address proof :(Passport, Voters ID, Rental Agreement, Telephone Bill, Gas Connection Bill, Ration Card, Sale Deed, Property Purchase Agreement, Credit Card Bill, LIC Policy, Company Letter, Address Proof of Applicant’s spouse or Parents name)
• Salaried Person: Last 3 month pay slips, Form 16
• Business Person: Last 3 Year income proof, IT Returns, Assessment Orders.

NOTE:

Applicants will need both the originals and the photocopies while applying for a loan.

• Minimum gross income: Rs. 1 lakh p.a.
• A person age must be between 21 to 65 years.
• Applicant salary is to be routed through Andhra Bank.
• Applicant Having Trusts holding account with Andhra Bank.

1. I want to buy new car and I want loan from bank, Where can I available a car loan?

You can visit any nearest Andhra bank branches or specialized Retail Credit Branches for loan.

2. If I want joint Account, is it compulsory to submit Co-applicant salary related documents?

Yes, it is compulsory to submit Co-applicant salary related documents.

3. How can I calculate my EMI?

• Interest Rate :

For New Cars: Basic interest rate + 0.70 % 

• Margin on Road Price amount : 

For New Cars:  Salaried class: minimum margin 15%

        Other Borrowers: minimum margin 20%

• Maximum permissible EMI should not be more than 60% of net salary for salaried class
• Maximum permissible EMI should not be more than 70% of net salary for Non salaried class
• For corporate clients Max loan Amount is Between Rs.25 lakhs to Rs.50 lakhs, which is depending upon dealing of bank.
• For women Borrowed also take load up to Maximum 90% of on road price (which includes invoice price, Life tax, Registration charges, Insurance and accessories), worth Rs. 5000 or 3 years gross salary, which is lower.
• If husband is a co-applicant than 50% of the husband's salary will be also consider.
• Bank is also Accept Third Party as Co-applicant.
• Bank take Hypothecation of vehicle purchased as Security.
• Prepayment Charges: 1%