Andhra Bank - Second Hand 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.
• Valuation certificate (Used Car) (Issued from reputed garage)

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. 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.

2. How can I calculate my EMI?

• Interest Rate :

 For Used Cars: Basic interest rate + 3.45 %

• Margin on Road Price amount :

 For Used Cars: Min margin 40% 

• 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.
• For Used car maximum permissible EMI should be 60% of garage value or Rs.25,00,000 /- whichever is lower.
• Used Cars must not more than three years old.
• 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%