Andhra Bank Car Loan – Interest Rates 2024, Eligibility
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
| Particular | Interest Rates |
| New Car | 12.15% – 12.25% |
| Used Car | 12.65% – 12.75% |
Any individual having minimum gross income of Rs. 1.00 lac per annum for 4 wheelers.
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:
