Andhra Bank Car Loan
Last Updated : Jan. 11, 2019, 5:46 p.m.
About Andhra Bank Car Loan
Whenever a glittering car crosses you by, you start getting crazy and aspiring to drive it around the city. But before you go crazy in your wild dreams of having the car, make sure you analyze the offers of lenders. And one such lender you can think of is Andhra Bank, a public sector bank with over 3,000 branches across the country. Be it the new cars or a second-hand model, Andhra Bank is ready with an attractive loan offer for all. Dying to know the interest rates and other details related to Andhra Bank Car Loan? All that open up as you trickle along with the information as presented below.
Andhra Bank Car Loan Interest Rate
| Particulars | Details |
|---|---|
| Interest Rate | New Cars: 7.80% - 7.90% Used Cars: 11.90% p.a. |
| Loan Amount | Upto 85% of on-road price, subject to a limit of ₹50 Lakhs |
| Loan Tenure | Upto 7 years for New Cars, 5 Years for Used cars |
| Processing Fee | As Applicable |
| Prepayment Charges | As Applicable |
Andhra Bank Car Loan EMI Calculator
Worried about how the loan repayment would stack up while availing a car loan from Andhra Bank? Use the car loan EMI calculator that gives a true picture of the repayment schedule, in terms of both interest and principal repayments. In the initial days, the interest portion constitutes the maximum of the EMI component and the principal repayments get on the heavier side when the loan is approaching its expiry. A table below will give you an idea of the same.
In the initial days, the interest portion constitutes the maximum of the EMI component and the principal repayments get on the heavier side when the loan is approaching its expiry. You can think of shortening the tenure of the loan to let your pocket get defended against the massive outflow of interest that becomes a norm with a longer tenure.
A table below will give you an idea of the same.
Table showing interests and EMIs on car loan of Rs 5,00,000 for different periods at Andhra Bank
| Loan Amount (in ₹ ) | Loan Tenure (In years) | Interest Rate(in % p.a.) | EMI(in ₹ ) | Total Interest Outgo(in ₹ ) | Total Amount(EMI+Interest) (in ₹ ) |
|---|---|---|---|---|---|
| 500000 | 1 | 9.10% | 43,749 | 24,987 | 5,24,987 |
| 500000 | 2 | 9.10% | 22,865 | 48,768 | 5,48,768 |
| 500000 | 3 | 9.10% | 15,923 | 73,233 | 5,73,233 |
| 500000 | 4 | 9.10% | 12,466 | 98,381 | 5,98,381 |
| 500000 | 5 | 9.10% | 10,403 | 1,24,208 | 6,24,208 |
| 500000 | 6 | 9.10% | 9,038 | 1,50,707 | 6,50,707 |
| 500000 | 7 | 9.10% | 8,070 | 1,77,875 | 6,77,875 |
Eligibility Criteria
| Parameters | Salaried Professional | Self-employed |
|---|---|---|
| Age | 21-60 years | 21-65 years |
| Minimum Income | Minimum salary of Rs 1 lac per annum | Minimum salary of Rs 1 lac per annum |
| Employment/Business Continuity | Not specified by the bank | Not specified by the bank |
Documentation
| Proofs | Salaried Professional | Self-employed |
|---|---|---|
| Age Proof | Passport/PAN Card/ Voter ID card, Photo Driving License with birth date/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate | Passport/PAN Card/ Voter ID card, Photo Driving License with birth date/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate |
| Identity Proof | PAN Card/ Voter ID/Passport/Driving License, photograph | PAN Card/ Voter ID/Passport/Driving License, photograph |
| Income Proof | Salary slips for the last 3 months, latest Form 16, bank statement of last 6 months showing credit of salary in the account, | CA-certified balance sheet for the last 3 financial years, ITR for the last 3 years, 6 months bank statement of the main account |
| Address Proof | Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID | Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID |
| Sign Verification Proof | Driving License/Passport copy/PAN Card | Driving License/Passport copy/PAN Card |