Andhra Bank Car Loan in Ahmedabad

Last Updated : March 16, 2017, 9:24 a.m.

About Andhra Bank Car Loan Ahmedabad

Andhra Bank has been in the banking industry since 1923 and since then it has been serving its customers with genuine products and services. Having said that, the bank was started with the paid-up capital of just ₹1 lakh and the authorized capital of ₹10 lakhs. From that time onwards, Andhra Bank has been a stable financial institution and has now reached a level when it has millions of customers worldwide. The bank has its headquarter in Hyderabad, India but has a global presence in other countries like USA and UAE as well. With the purpose of winning the hearts of its customers, Andhra Bank has succeeded in delivering something that was not everyone’s cup of tea. Since success does not come so easy, Andhra Bank has also faced many ups and downs in its early phase.

The bank introduced Internet Banking Facility (AB INFI-net) to all customers and the Rail Ticket Facility is also made available to all debit card holders as well as to the internet banking customers through IRCTC website through a separate gateway. Andhra Bank has not only won the hearts of its customers but has also got the appreciation for its tremendous performance. To name a few, the bank has been given ‘Best Bank Award’ a banking technology awarded by IDRBT, Hyderabad for extensive use of IT in Semi Urban and Rural Areas. Not only this, IBA jointly with TFCI has honored the Joint Runner-up Award to the Bank in the Best Payments initiative category in recognition of outstanding achievement of the Bank in promoting ATM channel.

Andhra Bank also gives training to other banks and financial institutions where the representatives share their experience with the bank and also guide other organizations in their approach. Coming to the products, Andhra Bank has a long list that includes personal loans, car loans, home loans, education loans, etc. under the loan segment and a car loan is one of the best among these. All these loans are designed by keeping in mind the affordability of the customers and their financial needs. As a result, customers have maintained their trust and hence the list of borrowers is quite long. Talking about the branches, Andhra Bank has spread its wings across the nation so as to reach as many people as possible. Hence, the Ahmedabad branch of the bank is also very customer-friendly and provides all kind of services to the people. Read this article to know more in detail the eligibility criteria, documentation, branches and other related information for the car loan scheme of Andhra Bank branch in Ahmedabad.

Andhra Bank Car Loan in Ahmedabad at a Glance

Eligibility Criteria

Have a look at the eligibility criteria to apply for a car loan at Andhra Bank in Ahmedabad. Having said that, the eligibility criterion is subject to change from one applicant to another and here at Andhra Bank, the eligibility for a general applicant and a women applicant is different. So, have a look at the details below:

FOR GENERAL

• An individual having a minimum gross income of ₹1 lakh per annum
• Corporate customers of the Bank
• Eligible amount is worked out based on the repayment capacity and maximum permissible EMI should not be more than 60% of net salary in case of salaried people and 70% in case of Non-salaried class
• Used Cars: (not more than three years old): 60% of garage value or ₹25,00,000/- whichever is lower
• The maximum loan amount for a new vehicle is 90% on road price which includes invoice price, Life tax, Registration charges, Insurance, and accessories, if any, worth ₹5,000 /- or 3 years gross salary whichever is lower.

FOR WOMEN

• Salaried women (permanently employed)/ professional and self-employed having income proof
• Women borrower should have a valid driving license in their name.
• Salary of the applicant is to be routed through Andhra Bank
• Letter of Undertaking from the employer for recovery
• Post-dated Cheque at the discretion of the manager as a special case
• P&SE Woman: Post dated cheques to be obtained
• Income should be more than ₹1,00,000/- p.a.
• 50% of the co applicant’s salary will be taken for computing eligibility

FOR CORPORATE CLIENTS AND FIRMS

• Limited Companies
• Firms
• Societies and Trusts
• The maximum loan amount is decided depending upon the dealings with the Bank
• Hypothecation charge is to be registered in Registration Certificate of the vehicle in favor of the bank and is exempted from registration of charge with ROC.

Documents Required

Here is the list of documents that you must carry if you want to apply for a car loan at Andhra Bank. Please note that the list of documents is different for a general candidate and a woman applicant.

FOR GENERAL

• Documents for KYC Compliance
• Valid Driving License
• Salary Slip
• Proforma Invoice
• IT Returns
• Assessment Order

FOR WOMEN

• Valid Driving License
• Income Proof: IT Returns/Salary Slip/Assessment Order/Proforma Invoice
• Valuation Certificate from Reputed Garage for Second Sale
• Proof of Income- Salary Slip/IT Returns/Assessment Order, Proforma Invoice.
• Valuation certificate from a reputed garage for a second sale.

For more information, read Car Loan Ahmedabad

Address of Andhra Bank Branches in Ahmedabad