Andhra Bank Car Loan in Bengaluru

Last Updated : May 26, 2017, 11:28 a.m.

About Andhra Bank Car Loan Bengaluru

Andhra Bank was established in the year 1923 and since then it has been one of the most trusted banks in India. Being in the banking and financial services industry for around 100 years and with the continuous outstanding performance has been a tough task for Andhra Bank. However, the confidence and belief of the associated people are the main reasons behind the success. Andhra Bank, from the beginning itself, has believed in giving the best of the deals to its customers and it is quite visible in all its products. The bank is into the retail, MSME, agriculture, corporate, NRI, online services, credit cards, payment system, and financial inclusion services. Having said that, the bank facilitates each of its services by keeping in mind what a common would need without ignoring his affordability.

Talking about the financial services offered by the bank, the list includes all the major products like home loans, personal loans, vehicle loans- car loans & two-wheeler loans, and business loans (Mudra Loans). Other than these, the bank also provides funds against the property (mortgage loans) and education loans (Vidya Lakshmi Loan) as well. All of these loans are offered at low-interest rates so that it fits into the pockets of the people. The flexible loan tenure and easy repayment options on loans make it easier for the borrowers to make the payment as per their comfort and convenience.

A car is one of the things that a person desires for and when it comes to the favorite car, the savings fall short. But, with Andhra Bank’s car loan scheme, you can buy any car as per your desire. The car loan offered by Andhra Bank is also designed by keeping in mind what a car loan sleeker would look for in a car loan. This loan scheme gives you the opportunity to get a car for yourself without worrying about its cost. So, if you are looking for a car loan that can let you own a Mercedes without giving it a second thought, Andhra Bank car loan is the best scheme for you. Read this article to know the eligibility criteria, documentation and the car loan scheme details of the bank in Bengaluru.

Andhra Bank Car Loan in Bengaluru at a Glance

Eligibility Criteria

Have a look at the eligibility criteria to apply for a car loan at Andhra Bank in Bengaluru. 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 calculated 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 Bengaluru

Address of Andhra Bank Branches in Bengaluru