Andhra Bank Car Loan in Bengaluru-Apply Online Now-Wishfin

Andhra Bank Car Loan in Bengaluru

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

Interest Rate7.80% - 7.90%
Loan amountDepending on the income flow and repayment capacity of an individual
Tenure60 months (used cars)-84 months (new cars)
Processing FeeAs applicable by the bank
Pre- payment charges1% on the balance outstanding at the time of prepayment

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
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

Branch NameComplete AddressIFSCMICRCustomer Care
GandhinagarSujatha Complex, 1st Main Road, Gandhinagar, Bangalore - 560009 , KarnatakaANDB0000024560011003080-22266365/2235035
CooktownNo.9 Dcosta Layout, Cooktown, Bangalore - 84ANDB0000091560011006080-25494500
Chamrajpet29/1, 5Th Main, Chamrajpet, Bangalore - 18ANDB0000093560011005080-26673808
Cantonment Branch21. Ulsoor Road, Bangalore - 560042ANDB0000099560011004
Jayanagar227/A, 6Th Cross, Jayanagar, Bangalore - 560011ANDB0000273560011008080-26563711
Indiranagar720, Cmh Road, Indiranagar, Bangalore - 560038ANDB000028956001100708025282052, 25
N.R. RoadN.R.Road, BangaloreANDB0000392560011002080 - 2223
Rajajinagar588, 2Nd Block, Dr.Rajkumar Road, Rajajinagar, Bangalore - 10ANDB0000494560011009080-23328785
Vellore39, 40 Bangalore Road, Vellore - 632004ANDB00006166320110020416-22213
HSR Layout2609, 27Th Main, First Sector, Hsr Layout, Bangalore - 560034ANDB0001140560011010080-25632107
VidyapethKatriguppe Main Raod, Bsk 1St Stage, Vidyapeth Circle, Bangalore - 560050ANDB0001196560011012080-26492152
KoramangalaKoramangala, BangaloreANDB0001207560011014080-25631260
J P NagarSrvk South End Main Road, J.P Nagar, Bangalore -ANDB0001208560011013080-26492726
Yashwantpur14/43, Tumkur Road, Industrial Suburbs, Yashwantpur, Bangalore - 22ANDB0001241560011019
Bannerghatta Road183/3, Belikhahalli Gate, Bannerghatta Road, Bangalore - 560076ANDB0001196560011012080-26492152

Personal Loan Interest Rates February 2024
HDFC Bank10.75% - 14.50%
ICICI Bank10.75% - 19.00%
IndusInd Bank10.25% - 26.00%
Kotak Bank10.99%
RBL14.00% - 23.00%
SMFG India Credit12.00% - 24.00%
Standard Chartered Bank11.49%
Tata Capital10.50% - 24.00%
Home Loan Interest Rates February 2024
Axis Bank8.75% - 9.15%
Bank of Baroda8.50% - 10.60%
Citibank8.75% - 9.15%
HDFC8.50% - 9.40%
ICICI Bank9.00% - 9.85%
Indiabulls Housing Finance Limited8.65%
Kotak Bank8.70%
LIC Housing8.50% - 10.50%
Piramal Capital & Housing Finance10.50%
PNB Housing Finance8.50% - 10.95%
Reliance Home Finance8.75% - 14.00%
State Bank of India/SBI9.10% - 9.65%
Tata Capital8.95% - 12.00%