Andhra Bank Car Loan in Bhubaneswar

Last Updated : Feb. 27, 2020, 3:09 p.m.

About Andhra Bank Car Loan Bhubaneswar

Andhra Bank is one of the leading banks that provides a wide array of products. The bank has been in the banking industry since 1923 but the servicing has been exceptionally great by each passing year. Andhra Bank has the understanding of what are the expectations of a customer from a bank. Having said that, the bank has also kept this mind and designed its products accordingly. If we talk about the types of loans offered by Andhra Bank, the list includes Mudra Loans that gives the opportunities to young entrepreneurs to start implementing their long pending ideas. The education loan scheme of the bank named Vidya Lakshmi loan gives fund to the help students pursue their education without worrying about the fees. Similarly, home loans and personal loans are also planned by keeping the financial needs and affordability of the customers. The car loan scheme of the bank is another major product offered by the bank with the combination of low-interest rates and a flexible tenure option.

In today’s time when convenience is given the utmost importance, if a person is able to reach the bank without standing in long queues it is the best. Andhra Bank has understood this need and hence the online services of the bank are made accessible and updated. The investment products like fixed deposits and recurring deposits are also one of the best in their category as the interest rates here are higher. As a result, it has enhanced the understanding and importance of savings in the masses. Thus, the number of customers of Andhra Bank is also in millions which is in itself a success. Other than this, the bank has spread its wings across the country and internationally as well so as to reach as many as possible. Andhra Bank has more than 3000 branches in India itself and many branches in USA and UAE as well.

Bhubaneswar is a city that is the only Tier-2 city in the country to host the top five Indian IT companies and is also ranked the 3rd Best Place to ‘Do Business in India’ by World Bank. So, those who are already working in Bhubaneswar know that traveling with your own car is delightful with smooth roads and surrounding beauty throughout the city. However, if you are new to this beautiful city and want to buy a car, a car loan from Andhra Bank can really prove to be beneficiary to you. So, read this article to know the car loan details, eligibility criteria, documents required and the Bhubaneswar branches to apply at Andhra Bank.

Andhra Bank Car Loan in Bhubaneswar at a Glance

Eligibility Criteria

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

Address of Andhra Bank Branches in Bhubaneswar