Andhra Bank Car Loan in Chandigarh

Last Updated : May 26, 2017, 11:30 a.m.

About Andhra Bank Car Loan Chandigarh

Andhra Bank is one of the leading finance providers in India with a wide array of products. The bank is into the retail, agriculture, corporate, MSME, NRI, online services, credit cards, payment system, and financial inclusion. Some of the most demanding loans offered by Andhra Bank are home loans, education loans (Vidya Lakshmi) loans, business loans (Mudra loans), personal loans, and car loans. Each of these loans are customized and tailored as per the convenience and comfort of the customers. Having said that, car loans are one of the most demanding loans that are available at one of the lowest interest rates in the market.

Talking about Chandigarh, the city is a beauty in itself and the car loan facility here is as good as in any other city. Andhra Bank has understood that to reach more people, it must have as many branches as possible. As a result, the bank has presently more than 3000 branches throughout the country excluding the international ones. In Chandigarh, Andhra Bank has branches in the areas that are easy to contact. So, if you are also looking for a car loan in Chandigarh and has not yet found the deal as per your choice, Andhra Bank car loan scheme can prove to be the perfect one for you.

A car of one’s own is everyone’s dream and in Chandigarh where the beauty of the city is as good as the infrastructure, a car can really smoothen your daily traveling. So, what are you waiting for, have a look at the eligibility criteria, documents required, the bank branch addresses and other car loan details of Andhra Bank and apply. With Andhra Bank car loan scheme, you can surely get yourself a dream car at a price that suits your pocket. So, read this article to know more about this scheme.

Andhra Bank Car Loan in Chandigarh at a Glance

Eligibility Criteria

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

Address of Andhra Bank Branches in Chandigarh