Andhra Bank Car Loan in Chennai

Last Updated : Feb. 27, 2020, 3:13 p.m.

About Andhra Bank Car Loan Chennai

Andhra Bank is one of the leading loan providers in India with car loans as one of the best in its category. A car is one of the biggest desires of a person but dreams sometimes fall out of our budget. Having said that, there is always an option to take a loan. So, Andhra Bank car loan scheme makes people believe that their dreams can come true, that they can have a Mercedes or their favorite Audi or any other car they desire for. Since its establishment in the year 1923, Andhra Bank has the experience in understanding the mindset of a car loan seeker. The bank looks at the product from the customer’s angle and what the customer would want in a car loan. For example, if the loan amount offered is higher but the rates are higher, the borrower would not opt for this scheme. But, if the interest rate is lower and the loan amount is insufficient, the customer will reject this scheme as well. Hence, keeping in mind all these obvious reasons in mind, Andhra Bank has designed its car loan scheme.

Andhra Bank has its headquarter in Hyderabad and has more than 3000 branches spread all across the nation so as to reach as many as possible. Other than this, the bank also has its branches internationally to make it possible for the people living their access their account. Talking about Chennai, the city has a high opportunity for working professionals especially IT professionals as there are many MNCs. So, if you are also shifting to Chennai or have been looking for a car loan , check out the Andhra Bank car loan scheme that offers the loan at a low-interest rate and a higher loan amount facility so that you can get a car of your choice without worrying about your budget. Read this article about the car loan scheme offered by Andhra Bank in Chennai to know the product details like eligibility criteria, documents required, branch addresses, etc.

Andhra Bank Car Loan in Chennai at a Glance

Eligibility Criteria

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

Address of Andhra Bank Branches in Chennai