Andhra Bank Car Loan in Ghaziabad

Last Updated : March 20, 2017, 10:57 a.m.

About Andhra Bank Car Loan Ghaziabad

Being in the banking industry since 1923 when only a few banks were available, Andhra Bank is one of the oldest banks in India. The bank has gone through ups and downs to come to a level where it needs no introduction. Andhra Bank has a wide array of products both in financing and investment. Having said that, the bank offers funds to make it possible for you to buy anything without looking at your savings. Yes, loans like home loans, car loans, education loans, business loans, personal loans , etc. are all designed by keeping in mind the affordability and requirement of the customers. However, a car loan is one of the best loans provided by the bank and also the best one in the market under its category. The bank provides a low-interest rate car loan in all its branches including Ghaziabad. With the understanding of a loan seeker’s needs and expectations from a car loan, the bank has made it possible for the people of Ghaziabad to get a car they desire for.

In Ghaziabad, Andhra Bank car loan scheme is offered in all its branches as per the eligibility criteria set by the bank. The interest rate and loan amount are decided on the basis of the overall profile of the customer and hence people have full faith that they will get the best-suited deals. Ghaziabad, the gateway of Uttar Pradesh, has a high demand of car loans since the traveling gets smoother with a car of one’s own. So, if you are planning to buy a car but your budget is not matching with its price, get a car loan from Andhra Bank now. Thus, to apply for this scheme, have a look at this article to check the product details, eligibility criteria, branch contact details, documentation, etc.

Andhra Bank Car Loan in Ghaziabad at a Glance

Eligibility Criteria

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

Address of Andhra Bank Branches in Ghaziabad