Andhra Bank Car Loan in Gurugram

Last Updated : March 21, 2017, 4:31 p.m.

About Andhra Bank Car Loan Gurugram

Andhra Bank is a well-known bank which has been in the banking industry from almost 100 years. Just like any other financial institution, the bank has been an expert in providing customer-friendly products and as a result won the heart of Indian customers. Talking about the international presence, Andhra Bank has its branches in USA and UAE. Even though the bank has been one of the oldest banks in India, the services provided by the bank have only bettered with time. Having said that, products like home loans, personal loans, car loans, education loans, etc. are one of the best loan deals in the market and car loans is the most demanding in the market.

Andhra Bank believes in equality and hence offers a special scheme for women borrowers on car loans. The purpose behind this customized scheme is to give empowerment to women borrowers. So, if you are also looking for a car loan, Andhra Bank is here to end your search. The car loan scheme offered by the bank is available at low-interest rates and a higher loan amount facility. Having the combination of both the most desired things, this scheme has won many hearts.

Talking about the customer reachability, from the beginning itself, the bank has worked with the motto of benefiting the masses and as a result, the bank has more than 3000 branches across the nation. In addition to this, each product is designed by keeping in mind the affordability and financial needs of the customers. In Gurugram, the car loan scheme has benefited many and continues to the first choice of people when to comes to an affordable car loan. So, read this article to know more about the product like the eligibility criteria, documents, and branch details.

Andhra Bank Car Loan in Gurugram at a Glance

Eligibility Criteria

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

Address of Andhra Bank Branches in Gurugram