Andhra Bank Car Loan in Hyderabad

Last Updated : March 22, 2017, 6:19 p.m.

About Andhra Bank Car Loan Hyderabad

Andhra Bank was founded in the year 1923 with the paid capital of just ₹1 lakh and an authorized capital of ₹10 lakhs. From that time when it had just started its journey to the present time when it had earned its recognition, Andhra Bank has always been a visionary. Andhra Bank believes that nothing is impossible and that a loan can be cheaper. With the positive approach towards its customers and the motive to give them the product they desire, the bank has now become one of the first choices when it comes to loans. All the products under the loan segment-home loans, car loans, education loan, business loans, etc. and the investment products like a fixed deposit are all designed by keeping in mind the affordability of the customers.

Car loan offered by Andhra Bank is one of the finest in its category giving people the privilege to make their dream of owning a car true. A car that holds so much more than being just the vehicle. It is a companion for your traveling when you are on a solo trip, a car is your travel buddy and the music playing in the background makes everything so perfect. So, if you have yet not experienced an affordable car loan scheme, Andhra Bank is here to give you the best car loan deal in Hyderabad. The interest rates on this scheme is low and the repayment facility is also flexible that altogether make it people-friendly.

Hyderabad is one of the beautiful cities in India and has a high strength of working professionals. The city holds so much to explore that a car of one’s own can really help you explore the history on a weekend. So, apply for a car loan at Andhra Bank and start your journey in a convenient way. In this article, you will get to know the detailed information about the product, the eligibility criteria to apply, the documentation required at the time of application, and last but not the least the branch details for any queries so have a look at this article.

Andhra Bank Car Loan in Hyderabad at a Glance

Eligibility Criteria

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

Address of Andhra Bank Branches in Hyderabad