Andhra Bank Car Loan in Indore

Last Updated : May 26, 2017, 11:34 a.m.

About Andhra Bank Car Loan Indore

When it comes to car loans, there are n number of options but Andhra Bank is different but how? Well, Andhra Bank being in the banking industry since 1923 has got a deep understanding of the financial requirements of the people. Having said that, the bank has designed all its products according to the needs and affordability of its customers. Car loan being one of the most demanding of all products (home loans, personal loans, education loans, business loans, etc.) is also customized so that it can benefit as many people as possible. In Indore, just like in any other cities, Andhra Bank gives specialized car loan scheme to women borrowers. This initiative of the bank was taken in order to make women realize that just like in any other segment, they hold a powerful position in banking industry as well. Being the most popular city of Madhya Pradesh and of India, Indore has so much to explore. To that note, a car of one’s own makes it so convenient to travel from one end to another.

A car is so much more than just being a travel medium, it is one of the things that a person desires for. However, in today’s time when every day you see inflation, buying a car entirely from your earnings becomes a little difficult. Also, buying a car at the cost of all your savings is also not a intelligent step. So, why not take a car loan and enjoy the flexible repayment option without being worried about all the other things? Thereupon, read this article that includes each detail of Andhra Bank car loan scheme like the interest rate, eligibility criteria, documents required, etc. and the branch contact details for you to contact the branch if you have any query.

Andhra Bank Car Loan in Indore at a Glance

Eligibility Criteria

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

Address of Andhra Bank Branches in Indore