Car Loan Rates EMI 2024
Andhra Bank Car Loan in Mumbai
Last Updated : May 26, 2017, 10:54 a.m.
About Andhra Bank Car Loan Mumbai
Andhra Bank has been in the banking industry since 1923 and presently has more than 3000 branches across the country. The bank has the experience of what a borrower wants when it comes to loans. Having said that, the car loan scheme of Andhra Bank is one of the most affordable loans in Mumbai. Read this article to know more.
Andhra Bank Car Loan in Mumbai at a Glance
| Particulars | Details |
|---|---|
| Interest Rate | 7.80% - 7.90% |
| Loan amount | Depending on the income flow and repayment capacity of an individual |
| Tenure | 60 months (used cars)-84 months (new cars) |
| Processing Fee | As applicable by the bank |
| Pre- payment charges | 1% on the balance outstanding at the time of prepayment |
Eligibility Criteria
Have a look at the eligibility criteria to apply for a car loan at Andhra Bank in Mumbai. Having said that, the eligibility criterion is subject to change from one applicant to another and here at Andhra Bank, the eligibility for an applicant is as given below:
- Any 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.
Documents Required
Here is the list of documents that you must carry if you want to apply for a car loan at Andhra Bank.
- Documents for KYC Compliance
- Valid Driving License
- Passport size photos
- Loan application form
- Salary Slip
- Proforma Invoice
- IT Returns
- Assessment Order
- Valuation certificate from a reputed garage for a second sale (for women)
For more information, read Car Loan Mumbai
Andhra Bank Mumbai Branch Details
| Branch Name | Complete Address | IFSC | MICR | Customer Care |
|---|---|---|---|---|
| Andheri | Saurabh - 116 Andheri Kurla Road, Andheri(East) - Mumbai - 400059 | ANDB0000028 | 400011002 | |
| Mumbai Fort | 18, Homi Modi Street, Nanavati Mahalaya, Fort, Mumbai - 400023 | ANDB0000051 | 400011005 | 22026088 |
| Chembur | 70 J, Central Avenue Road, Chembur(East), Mumbai - 400071 | ANDB0000092 | 400011004 | 022-25280383, |
| Ghatkopar (West) | 8A, Akashdeep Building, Damodar Park, Lbs Marg, Ghatkopar(West), Mumbai - 400086 | ANDB0000238 | 400011011 | 022-25003951 |
| Matunga | Bhaudaji Road, Matunga (East) , Mumbai 400019 | ANDB0000364 | 400011007 | 022-24024232 |
| Opera House | 9 / 15 Mama Paramanand Marg, Opera House, 400004 | ANDB0000402 | 400011009 | 2369778 |
| Ghatkopar East | 36, Kumudini, 1Th Road, Rajawadi, Ghatkopar East, Mumbai - 400077 | ANDB0000588 | 400011015 | 022-25132434, 251 |
| Juhu Ville - Parle | 46, Supreme Shopping Centre, Jvpd Scheme, Ville - Parle, Mumbai - 400053 | ANDB0000593 | 400011014 | 022-26238686 |
| Vashi | Plot No. 74, Persipolis, Sector 17, Vashi, New Bombay | ANDB0000627 | 400011013 | 278987 |
| Borivilli | Karmayog, 1St Floor, Mahadev Desai Road, Borivilli (E), Mumbai - 400066 | ANDB0000747 | 400011003 | 022 28059702 |
| Mulund | Yogeshwar Dham, M.G.Road, Mulund (West), Mumbai - 400080 | ANDB0000845 | 400011008 | 022-25616909/2590 |
| Mahim | Saras Apartment, Flat 771, Tps Iii, Mori Road, Mahim, Mumbai - 400016 | ANDB0000856 | 400011006 | 022-24461257 |
| Nariman Point, Mumbai | 33 Atlanta Bldg. Nariman Point, Mumbai - 400021 | ANDB0001128 | 400011016 | 022-22885846/4 |
| Prabhadevi | Shop No.16, Appa Sahaeb Marathe Marg, Prabhadevi, Mumbai - 400025 | ANDB0001138 | 400011018 | 022 - 24381165 |
| Bandra | Shiva Apartments, 22 - Turner Road, Bandra West, Mumbai - 400050 | ANDB0001139 | 400011017 | 0022-2644 |
| Kandivali (East) | No, 1, 2, 3 Neptue, Evershine Millenium Paradise, Kandivili (East), Mumbai- 400101 | ANDB0001210 | 400011019 | 022-28843382 |
| RTGS Branch | Bansilal Building, Fort, Mumbai | ANDB0001250 | 400011502 | |
| Santa Cruz | Shop No.6, Lovely Home, Kalina Kurla Road, Santacruz, Mumbai - 400029 | ANDB0001283 | 400011021 | 022-26653677 |
| Nerul | 1St Floor, Shelter Arcade, Plot No.26, Sector - 42 Nerul, Navi Mumbai - 400706 | ANDB0001391 | 400011024 | 022-27719157 |