Andhra Bank Car Loan in New Delhi

Last Updated : March 24, 2017, 4:53 p.m.

About Andhra Bank Car Loan New Delhi

A car of your own is everyone’s desire but when the cost is out of budget, car loans become the best option. Andhra Bank offers affordable car loans at low-interest rates with the flexible repayment capacity. Read this article to know about the car loan scheme offered by Andhra Bank in New Delhi.

Andhra Bank Car Loan in New Delhi at a Glance

Eligibility Criteria

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

Andhra Bank New Delhi Branch Details