Andhra Bank Car Loan

About Andhra Bank Car Loan

Whenever a glittering car crosses you by, you start getting crazy and aspiring to drive it around the city. But before you go crazy in your wild dreams of having the car, make sure you analyze the offers of lenders. And one such lender you can think of is Andhra Bank, a public sector bank with over 3,000 branches across the country. Be it the new cars or a second-hand model, Andhra Bank is ready with an attractive loan offer for all. Dying to know the interest rates and other details related to Andhra Bank Car Loan? All that open up as you trickle along with the information as presented below.

Andhra Bank Car Loan Interest Rate

ParticularsDetails
Interest RateNew Cars : 9.10% p.a.
Used Cars: 11.85% p.a.
Loan AmountUpto 85% of on-road price, subject to a limit of ₹50 Lakhs
Loan TenureUpto 7 years for New Cars, 5 Years for Used cars
Processing FeeAs Applicable
Prepayment ChargesAs Applicable

Andhra Bank Car Loan EMI Calculator

Worried about how the loan repayment would stack up while availing a car loan from Andhra Bank? Use the car loan EMI calculator that gives a true picture of the repayment schedule, in terms of both interest and principal repayments. In the initial days, the interest portion constitutes the maximum of the EMI component and the principal repayments get on the heavier side when the loan is approaching its expiry. A table below will give you an idea of the same.

In the initial days, the interest portion constitutes the maximum of the EMI component and the principal repayments get on the heavier side when the loan is approaching its expiry.  You can think of shortening the tenure of the loan to let your pocket get defended against the massive outflow of interest that becomes a norm with a longer tenure.

A table below will give you an idea of the same.

Table showing interests and EMIs on car loan of Rs 5,00,000 for different periods at Andhra Bank

Loan Amount
(in ₹ )
Loan Tenure
(In years)
Interest Rate(in % p.a.)EMI(in ₹ )Total Interest Outgo(in ₹ )Total Amount(EMI+Interest) (in ₹ )
50000019.10%43,74924,9875,24,987
50000029.10%22,86548,7685,48,768
50000039.10%15,92373,2335,73,233
50000049.10%12,46698,3815,98,381
50000059.10%10,4031,24,2086,24,208
50000069.10%9,0381,50,7076,50,707
50000079.10%8,0701,77,8756,77,875

Eligibility Criteria

ParametersSalaried ProfessionalSelf-employed
Age21-60 years21-65 years
Minimum Income Minimum salary of Rs 1 lac per annumMinimum salary of Rs 1 lac per annum
Employment/Business Continuity Not specified by the bankNot specified by the bank

Documentation

ProofsSalaried ProfessionalSelf-employed
Age ProofPassport/PAN Card/ Voter ID card, Photo Driving License with birth date/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate Passport/PAN Card/ Voter ID card, Photo Driving License with birth date/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate
Identity Proof PAN Card/ Voter ID/Passport/Driving License, photograph PAN Card/ Voter ID/Passport/Driving License, photograph
Income Proof Salary slips for the last 3 months, latest Form 16, bank statement of last 6 months showing credit of salary in the account,CA-certified balance sheet for the last 3 financial years, ITR for the last 3 years, 6 months bank statement of the main account
Address Proof Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID
Sign Verification Proof Driving License/Passport copy/PAN CardDriving License/Passport copy/PAN Card

 

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EMI Calculator