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Andhra Bank Car Loan

Apply Andhra Bank Car Loan

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Andhra Bank Car Loans

What is Andhra Bank Car Loan?

Not everyone can buy the car through their own finances. This is where loan providers like Andhra Bank come into play, they provide car loans after recognizing that car loans have good potential in the market. They should either go for a car that they don’t want because it is cheaper or wait and save to buy the car which will take time and the car model might change. The borrower can pay back Andhra Bank through equated monthly instalments or EMI(s). Andhra Bank believes in providing the right applicant by providing with loans which are cost effective way to purchase a car.

Andhra Bank Car Loan Eligibility

AgeMinimum age for salaried people to apply for a loan is 21 years while the maximum age limit at the time of completing the loan is 60 years.
Minimum age for self-employed individuals to apply for a loan is 21 years while the maximum age limit at the time of completing the loan is 65 years.
Salary requirementThe minimum gross salary required for applying a car loan is Rs.1,00,000 p.a
Employment statusSalaried: Must have continuous employment of at least 1 years
Self-employed: Minimum 2 years of employment in the same line of business
Tenure7 years
Loan amountBased on repayment capacity of the customer where at least 60% of the net salary is available after paying loan EMI and 70% of income in the case of self-employed
MarginSalaried – 15%
Others – 20%
Interest rateStarts from 9%
Processing fee0.5% to 3% of the loan amount

Andhra Bank Pre-Owned Car Loans

Andhra Bank also provides loans for used or pre-owned cars for 60% of the car price.

Documents required for Andhra Bank Car Loan

The following are the documents required for Andhra Bank car loan

Salaried Individuals:

  • Any of the following identity proof documents:
    • Aadhar Card
    • Passport
    • PAN Card
    • Voters ID Card
    • Driving License (recent, legible, laminated)
  • Latest salary slip and Form 16 as income proof
  • Any of the following documents as address proof:
    • Aadhar Card
    • Ration Card
    • Driving License (recent, legible, laminated)
    • Voters ID Card
    • Passport Copy
    • Telephone Bill
    • Electricity Bill
    • Life Insurance Policy
  • Bank statement of the previous 6 months

How to apply for a car loan with Andhra Bank

TheAndhra Bank car loan approval & verification process is simple and much quicker for existing Andhra Bank customers. They can apply online and get pre-approved offers on car loans with attractive interest rates. The loan amount is directly credited to their account instantly.

The application process is different for new customers of Andhra bank. The borrower needs to either apply online or directly download the application form from the official website or visit the nearest Andhra Bank branch. They can also call the Andhra Bank car loan customer care to proceed with the application process.

Generally, Andhra Bank’s representative will come to your place of work or your car to collect the filled in application form and all the necessary documents required for verification at any time you specify. A background check would help the lender know about the personal, professional standing of the applicant If there are any discrepancies with the information provided, the Andhra Bank car loan application is likely to be denied. After passing through document verification and eligibility criteria, the approval process moves to the final level. At the final stage and after negotiations, the Andhra Bank car loan interest rate and tenure are fixed and sent for your acknowledgement.

In case your car loan application was rejected you will receive Andhra Bank loan rejection letter which will receive a status update on the car loan rejection. Let us know see what the eligibility or qualifying criteria are as they are called in banking parlance for a car loan.

Andhra Bank Car Loan EMI Payment Methods

Andhra Bank Car Loan Eligibility Check

Before a person applies for an Andhra Bank car loan it is best to do an eligibility check which is available on the Andhra Bank website and at CreditMantri.com This way your credit score will not be affected as the bank will only soft pull your credit score and compares with other internal criteria to make sure you are eligible.

Car Loan EMI Calculator

Customers can use the car loan EMI calculator to know how much EMI they will be paying each month. Customer can make use of the CreditMantri Car Loan EMI calculator and the Andhra Bank Car Loan EMI calculator.

The importance of this is that customers will know how much EMI they will have to pay based on their loan requirement. This helps them to plan far ahead.

CreditMantri’ s Car Loan EMI Calculator and Andhra Bank Car Loan Calculator are among the best and probably the easiest ways to compare various car loan offers and choose the loan best suited to your requirements. Using the Car Loan EMI Calculator, you get a simple and quick way to accurately compare the various loans and determine what your EMI will be with the different lenders.

Andhra Bank Car Loan – FAQ

1. Does Andhra bank provide 100% finance for car loans?

Andhra bank finances car loans of 85% of the car value for new cars and 60% for used cars.

2. What is the maximum tenure for Andhra Bank car loan?

The maximum loan tenure is 7 years for new cars and 5 years for used cars

3. What type of cars do Andhra bank provide car loans for?

Andhra Bank offers auto loans for most passenger cars, multi-utility vehicles and sports-utility vehicles that are available in India and are bought for personal use.

4. Do I have to provide any security to avail an Andhra Bank car loan?

Andhra Bank car loan is a form of secured loan where your car will act as a collateral.

5. Can I sell my vehicle before I repay the entire car loan taken from Andhra bank?

You cannot enter a transaction with any seller without a 'No Objection Certificate' (NOC) from Andhra Bank. The NOC can only be obtained after foreclosure or after you have paid off your loan

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