Andhra Bank Car Loan Key Features
| Andhra Bank Car Loan Interest Rate | 7.35% per annum |
| Min Loan Amount | ₹ 100,000 |
| Max Loan Amount (Loan to Value) |
Up to 85% of On-road price |
| Loan Tenure | Up to 7 years |
| Lowest EMI / Lac | ₹ 2,098 |
| Minimum Net Monthly Income | ₹ 20,000 |
| Minimum ITR for Self Employed | ₹ 2,00,000 |
| Age Criteria | Salaried: 21 years to 60 years Self Employed: 21 years to 65 years |
| Types of Cars | For All New Passenger Cars, Multi Utility Vehicles (MUVs), and Sport Utility Vehicle (SUVs). |
| Processing Fee | 0.40% of the principal amount |
| Foreclosure Charges | 6% (7-12 months) |
| Basic Documentation/Paperwork | Address Proof, Bank Statement, Car Quotation, and ID Proof |
About Andhra Bank Car Loans
Headquarted in the Hyderabad city of Telangana, Andhra Bank was founded in 1923 by Bhogaraju Pattabhi Sitaramayya. On 30th September 2016, the bank is spread across more than 2800 branches in India.
Andhra Bank gives Car Loan at the best affordable interest rates to those who want to purchase a Car. It offers you flexible payment options. Also, provides low-interest rates for the higher loan amount concerning Car Loan.
A good CIBIL score helps you get a Car loan to fulfil your dream of having a car. It can either be taken for a new car or a second-hand car.
Advantages of Andhra Bank Car Loans
Andhra Bank Car Loans Eligibility
Documents required for car loan and other eligibility are discussed below.
| Salaried Individual | Age – 21 years to 60 years Net Monthly Income – Minimum ₹ 20,000 Employment Duration – 1-year minimum Income Eligibility – Based on Form 16 and salary slip |
| Self-Employed Individuals | Age – 21-65 years of age Minimum ITR – Rs.2 lakh Employment Duration – Minimum 3 years Income Eligibility – Depends on the latest Income Tax Returns |
| Self-Employed Non-Individuals (Company/Partnership) | Minimum ITR – Rs. 2 lakh Employment Duration – 3 years minimum The applicant has to present IT returns and audited financials of 2 years with Calculated Income. |
| Priority Customers | At least 6-month vintage Average Quarterly Balance – 2 quarters balance at a minimum of Rs.1 lakh Maximum Loan Amount – 3 times the Average Quarterly Balance of the last 2 Quarters |
Andhra Bank Car Loans Interest Rate, Fees and Charges
Details on car loan interest rate and other charges are given below:
| Charges | New Car Loan | Used Car Loan |
| Interest Rate | 7.35% per annum |
14.80% p.a. to 16.80% p.a. |
| Processing fee | 0.40% | 0.40% |
| Issuance of Duplicate Repayment Schedule Charges | Around Rs.500 | Around Rs.500 |
| Foreclosure Charges | 6% | 6% |
| Penal Interest | 2% PM | 2% PM |
| Part Payment charges | 6% of the amount | 6% of the amount |
| Cheque/Instrument Swap Charge | Around Rs.500 | Around Rs.500 |
| Documentation Charge | Around Rs. 500 | Around Rs. 500 |
| Issuance of Duplicate No Dues Certificate Charges | Around Rs. 500 | Around Rs. 500 |
| Registration Certification Collection Charge | Around Rs. 200 | Around Rs. 200 |
| Cheque Bounce/Instrument Return Charges | Around Rs. 500 | Around Rs. 500 |
| Issuance of Duplicate Statement Charges | Around Rs. 500 | Around Rs. 500 |
| Loan Cancellation/Re-booking Charges | Around Rs. 1000 | Around Rs. 1000 |
| Issuance of Credit Report | Around Rs. 50 | Around Rs. 50 |
Andhra Bank Car Loans Documents Required
Salaried Individual
| Category | Documents Required |
| Identity Proof (Any 1) | Passport Voter ID Aadhar Card Driving License |
| Address Proof (Any 1) | Aadhar Card PAN Driving License Electricity Bill |
| Date of Birth Proof (Any 1) | Passport Birth Certificate High School Marksheet Driving Licence |
| Signature Proof (Any 1) | PAN Bankers Verification Passport |
| Income Proof | Salary Slip and latest Form No.16 |
| Bank Statement | Last 6 month Bank statement |
| Employment Continuity Proof | Job card by NREGA ITR of Form no. 16 Salary Slip mentioned with joining date Letter of Appointment |
Self-Employed Individuals
| Category | Documents Required |
| Identity Proof (Any 1) | PAN Card Passport Voter ID Aadhar Card |
| Address Proof (Any 1) | PAN Card Voter ID Passport Electricity Bill |
| Date of Birth Proof (Any 1) | Birth Certificate Passport Driving Licence PAN |
| Signature Proof (Any 1) | Bankers Verification PAN |
| Income Proof | Salary Slip |
| Bank Statement | Bank statement of last 6 months |
| Employment Continuity Proof | Latest ITRs Shop & Establishment Act Certificate Shop & Establishment Act Certificate Sales Tax or VAT Certificate |
| Business Proof | Registration Certificate Telephone Bill/Electricity Bill Shop & Establishment Act Certificate SSI or MSME Registration Certificate |
Self-Employed Non-Individuals
1. Partnership Firms/Societies
| Category | Documents Required |
| Identity Proof (Any 1) | Driving Licence PAN Card Aadhar Card Passport |
| Address Proof (Any 1) | Electricity Bill/Telephone Bill Aadhar Card Driving License Voter ID |
| Income Proof | Audited Balance Sheet P&L Account ITR for the previous 2 years |
| Bank Statement | Last 6 month |
| Business Continuity Proof | Company ITR of the last 2 years Audited Balance Sheet TAX registration Certificate Current Account Statement |
| Additional documents | Letter of Authority or PAN Card |
2. Private Limited/Limited Companies
| Category | Documents Required |
| Identity Proof | The latest copy of MOA and AOA Copy of Incorporation |
| Address Proof (Any 1) | SSI/MSME Registration Certificate Telephone Bill Electricity Bill Shop & Establishment Act Certificate Sales Tax Certificate |
| Income Proof | Audited Balance Sheet P&L Account and ITR for the previous 2 years |
| Bank Statement | Previous 6 Months |
| Business Continuity Proof | P&L account and ITR of the Company of the past 2 years Audited Balance Sheet Shop & Establishment Act Certificate |
| Additional documents | List of Shareholding partners and Directors Board Resolution PAN Card Certificate of Commencement of Business for Ltd. Co. |
Andhra Bank Car Loans EMI Calculator
The applicant can calculate its EMI on the Car Loan before even availing it by following the address below:
Andhra Bank Car Loans Types
With a maximum loan amount from Rs. 25 lakhs to Rs. 50 lakhs, you can get a loan from Andhra Bank depending upon your needs. By analyzing carefully, you can choose the right loan for you. These are the following types of Car loans offered:
- New Car Loan – Applicants looking to buy a new car can go for this. You can get a car loan for a minimum amount of Rs. 1 lakh and tenure up to 7 years i.e 84 months.
- Used Car Loan – Individuals wanting to buy used cars can avail Used Car loan with a minimum amount of Rs. 1 Lakh and tenure of 5 years i.e. 60 months.
Andhra Bank Car Loans Pre Calculated EMI
| Loan Amount | 2 Years | 3 Years | 5 Years | 7 Years |
| 1 Lakh | ₹ 4,480 | ₹ 3,090 | ₹ 1,982 | ₹ 1,512 |
| 3 Lakh | ₹ 13,439 | ₹ 9,270 | ₹ 5,947 | ₹ 4,535 |
| 5 Lakh | ₹ 22,398 | ₹ 15,450 | ₹ 9,912 | ₹ 7,559 |
| 10 Lakh | ₹ 44,795 | ₹ 30,900 | ₹ 19,825 | ₹ 15,117 |
How to Apply for Andhra Bank Car Loans?
- Reach out to Dialabank and provide the information asked on the form.
- Our Relationship Manager will contact you shortly to guide you through the process.
- Compare and select from various options available.
- Applying for a Car Loan with Dialabank helps you avail of the various offer.
- Eligibility criteria for car loan are discussed in the above contents
Andhra Bank Car Loans for Top Selling Cars
Other Available Products from Andhra Bank
| Andhra Bank Personal Loan | Andhra Bank Gold Loan | Andhra Bank Home Loan |
| Andhra Bank Credit Card | Andhra Bank Two Wheeler Loan | Andhra Bank Education Loan |
FAQs for Andhra Bank Car Loans
✅ What is Andhra Bank Car Loans?
Andhra Bank Car Loans is the financial support provided by the bank to its clients to buy their dream car.
✅ How can I get a Car Loan from Andhra Bank?
Apply with Dialabank to get Andhra Bank Car Loans most authentically.
✅ How does Andhra Bank Car Loans work?
Andhra Bank provides car loans by securing the new car bought as collateral against the loan. Apply for a Car Loan with the required documents and park a new car in your parking while paying the loan amount in easy EMIs. However, A minimal Rate of Interest is priced against the loan.
✅ What is the Car Loan Interest Rate in Andhra Bank?
Andhra Bank charges Car Loan Interest Rates is starting from
7.35% per annum
. The Interest Rate is the cost of borrowing money, formulated as a percentage of the loan amount.✅ How to Check Car Loan status in Andhra Bank?
Go to the Andhra Bank official web handle and provide the important details regarding your loan and get the status of the same in seconds. You can contact the nearest branch also for knowing the status of your Car Loan.
✅ How to Calculate Car Loan Interest in Andhra Bank?
Use Dialabank EMI Calculator to calculate Interest Rate as well as EMI. Follow the link below to direct yourself to the calculator:
Dialabank Calculator
✅ What is the maximum loan amount I can avail of on Car Loan from Andhra Bank?
You can avail Loan up to 100% of the vehicle’s Ex-Showroom price.
✅ What is the loan tenure of Andhra Bank Car Loan?
Loan tenure of Andhra Bank Car Loan is 1 Year to 7 Years in case of New Car and 1 Year to 5 Years in case of Used Cars.
✅ Can I get a 100% Car Loan from Andhra Bank?
Yes, you can get a 100% Car Loan from Andhra Bank on the Ex-Showroom price of the vehicle.
✅ How much Processing Fee applies to Andhra Bank Car Loan?
Andhra Bank Car Loan charges 0.40% of the Principal Amount as the Processing Fee which can go up to a maximum amount of Rs.10,000.
✅ What are the EMI options available on the Andhra Bank car loan?
Andhra Bank Provides two EMI options Step-up EMI and Balloon EMI.
✅ What are the charges for Prepayment in Andhra Bank Car Loan?
Andhra Bank imposes 6% of Foreclosure charges for the prepayment of the loan/paying off the loan before the tenure ends.
✅ Can I get a top-up loan on my existing Andhra Bank car loan?
Andhra Bank provides Zero paperwork Top-up instantly against existing Car Loan on a fixed reducing Rate of Interest.
✅ Do I need to provide a guarantor to avail a car loan from Andhra Bank?
A big NO, Andhra Bank doesn’t ask for any guarantor to avail Car Loan.
✅ How to get Andhra Bank Car Loans Statement?
You can either visit the nearest branch of Andhra Bank or utilize their mobile app for the same purpose.
✅ How to Pay Andhra Bank Car Loans Interest Online?
Pay you Andhra Bank Car Loans Interest directly through Andhra Bank’s website and by providing your Loan Account Number and pay using Net Banking or Debit/Credit Cards. You can also use Paytm for paying your Andhra Bank car Loan Interest.
✅ What if I can’t pay the interest on Andhra Bank Car Loans for 3 months?
Andhra Bank charges 24% of the outstanding amount or a Fee ranging from Rs.500 to Rs.5000 for not paying the EMI for 3 months.
✅ How can I apply for EMI Moratorium on Andhra Bank Car Loans?
You can apply for EMI Moratorium on Andhra Bank Car Loans directly from the Andhra Bank website’s Loan corner.
✅ What is the number for Andhra Bank Car Loan agent?
Call Dialabank at 9878981166 as it is one of the most trusted Andhra Bank Car Loan agents. Dialabank even ensures the best offers on your Car Loan.
✅ Can I close the Andhra Bank car loan online?
Andhra Bank Car Loan can be closed by visiting the nearest branch and clearing off the outstanding amount.
✅ What is Andhra Bank Car Loan Customer Care Number?
Call 9878981166 and clear any of your queries with us anytime.
✅ How can I get NOC from Andhra Bank for a Car loan?
You can get NOC directly from the branch for Andhra Bank Car Loans.
