Andhra Bank Car Loan

Andhra Bank Car Loan Key Features

Andhra Bank Car Loan Interest Rate

7% 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 with 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 fulfill 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 Loan

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% 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:

Car Loan EMI Calculator

 

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:

  1. 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.
  2. 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

How to Apply for Andhra Bank Car Loans?

  1. Reach out Dialabank at https://www.dialabank.com and provide the information asked on the form.
  2. Our Relationship Manager will contact you shortly to guide you through the process.
  3. Compare and select from various options available.
  4. Applying for a Car Loan with Dialabank helps you avail of the various offer.
  5. Eligibility criteria for car loan is dicussed 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% 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.

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