Kuchh Baat Aapke Interest Ki Login

Andhra Bank Car Loan Interest Rate

Last Updated 12th Sep 2017

Andhra Bank Car Loan Calculator India Sep 2017

Features and Eligibility New Car Loan Andhra Bank Used Car Loan Andhra Bank
Interest Rates 9.20% Fixed
Check Best Offers
9.20% Fixed
Maximum Loan Amount Eligibility 85% of on-road price 60% of market value
Maximum Loan Tenure 7 years 5 years
Lowest EMI per Rs. One Lakh Loan Amount Rs. 1,619 Rs. 2,086
Prepayment Charges 1% 1%
Interest Calculation Monthly reducing balance Monthly reducing balance
Age Between 21 years and 65 years Between 21 years and 65 years
Apply Car Loan @ 9.25%*
Rs.
Rs.
+91

Andhra Bank Car Loan

Andhra Bank gives car loan to borrowers who need funds to buy a new car. Benefits of taking vehicle loan from Andhra Bank are:

  • Competitive interest rates
  • Quick and easy processing
  • Special schemes for corporate and women borrowers

Andhra Bank Vehicle Loan Interest Rates

Car Loan interest rate depends upon

  • Loan amount: Generally banks offer lower interest rates for higher amount. Andhra Bank offers 85% of on-road price price of your car.
  • Your Salary: Higher salary bracket individuals are offered loans at lower interest rates. Andhra Bank interest rate varies with your net monthly income.
  • Employer Category: Employer category of the borrower is a major deciding factor in order to determine his/her rate of interest. Andhra Bank has a list of company categories of salaried individuals to which they avail vehicle loan. So, higher company category leads to low rate of interest.
  • Relationship with the Bank: Andhra Bank offers special rates, offers and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in past will get benefit of low vehicle loan interest rate.
  • Loan Tenure: Andhra Bank vehicle loans are of longer repayment tenure of 7 years.
  • Repayment Capacity: Before giving loan to the borrower, Andhra Bank checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has all the details of previous loans taken and their repayments. CIBIL also gives the information of credit card bills payment.

Andhra Bank Car Loan Eligibility

The following table depicts the various eligibility criteria for availing a car loan.

Age 21 years - 65 years
Minimum Annual Income Salaried: Rs. 1.00 Lakhs
Self Employed Professionals: Rs. 1.00 Lakhs
Self Employed Businessmen: Rs. 1.00 Lakhs
Minimum Credit Score 700 and above
Loan Tenure 7 years
Loan to Value Ratio 85% of on-road price

Eligibility of car loan relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are:

Age: Age plays an important role to know your eligibility and repayment capacity. Andhra Bank offers car loan to those who are atleast 21 years old at the time of loan approval and maximum 65 years at the time of loan maturity.

Income: Andhra Bank car loan calculator calculates your eligibility based upon your income. Usually bank set minimum levels of income to apply for car loan. Andhra Bank asks for net annual income of minimum Rs. 1.00 lakhs.

Job stability and Profession: Job stability is important to improve your status and eligibility for vehicle loan from Andhra Bank. If you are working with a reputed company, probability of getting car loan increases as the income is considered to be more stable and bank offers low interest vehicle loan to the employees of reputed companies.

CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has a direct impact on your Andhra Bank car loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your vehicle loan eligibility. Generally, Bank give loan at a CIBIL score of 700 and above.

Loan Amount: Andhra Bank gives you vehicle loan depending upon your income. Andhra Bank gives 85% of on-road price depending upon the value of the car. To improve chances of approval, apply for a loan amount that you can comfortably service.

Andhra Bank Car Loan EMI Calculator

Car Loan EMI of Andhra Bank is a fixed amount that you pay each month towards the repayment of your car loan till the end of tenure. Lowest EMI offered by Andhra Bank is Rs. 1,619 per lakh loan amount at lowest vehicle loan interest rate of 9.25%. Car Loan EMI of Andhra Bank depends on factors like:

  • Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI.
  • Loan tenure matters equally as longer tenure reduces your monthly EMI per lakh.
  • Your EMI depends upon the amount of loan you are going to borrow. Loan EMI will be high if you apply for a high loan amount.

Features of vehicle loan EMI

  • Car loan EMI calculation varies from bank to bank depending upon the method of calculation.
  • The standard convention should be to use the EMI in arrears method on reducing balance basis – whereby you pay interest on the loan amount outstanding on a reducing basis at or after the end of the month.
  • Simply key in the loan amount, rate of interest and vehicle loan tenure here and check the EMI amount using the vehicle loan EMI calculator here. In case the EMI amount displayed is different from the one advised to you by the agent, you must check the calculation basis with your vehicle loan agent.

Illustration

You can calculate the monthly payment (EMI) yourself using the following equation

E= P. r. (1+r)n/[(1+r) n -1]

Where,

  • P represents the principal amount that you want to apply for.
  • r is the rate of interest per month which is calculated as rate of annual income/ (12*100)
  • n is the tenure of loan in months
  • E represents the monthly payment or EMI

Let’s say you take out a vehicle loan for Rs. 700,000 to be paid back over 5 years at an interest rate of 9.25%. Your monthly payments for this loan after applying the above formula would be Rs. 14,616 for 5 years.

Fee and Charges

Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. Andhra Bank allows prepayment of vehicle loan after paying 1 EMI with prepayment 1%.

Processing Fee - Andhra Bank asks for a processing fee of 0.00% of loan amount. Max. Rs.0 with applicable service tax.

Andhra Bank Car Loan Top up, Balance Transfer

  • Andhra Bank offers car loan balance transfer from another bank. This is subject to your meeting other eligibility criteria
  • You can avail additional top-up car loan from Andhra Bank, subject to your eligibility

Documents required

Salaried Employees

  • Filled up loan application form
  • 2 Passport Size Photo
  • Copy of Income Tax PAN
  • Identity Proof –Aadhaar, Passport/ Driving License/ Voter ID/ PAN
  • Quotation of car
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 3 months pay slip, 2 years Form 16, 3 months bank statement showing salary credit and any EMI debit
  • R.C of Vehicle and Insurance of Car

Self-Employed

  • Filled up loan application form
  • 2 Passport Size Photo
  • Copy of Income Tax PAN
  • Identity Proof – Aadhaar, Passport/ Driving License/ Voter ID/ PAN
  • Quotation of car
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 3 months pay slip, 2 years Form 16, 3 months bank statement showing salary credit and any EMI debit
  • R.C of Vehicle and Insurance of Car.

Frequently Asked Questions on Andhra Bank Car Loan

How much interest is charged by Andhra Bank on car loan?

Andhra Bank car loan interest rates today are 9.20% .

What is the lowest EMI per lakh on Andhra Bank car loan?

If you apply for a car loan from Andhra Bank, your lowest EMI per lakh will be Rs. 1,619.

What is the maximum tenure of Andhra Bank car loan?

You can repay your car loan from Andhra Bank in a flexible period of 7 years.

How much car loan I can borrow from Andhra Bank?

Andhra Bank offers you 85% of on-road price of car as loan.

Is age an eligibility factor to get car loan from Andhra Bank?

Yes, age is an important eligibility factor to get Andhra Bank car loan as you should be at least 21 years old at loan approval time and 65 years old at loan maturity time.

Are there any prepayment charges on Andhra Bank car loan?

You can take car loan from Andhra Bank with prepayment 1%.

Can I add my spouse's income while applying for car loan from Andhra Bank?

You can combine your income with the income of your spouse to increase your loan eligibility and to get higher loan amount.

Home Loan Eligibility of All Banks

Andhra Bank Car Loan Calculator

Check
Lowest EMI
Check
Car Loan Eligibility
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. MyLoanCare is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not undertake any liability with respect to the correctness of the content, information and calculations. Information is subject to change without notice. By submitting your query or using any tools or calculators, you authorize MyLoanCare to share your information with lender(s), consent for such lender(s) to access your credit information report and contact you regarding your query overriding your number being in National Do Not Call Registry. This is a free service and no charges are payable by the borrower to MyLoanCare. The Company may receive remuneration from lenders for services provided to them.