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Andhra Bank Car Loan Rate, Eligibility Calculator, Apply Online

Last Updated 15th Jul 2017

Andhra Bank Car Loan Offer Jul 2017

Features and Eligibility Andhra Bank New Car Loan Scheme Andhra Bank Used Car Loan Scheme
Interest Rates 9.20% Fixed
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9.20% Fixed
Maximum Loan Amount Eligibility 85.00% of on-road price 60.00% of market value
Maximum Loan Tenure (years) 7 years 5 years
Lowest EMI per Rs. One Lakh Loan Amount (Rs.) Rs. 1,619 Rs. 2,086
Prepayment Charges 1% 1%
Interest Calculation Monthly reducing balance Monthly reducing balance
Age (years) Between 21 years and 65 years Between 21 years and 65 years
Apply Car Loan @ 9.25%*

Eligibility Condition for Andhra Bank Car Loan

Andhra Bank New Car Loan Scheme Andhra Bank Used Car Loan Scheme
Minimum Net Annual Income (Rs. lakh)
Salaried 1.0 1.0
Self employed professionals 1.0 1.0
Self employed businessmen 1.0 1.0
  • 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 car 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 car loan tenure here and check the EMI amount using the car 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 car loan agent.

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 85.00% 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 1% prepayment charges.

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.

Andhra Bank Car Loan Calculator

Lowest EMI
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.