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Andhra Bank Car Loan

Andhra Bank Auto Loan

Last Updated 11th Feb 2021

Features and Eligibility Andhra Bank New Car Loan Scheme Andhra Bank Used Car Loan Scheme
Rate of Interest 7.40% Fixed 10.40% Fixed
Loan Amount Eligibility 85% of on-road price 60% of market value
Lowest EMI per Lakh ₹ 1,529 ₹ 2,144
Apply for Car Loan @ 8.70%*

Andhra Bank Car Loan

Factors Affecting Andhra Bank Car Loan Interest Rates

Interest rates on car loan varies from bank to bank. Car Loan interest rate in Andhra Bank depends upon

  • Loan amount: Generally banks offer lower interest rates for higher amount. However Andhra Bank offers 85% of on-road 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 car loan. So, a higher company category leads to a 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 the past will get the benefit of low Andhra Bank Car loan interest rate.
  • Loan Tenure - Andhra Bank car 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

Eligibility of car loan in Andhra Bank 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 lakh.
  • Job stability and Profession: Job stability is important to improve your status and eligibility for car loan from Andhra Bank. You must be in a full time job for at least 12 months. If you are working with a reputed company, probability of getting a Car loan from Andhra Bank increases as the income is considered to be more stable and the bank offers low interest car 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 car loan eligibility.
  • Loan Amount: Andhra Bank gives you a car loan depending upon your income. Andhra Bank gives you 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.

How to increase Andhra Bank Car Loan Eligibility?

The dream to own a car that you thought you couldn't afford in this lifetime can now be fulfilled by a car loan. Getting a car loan is easy if you improve your car loan eligibility by following these tips.

Tips to improve your car loan eligibility

  • Opting for pre-approved car loans: Like every bank, Andhra Bank also provides better offers in the form of less paperwork, instant loan approval, and loan disbursal than its competitors. It is done to retain existing customers. You should not miss such car offers as if you apply for the car loan with the existing bank, you can save yourself from cumbersome paperwork and approval process.
  • Maintaining a good credit score: To improve your eligibility for availing a car loan without any hurdle, you should clear all your credit card dues, make the payment of other loans on time and also, strike a balance between secured and unsecured loans.
  • Opting for a co-applicant: You can opt for a co-signer or co-applicant for your car loan. A co-applicant with good credit history and score can improve the chances of approval of a car loan.
  • Using the online eligibility calculator: You can use the online eligibility calculator to determine the tenure of the loan. The lower mandate would imply higher EMI's and vice versa. The online eligibility calculator can also help to maintain a low debt-to-income ratio, which may improve your chances of getting a loan approved.

Andhra Bank Car Loan EMI

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. 1,529 per lakh loan amount at lowest car loan interest rate of 7.40%. 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

Documents Required for Andhra Bank Car Loan

Car loan Andhra Bank documents for salaried employees

  • Filled up loan application form
  • 2 Passport Size Photo
  • Copy of Income Tax PAN
  • Identity Proof - 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 payslip, 2 years Form 16, 3 months bank statement showing salary credit and any EMI debit
  • R.C of Vehicle and Insurance of Car.

Car loan Andhra Bank documents for self-employed

  • Filled up loan application form
  • 2 Passport Size Photo
  • Copy of Income Tax PAN
  • Identity Proof - 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 payslip, 2 years Form 16, 3 months bank statement showing salary credit and any EMI debit
  • R.C of Vehicle and Insurance of Car.

Fee and Charges on Car Loan Andhra Bank

  • 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 car loan after paying 1 EMI’s with 1%

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 of Andhra Bank
  • You can avail additional top-up car loan from Andhra Bank, subject to your eligibility

FAQs

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

Andhra Bank car loan interest rates today are 7.40% to 7.50%.

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. 1528.9.

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 can I borrow from Andhra Bank?

Andhra Bank offers you 85% of on-road price of the 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 a 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 a higher loan amount.

Compare Car Loan Interest Rates of Andhra Bank with other banks

Andhra Bank Car Loan in India

Andhra Bank Car Loan Customer Care Number, Email, Application Status, Branches
City Customer Care Number
Agra 1800-425-2905
Ahmedabad 1800-425-2905
Ambala 1800-425-2905
Anand 1800-425-2905
Aurangabad Bihar 022-26876181
Bangalore 080-26578833
Bhilai 1800-425-2905
Bhilwara 1800-425-2905
Bhiwadi 022-26876181
Bhopal 1800-425-2905
Bhubaneswar Cuttack 1800-425-2905
Bikaner 1800-425-2905
Chandigarh 1800-425-2905
Chennai 044-24994924
Cochin 1800-425-2905
Coimbatore 044-24994924
Dehradun 1800-425-2905
Delhi 0124-2581936
Durg 1800-425-2905
Faridabad 0124-2581936
Gandhinagar 1800-425-2905
Ghaziabad 0124-2581936
Goa 1800-425-2905
Greater Noida 0124-2581936
Gurgaon 0124-2581936
Guwahati 1800-425-2905
Gwalior 1800-425-2905
Hyderabad 040-23210907
Indore 1800-425-2905
Jabalpur 1800-425-2905
Jaipur 1800-425-2905
Jalandhar 1800-425-2905
Jodhpur 1800-425-2905
Kanpur 1800-425-2905
Karnal 1800-425-2905
Kolhapur 022-26876181
Kolkata 033-22472068
Kota 1800-425-2905
Kozhikode 1800-425-2905
Lucknow 1800-425-2905
Ludhiana 1800-425-2905
Madurai 044-24994924
Meerut 1800-425-2905
Mehsana 1800-425-2905
Mohali Sas Nagar 1800-425-2905
Mumbai 022-26876181
Mussoorie 1800-425-2905
Nagpur 022-26876181
Nashik 022-26876181
Noida 0124-2581936
Noida Extn 0124-2581936
Panipat 1800-425-2905
Patna 1800-425-2905
Pondicherry 1800-425-2905
Pune 022-26876181
Raipur 1800-425-2905
Rajkot 1800-425-2905
Ranchi 1800-425-2905
Rohtak 1800-425-2905
Roorkee 1800-425-2905
Salem 044-24994924
Shimla 1800-425-2905
Sonipat 1800-425-2905
Surat 1800-425-2905
Trichy 044-24994924
Udaipur 1800-425-2905
Vadodara 1800-425-2905
Varanasi 1800-425-2905
Vijaywada 040-23210907
Vizag 040-23210907

Andhra Bank Car Loan News - Apr 2021
  • 2018-02-17 : Andhra Bank reports net loss of Rs 532 cr in Q3
    Andhra Bank reported net loss of Rs 532.02 crore in the third quarter of this fiscal because of higher bad loan provisioning. The bank had net profits of Rs 56.70 crore in corresponding period of 2016-17.
*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. Read More
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