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Andhra Bank Two wheeler Loan Interest Rate

Current Andhra Bank Bike Loan Interest Rate 2021

Last Updated 16th Jul 2021

Interest Rates 9.90%
Maximum Loan Amount Eligibility 85% of On Road Price
Maximum Loan Tenure 5 years
Lowest EMI per ₹ Ten Thousand Loan Amount ₹ 212
Processing Fee Nil
Prepayment Charges 1% of Outstanding Balance
Interest Calculation EMI on a monthly reducing balance
Age Between 21 years and 60 years
Apply for Two Wheeler Loan @ 11.60%*

Andhra Bank Two wheeler Loan

Andhra Bank Bike Loan Interest Rates

Andhra Bank bike loan Interest rate calculator works on various inputs like:

  • Salary - Higher salary bracket individuals are offered loans at lower interest rates. Andhra Bank auto loan 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 two wheeler loans. So, higher company category leads to low rate of interest.
  • Type of two wheeler - Andhra Bank interest rate depends upon the type of bike you want to buy. If you have applied loan for a high value two wheeler, then the bank offer low interest rate on your two wheeler.
  • Relationship with the Bank – Andhra Bank offers special rates, offers and charges to the salary account holders of the bank. Those who have managed their accounts low Andhra Bank 2 wheeler interest rate.

Andhra Bank Two wheeler Loan Eligibility

Eligibility of 2 wheeler loan in Andhra Bank relies upon different factors but the most important factor is your ability to repay the loan. Two wheeler loan calculator calculates eligibility of an applicant depending upon various factors like

  • Age: Age plays an important role to know your eligibility and repayment capacity. Andhra Bank offers two wheeler loan to individuals who are atleast 21 years old at the time of loan approval and maximum 60 years at the time of loan maturity.
  • Income: Andhra Bank bike loan calculator calculates your eligibility based upon your income. Usually bank set minimum levels of income to apply for two wheeler loan. Andhra Bank asks for net monthly income of ₹ 15,000 from salaried professionals.
  • CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has direct impact on your two wheeler 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 two wheeler loan eligibility.

Andhra Bank Two wheeler Loan EMI

Two wheeler Loan EMI of Andhra Bank is a fixed amount that you pay each month towards the repayment of your bike loan till the end of tenure. Lowest EMI offered by Andhra Bank is ₹ 212 per ten thousand loan amount at lowest two wheeler loan interest rate of 9.90%. Andhra Bank bike loan EMI calculator depends on factors like:

  • Auto Loan Andhra Bank 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
  • Two wheeler loan EMI calculation varies from bank to bank depending upon the method of calculation

Andhra Bank 2 Wheeler Loan Apply

Andhra Bank gives the facility of bike loan to the people who want to fulfil their dream of having their own 2 wheeler. There are some features and benefits of taking auto loan from Andhra Bank:

  • Special schemes for corporate and women borrowers
  • Simple and hassle free procedures
  • Competitive interest rates

Documents Required for Andhra Bank 2 wheeler Loan

Two wheeler loan Andhra Bank documents for salaried employees

  • Signed loan application form
  • Photographs
  • Income Tax PAN Copy
  • Identity Proof – Driving License/ PAN/ Passport/ Voter ID
  • Address Proof - Registered Rent Agreement/ Passport/ Leave and License/ Utility Bill
  • Income Documents – Form 16, last 3 months pay slip, bank statement of 3 months showing salary credit and any EMI debit

Two wheeler loan Andhra Bank documents for Self-Employed

  • Signed loan application form
  • Photographs
  • Income Tax PAN Copy
  • Identity Proof - Driving License/ PAN/ Passport/ Voter ID
  • Address Proof - Registered Rent Agreement/ Passport/ Leave and License/ Utility Bill
  • Income Documents – Last 2 years ITR
  • Business existence proof such as VAT/ service tax registration, business address proof, incorporation details in case of companies

FAQs

How much interest is charged by Andhra Bank on two wheeler loan?

Andhra Bank bike loan interest rates today are 9.90% to 10.00%.

What is the lowest EMI for ten thousand amount on Andhra Bank two wheeler loan?

If you apply for a 2 wheeler loan from Andhra Bank, your lowest EMI for ten thousand amount will be ₹ 212.

What is the maximum tenure of Andhra Bank bike loan?

You can repay your bike loan from Andhra Bank in a flexible period of maximum 5 years.

How much auto loan I can borrow from Andhra Bank?

Andhra Bank offers you 85% of On Road Price of two wheeler as loan.

How much processing fee is charged by Andhra Bank on bike loan?

Andhra Bank charge a processing fee of Nil with applicable service tax.

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

Yes, age is an important eligibility factor to get Andhra Bank two wheeler loan as you should be at least 21 years old at loan approval time and 60 years old at loan maturity time.

Are there any prepayment charges on Andhra Bank two wheeler loan?

You can foreclose your two wheeler loan from Andhra Bank with 1% of Outstanding Balance.


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Andhra Bank Two Wheeler Loan News - Jul 2021
  • 2021-07-16 : UBI update on change in IFSC code for merged banks - Andhra Bank and Corporation Bank
    Union Bank of India (UBI) on Friday said the IFSC codes of the erstwhile e-Andhra Bank and e-Corporation Bank branches will change with effect from July 1, 2021. Customers of the erstwhile banks will have to get new cheque books with changed IFSC and MICR codes
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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