If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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  • Andhra Bank Car Loan Eligibility Calculator is Rated as "Excellent!" by 8 Users

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    Andhra Bank Car Loan Eligibility Calculator

    Andhra Bank Car Loan Eligibility Overview

    Andhra Bank runs an attractive scheme for loans for four wheelers. Loans are available to individuals and firms, and it also runs a special scheme for women. Get loan amounts based on your salary where the maximum EMI should not be more than 60% of net income of salaried individuals and 70% for non-salaried people. You can avail of a loan for both new cars and used cars. Andhra Bank offers its customers a variety of repayment terms in the form of quarter, bi-annual, and annual instalments. This depends on your income and type of employment.

    Andhra Bank Car Loan Eligibility

    To be eligible for an Andhra Bank Car Loan, you must fall into the eligibility criteria set by the bank which is relatively lenient.

    • Eligibility for Salaried Individuals and self-employed
      • Individuals should be earning a minimum of Rs. 1 lakh per annum.
    • Eligibility for Firms
      • Corporate customers of the bank can apply.
      • Firms which are limited companies, firms, societies and trusts holding an account with Andhra Bank can apply.
    • Eligibility for Andhra Bank Car Loan for women
      • Salaried women who are permanently employed
      • Self-employed and professional women who can show income
      • Borrowers must have a valid driving licence in their name.
      • Salary should be credited to Andhra Bank
    Apply for Car Loan Online

    Factors affecting Andhra Bank Car Loan Eligibility

    A few things can factor into your car loan eligibility such as your current debt, age, income and so on. The factors that can affect your car loan eligibility and their reasons are listed below:

    Income - Banks set a minimum income required without which they will be reluctant to give you a loan. This is because they need to know you are earning enough money to pay back the loan.

    Profession - Banks prefer you are steadily employed or that your firm is stable. This ensures regular income for you to pay back your loan till the end of your tenure.

    Current debt - If you have existing debt, this could play a role in your eligibility. Your loan amount can reduce significantly if you already hold other kinds of debt such credit card balances and other loans. Your debt-to-income ratio should not exceed a certain limit where you would experience extreme financial strains to the point where you find yourself unable to handle your finances.

    Credit Score - Your credit score assigned by CIBIL is important when you are taking out a loan. CIBIL scores show what kind of a customer you are when it comes to credit. A good credit score can help your application process become easier. A bad credit score can stand as an obstacle between you and your dream car.

    How does CIBIL scores affect your Andhra Bank Car Loan Eligibility?

    CIBIL is the Credit Information Bureau India Limited which keeps a track of everyone’s credit record. CIBIL scores have come to be very important into today’s banking world. It does not keep track of your debit history and is only concerned with your credit history. CIBIL keeps a record of your behaviour and patterns when it comes to credit cards and its payments, loans, how many unsecured loans you have and how much debt you are in. It keeps a record of every time you default on a payment as well as every time you pay your bills on time and in full.

    When you apply for a loan, Andhra Bank will make a hard enquiry on your CIBIL score. If you have a good score, this means you are a credible customer. Banks will be happy to approve your loan. Your process will be much faster and easier. If you have a low score, it raises a red flag with the banks as to why your score is low. It will lead them to think that you are not the ideal customer and will most probably default on the loan they give you. Your loan may not be approved or your application process will be complicated.

    How you can Increase your Andhra Bank Car Loan Eligibility

    In case you find yourself not eligible for a loan or for the loan amount you need, there are ways to increase your chances.

    Build your credit score - If your credit score is low or zero, you can build your score by using credit lines carefully. Spend on a credit card and pay it back in full on time. Don’t spend more than what you can pay back. If you are not eligible for a credit card, explore your options of secured credit cards. Make sure you don’t default on payments on any loans you might already have.

    Co-Borrower - If you do not meet the income requirements, you can add your spouse or immediate family’s income and they will be a co-borrower of the loan.

    Employment stability - Banks are reluctant to give loans to those who have unstable income. If you have been jumping companies or businesses, it proves that you are not a reliable customer with a steady source of income. You need to be regularly and permanently employed and show that you can carry out the loan and its EMIs till the end of the loan.

    Pay off debt - If you can pay off any existing debt, especially the short-term unsecured debts, this will drastically change your eligibility. Your loan amount will significantly increase.

    Andhra Bank Car Loan Eligibility Calculator

    If you feel you might not be eligible for a car loan from Andhra Bank, you can use a calculator available online. This will help you determine if your income is enough or if you need a co-applicant to increase your income earned. With an Andhra Bank Car Loan Eligibility Calculator, simple details such as your age, income, and car brand and model, will help you determine if you qualify for an Andhra Bank Car Loan.

    Car Loan Reviews

    • andhra Bank Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I applied for my car loan with my parent bank which is Andhra Bank after closing my car loan application with HDFC Bank as it will be very easy for me to communicate with the bank staffs and also for payments and EMI options. There was no processing fees and the rate of interest is 9.1% which is good when compared with HDFC Bank.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Oct 04, 2017
    • andhra Bank Car Loan
      0.5 4.5/5 "Excellent!"
      ANDHRA Bank offered me a Car loan with 10.5% rate of interest and its quiet less compare to other banks. Process was good and they accept the application in a quick manner and I am happy with their service. I have got proper response from them over all the loan got approved in three days
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 29, 2017
    • andhra Bank Car Loan
      "Best process"
      0.5 4.0/5 "Great!"
      "All the documents were collected in one go by Andhra bank and my loan was sanctioned in no minutes. Best of all, they had provided the least rate of interest and it is a floating rate too. On top of all that they did not collect any processing fees nor any charges too. My only concern with them was they were in need of a guarantor . "
      Was this review helpful? 1
      , kurnool
      Reviewed on Apr 20, 2017
    • andhra Bank Car Loan
      "Very quick process"
      0.5 5.0/5 "Blown Away!"
      Previously I had taken a car loan from Andhra Bank in 2013 as they had quite competitive rates. The process was very easy and hassle free. They took just 48 hours to complete the loan process. Since I had a savings account with them it helped in easy processing of the loan as they already have my details.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 28, 2016
    • andhra Bank Car Loan
      "Andhra bank is not transperent ."
      0.5 0.5/5 "Unacceptable"
      I took a car loan in Andhra bank in Jan2014 . I took 4 lakhs at 11% pa . Which means I have to pay an EMI of 8697 but they quote the EMI as 9041 . If you want to track the Loan by logging online they don't give you your login details . Till now I applied for Online account twice but did not get any response. Very poor service.
      Was this review helpful? 1
      , karimnagar
      Reviewed on Dec 30, 2015
    • andhra Bank Car Loan
      0.5 5.0/5 "Blown Away!"
      ANDHRA Bank offered me a Car loan with 10.20% rate of interest and its quiet less compare to other banks. Process was good and they accept the negotiation and I am happy with their service. I have got proper response in the branches. They resolve the queries immediately.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Sep 14, 2015
    • andhra Bank Car Loan
      0.5 5.0/5 "Blown Away!"
      I got the car loan with the car loan with Andhra bank.I just got the loan with 10.25%.I got the loan within 3 days.I am an employee , so I got some of the good offers.There was no processing charges and since 31st march , the processing charges and fees are waived off.
      Was this review helpful? 4
      , gurgaon
      Reviewed on Jun 13, 2015
    • andhra Bank Car Loan
      "Good "
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with Andra Bank. I was able to enjoy the car due to this loan that was the first thing about it. I have almost paid 90% of the loan . Only 20000 is left. They even gave some concession on processing fee. I can also make part payment . It took the loan for 5 lakhs and I am left with 20000 only.
      Was this review helpful? 4
      , hyderabad
      Reviewed on Jan 30, 2015
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