• Andhra Bank Car Loan

    Did you know that Andhra Bank offers car loans for as high as Rs.50 lakh with zero processing fees and an interest rate as low as 9.2%, that too floating rates? Get easy documentation and a flexible repayment tenure too. Get to know all about Andhra Bank car loans today on BankBazaar and cut short your loan processing time now.
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    Andhra Bank is a medium-sized public sector bank, with a network of 2000+ branches, 15 extension counters, 38 satellite offices and 1563 automated teller machines. The products and services provided by the bank mainly categorised into businesses of Retail, Corporate, NRI, MSME, and Agricultural industries. Under the Retail Business, the bank offers deposits, loans, cards, DMAT services, insurance, and mutual funds to individual customers. Under the Corporate Business, the bank offers loans & advances, project appraisals, and loan syndication. Under the NRI business segment, the bank offers Deposit schemes, loans, remittance services, and investment services to the non-resident Indians. To know more, follow some simple steps given below to get best car loan interest rate.

    Documentation needed to apply for an Andhra Bank Car Loan

    • 1. Signed application form with photograph
    • 2. Photo ID and age proof
    • 3. Residence proof
    • 4. Last 6 months bank statement
    • 5. Documentation for salaried applicants:
      • Last 3 months salary – slips
      • Form 16 or Income Tax Returns
    • 6. Documentation for self-employed applicants:
      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

    Andhra Bank Car Loan Interest RatesUpdated on 28 Sep 2021

    Andhra Bank Car Loan Details
    Interest Rate 9.45% p.a. for new car loans and 12.15% p.a. for used car loans.
    Processing fee Rs. 1,000 - Rs. 25,000
    Loan Tenure Up to 7 years
    Pre Closure charges 1% on the outstanding balance at the time of prepayment.
    Guarantor Requirement No, however, a third-party co-applicant is accepted by the bank while the hypothecation of vehicle purchased serves as security.

    Overview About Andhra Bank Car Loan

    Andhra Bank is one of the prominent Public Sector Banks in the country. With heavy presence in south India, specially in the state of Andhra Pradesh and Telangana, the bank provides a wide range of banking services and financial products across sectors such as Retail, Corporate, NRI, MSME and Agriculture. In the loan portfolio for the Retail sector, Andhra Bank extends loans for Housing, Education, Personal needs along with Vehicle loans for both two wheelers and cars.

    Car loans are provided at pleasing interest rates and attractive terms. Financing options are available for both new and used cars.

    Why choose Andhra Bank Car Loan

    Car loan is provided to all income groups with a wide tenure to choose from. With a maximum financing of up to 85% of the loan amount, your dream of owning a car is burden proof. The bank provides car loans up to Rs.50 lacs, helping you to procure a car of your choice without worrying about the quantum of finance.

    Features of Car Loan From Andhra Bank

    Quantum of Finance

    The loan amount is determined on the basis where the maximum permissible car loan EMI should not exceed 60% of net salary of the applicant and 70% for the non salaried class. Up to 85% of the “”On Road” value of the car is financed by the bank.

    Flexible Repayment Tenure

    The loan amount and interest charges can be repaid in up to 84 EMIs. An unique feature from Andhra bank is the option to also make the repayment in quarterly/half yearly/yearly basis. This kind of flexibility ensures that you get to choose a term of your choice, as per your budgeting requirement.

    Easy Documentation

    With just basic documents to meet the KYC guidelines along with paperwork relating to the proposed car, the application process is largely hassle free.

    Competitive Interest Rates

    The bank follows the system of base rate linked system of calculating rate of interest for car loans. The present rate of interest for loan tenure up to 36 months is base rate + 0.50% and for loans above this threshold, the rate is Base Rate + 0.75%. Highly competitive, the rates offered by Andhra Bank goes soft on your wallet.

    • 1-year MCLR + 0.70 % for new four-wheeler loans
    • 1-year MCLR + 3.45% for used four-wheeler loans

    Based on the concept of Reducing Balance, the interest is applied only on the outstanding balance component which reduces the interest burden substantially. Existing Home Loan customers of Andhra Bank qualify for a concession of 0.25% on the actual rate. Ex employees of the bank and applicants belonging to certain sectors/categories can be eligible for a concession as well.

    Do inquire with the nearest branch or contact the customer service wing for latest interest rates before forwarding your application.

    • Individuals with a minimum annual gross income of Rs.1 lakh.
    • Companies, Firms, Trusts and Societies holding an account with the bank also qualify.

    Further information on eligibility will be provided by the bank at the time of application.

    Ascertaining the EMI amount before availing a car loan not only helps in gauging your obligations, but also guides in choosing the best terms that syncs with your budgeting requirement. The Car Loan EMI Calculatorunder the Finance Tools section of this website helps you with the task.

    Before you begin, keep handy, details such as the loan amount, proposed tenure, Rate of interest and processing fee(if any). Use the Slider 1 to choose the Loan Amount and Slider 2 to select the Tenure. Enter the Interest Rate and Processing Fee in the fields that follow and click “Calculate”. Elaborate details such as the EMI amount followed by the Amortisation table is displayed on the screen.

    Use the financials to analyse the various facets involved in the car loan to make key decisions.

    What are the advantages of calculating EMI before applying for a car loan?

    Car loans are repaid through Equated Monthly Installments (EMIs) over a specified period of time called the loan tenure. EMI includes the principal and interest amount. Calculating loan EMI can help you find out how much your car loan will cost you monthly. This, in turn, can help you create a monthly budget so that you can maintain a low debt-to-income ratio wherein the EMI doesn’t exceed more than 50% of your income. Why is it important to maintain a low debt-to-income ratio? It will ensure that you don’t default on your car loan.

    Andhra Bank Car Loan EMI Calculator is a free, online tool that is simple and easy to use. You can get instant and accurate results compared to calculating EMI manually or using an Excel Sheet. The tool allows you to input varying combinations of the loan amount and loan tenure in order to get revised results. Depending on the results, you can make an informed decision and choose a suitable loan tenure and an affordable loan amount. Just enter your proposed car loan details into the Andhra Bank Car Loan EMI Calculator like the loan amount, loan tenure, and interest rate. Click on the ‘calculate’ button and get a breakdown of your loan repayment schedule, the principal amount, interest, EMI, and the outstanding due after each EMI payment.

    The EMI calculator can also be used to decide whether making a prepayment or pre-closing the car loan is a beneficial move.

    How to apply for an Andhra Bank four-wheeler loan?

    The Andhra Bank four-wheeler loan application form can be downloaded from the bank website or obtained at the nearest bank branch. You must submit the duly-filled and signed application form along with the necessary document proofs such as age, income, identity, and address proofs to the bank. To locate an Andhra Bank branch near you, use the ‘Branch Locator’ feature on the bank website. Just enter your state and city into the tool to get a list of bank branches in your locality.

    The bank will verify the details furnished by you and process your application. Upon approval, the loan amount will be sanctioned immediately. You can also request a ‘Call Back’ on the bank website and a representative of the bank will call you back to resolve your query. The bank also has a 24/7 toll-free number for customer service.

    Andhra Bank Four-Wheeler Loans for Women

    Andhra Bank offers a special four-wheeler vehicle loan scheme for women borrowers. This scheme includes new and used car loans.

    Eligibility

    Any salaried or self-employed woman with an income proof and a valid Driving License can apply for a four-wheeler loan at Andhra Bank.

    Salary of the woman applicant must be routed through the bank. A letter of undertaking from the employee must be furnished for recovery.

    In some special cases, a post-dated cheque at the discretion of the manager must be provided.

    Rate of interest

    New four-wheeler loan - 1-year MCLR + 0.70% p.a.

    Used four-wheeler loan - 1-year MCLR + 3.45% p.a.

    Features of Andhra Bank vehicle loan for women borrowers

    • Income criteria: Women applicants must have more than Rs.1 lakh net annual income. If the applicant is married, 50% of the spouse's income will be taken into consideration to determine the applicant's eligibility if the husband signs as a co-applicant.
    • Loan amount: For a new vehicle, the bank lends a maximum auto loan of up to 90% of the on-road price of the vehicle or 3 times the applicant's gross income, whichever is lower. For a used/pre-owned/second-hand vehicle that is not more than 3 years old, the applicant can get a maximum loan of up to 60% of the garage value of the vehicle or 3 times the applicant's gross income, whichever is lower.
    • Loan repayment period: The loan tenure for four-wheeler loans from Andhra Bank ranges from 12 to 72 months.
    • Co-applicant: The applicant can have her spouse, father or any third-party to serve as a co-applicant for the loan.
    • Loan security: Hypothecation of vehicle purchased.
    • Prepayment charges: The bank charges 1% on the outstanding balance at the time of prepayment for four-wheeler loans as a penalty fee.

    Note: On-road price of a vehicle includes life tax, registration charges, invoice price, insurance, and accessories worth Rs.5,000, if any.

    Documents required to apply for an Andhra Bank four-wheeler loan for women

    • Valid Driving License in the applicant's name.
    • Income proof in the form of last months' salary slips, IT Returns, Proforma Invoice or Assessment Order.
    • Valuation certificate of the second-hand vehicle from a reputable garage.
    1. I am an existing customer with Andhra Bank and hold a home loan with the bank. Am I eligible for a concession on the car loan interest rate?

      Housing loan customers of the bank are eligible for a concession of 0.25% on the existing rate.

    2. What is the quantum of loan available for used cars?

      The bank provides up to 60% of the car value as loan(Max Rs.25 lacs). The remainder has to be arranged by the customer. Used cars should not be older than 3 years from the date of registration.

    3. What is the maximum loan amount provided by Andhra bank for Corporate clients?

      The upper ceiling on the loan amount ranges from Rs.25 lacs to Rs.50 lacs, depending on the existing relationship with the bank. Do inquire at the nearest branch for further information.

    4. How do I contact the centralised customer service department of Andhra Bank?

      Please call on 1800 425 1515 for general queries or questions on your existing relationship with them.

    5. Does Andhra Bank provide any other installment option other than monthly EMIs?

      Yes. Repayment terms can also be set to Quarterly, Half Yearly or Yearly options based on occupation and income of the borrower.

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    Andhra Bank Car Loan Reviews

    • andhra Bank
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have applied for the car loan with the ANDHRA BANK and using it since from last few years. The rate of interest they have offered was lower when compared to the others with this bank. The customer service is good with this bank and overall it is good.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Apr 03, 2019
    • andhra Bank
      andhra Bank
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My card loan was taken with ANDHRA BANK , the tenure period is 3 year . The process of getting the loan was easy , and the loan amount what they gave is very satisfactory . The rate of interest is very nominal compare in the market . There is zero processing fee with this bank .
      Was this review helpful? 2
      , chennai
      Reviewed on Mar 01, 2019
    • andhra Bank
      "Easy to get"
      0.5 5.0/5 "Blown Away!"
      Its easy to get a loan from Andhra bank since I'm holding the account for long time with them. I have never checked the interest rate with other companies. I bought the vehicle loan for the amount of Rs. 5.5 lakhs. I have chosen the tenure period of 5 years. Last month i have closed the loan. I paid the EMI of Rs. 11000 nearly every month.
      Was this review helpful? 2
      , chennai
      Reviewed on Nov 30, 2018
    • andhra Bank
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with Andhra bank and my loan experience was good. The loan amount was for Rs 6.4 lakhs with nominal interest rate when compared to other banks. The car model is Swift Dzire and the loan amount was 85% of the car value. Customer service was good and they followed up on time. The tenure of this loan is 5 years.
      Was this review helpful? 1
      , chennai
      Reviewed on Mar 16, 2018
    • andhra Bank
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I am having the car loan with the Andhra bank and the interest rate is around 9.1%, also the customer service is fine one and the responsiveness too. Its totally fine one for me with them. The disbursal got happens on immediate manner from the Andhra bank.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 15, 2018
    • andhra Bank
      "Best service"
      0.5 5.0/5 "Blown Away!"
      My car loan experience with Andhra Bank was very good, the loan amount was for Rs 6.80 lakhs with the nominal rate of interest when compared to all other banks. The loan amount was based on the on-road price. Customer service was good, they followed up correctly and i received my loan amount within the given time.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 04, 2018
    • andhra Bank
      "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? 1
      , visakhapatnam
      Reviewed on Oct 04, 2017
    • andhra Bank
      "Excellent"
      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? 1
      , chennai
      Reviewed on Jun 29, 2017
    • andhra Bank
      "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? 3
      , kurnool
      Reviewed on Apr 20, 2017
    • andhra Bank
      "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? 1
      , hyderabad
      Reviewed on Jun 28, 2016
    • andhra Bank
      "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? 3
      , karimnagar
      Reviewed on Dec 30, 2015
    • andhra Bank
      "Satisfactory.."
      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
      "best"
      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? 5
      , gurgaon
      Reviewed on Jun 13, 2015
    • andhra Bank
      "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? 7
      , hyderabad
      Reviewed on Jan 30, 2015
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