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

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    10.00% Fixed
    25L - 50L
    1-7 Years
    Response Time Within 30 minutes
    Fees & Charges
    Good to Know
    Eligibility Criteria

    Andhra Bank Car Loan is Rated as "Excellent!" by 5 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service



    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 interest rates.

    You’re probably eligible for an Andhra Bank Car Loan if you are

    Andhra Bank Car Loan Minimum Age

    At least 18 years old

    Andhra Bank Car Loan Maximum Age

    Less than 65 years old

    Andhra Bank Car Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    Andhra Bank Car Loan Minimum Income

    Earn more than the minimum
    income required

    Your Andhra Bank Car Loan amount eligibility is based on these factors

    Andhra Bank Car Loan Minimum Salary

    Minimum income required
    Rs.1,00,000 per annum

    Andhra Bank Car Loan Maximum Loan to Value

    Loan capped @
    85% of the ex-showroom price

    Andhra Bank Car Loan EMI

    EMIs of other loans lower
    your eligibility

    Increase your eligible Andhra Bank Car Loan amount by these steps

    Andhra Bank Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    Andhra Bank Car Loan Maximum Tenure

    Choose longer tenure loan up to 7 years

    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 24 Oct 2016

    Andhra Bank Car Loan Details
    Interest Rate (Monthly reducing balance) 10.00%
    Loan Tenure 1 year to 7 years
    Pre Closure charges Nil
    Guarantor Requirement No Guarantor Required

    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 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.

    Why apply for a Andhra Bank Car Loan through BankBazaar.com?

    Bank Bazaar is a leading online marketplace for all your banking needs. Applying for a car loan on this site helps in comparing various loan offers from banks and guides you in choosing the best one that suits your requirements. You can also be eligible for the best rates and terms. Bank Bazaar provides all round assistance by helping you with various stages involved, from application to disbursal.

    • For car loans up to 36 months tenure, the present rate of interest is 10.75%(Base rate + 0.50%).
    • For loans of all other tenures, the rate is 11%(Base rate + 0.75%).

    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.

    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.

    6. How do I apply for an Andhra Bank Car Loan?

      Visit any Andhra Bank Branch near you or walk into a specialized retail credit branch to apply for a car loan.

    7. Who can apply for a four wheeler loan from Andhra Bank?

      To apply for a four wheeler loan, you need to meet the following requirements.

      • Any individual earning at least Rs. 1 lakh gross income per annum can apply.

      • The loan is also available to corporate customers of Andhra Bank. Firms, Limited Companies, Trusts and Societies holding an account with Andhra bank are eligible.

    8. For what kind of vehicles does Andhra Bank provide car loans?

      Andhra Bank provides loans to finance any four-wheeler you want to purchase.

    9. Does Andhra Bank sanction car loans for pre-owned vehicles?

      Yes, you can apply for a car loan for used vehicles. Pre-owned vehicles should not be over 3 years old.

    10. What is the minimum amount offered on Andhra Bank car loans?

      Andhra Bank has not set any minimum loan amount for four-wheeler loans.

    11. What is the maximum loan quantum offered by Andhra Bank for car loans?

      The loan amount you can avail of is determined by your income and repayment capacity. The maximum loan amount also depends on the maximum EMI amount allowed. EMIs should not exceed 60% of your net salary. It should not exceed 70% of income of non-salaried borrowers.

    12. What is the maximum loan quantum offered by Andhra Bank for pre-owned car loans?

      The maximum loan amount sanctioned for used cars is 60% of garage value or Rs. 25,00,000 /- whichever is lower.

    13. What is the minimum loan tenure on an Andhra Bank car loan?

      Andhra Bank has not set any minimum repayment tenure for four-wheeler loans.

    14. What is the maximum loan tenure on an Andhra Bank car loan?

      The maximum loan tenure is 84 months.

    15. What is the repayment period for used vehicles?

      The maximum loan tenure offered is 60 months EMIs. Repayment can be made in monthly, quarterly, half-yearly, and yearly instalments.

    16. What is the income requirements for Andhra Bank Car Loan?
      • Anybody earning at least Rs. 1 lakh minimum as gross income per year can apply for a vehicle loan from Andhra Bank.

      • For corporates and firms, Rs.25 lakhs to Rs.50 lakhs income is required depending upon the dealings with the Bank.

    17. Can I apply jointly with my spouse to increase the income capacity?

      Yes, you can apply for the loan jointly with your spouse or any immediate family member. They will become co-applicants in the loan. Their income can be added to the eligibility criteria. This will also increase the loan quantum you can get.

    18. What is the interest rate on Andhra Bank Car Loan?

      The interest rate is the base rate +0.50%. Interest rates are fixed rates throughout the loan tenure. The base rate is currently 9.75% p.a.

    19. How is interest calculated?

      Interest is compounded on a daily reducing balance.

    20. Are there any processing fees on Andhra Bank Car Loans?

      Yes, Andhra Bank levies processing fees which should be paid upfront when the loan is sanctioned. Administrative charges will be collected at the end of every quarter.

    21. Can I preclose my Andhra Bank vehicle loan account?

      Yes, you are allowed to foreclose your loan. Prepayment charges will be applicable.

    22. What are the options of repayment available?

      Andhra Bank car loan repayments are flexible. You can choose to repay the loan in monthly instalments, quarterly, half-yearly and yearly instalments. This depends on the income and employment status of the individual.

    23. How do I make payments towards the loan instalments?

      Loan instalments can be paid via two methods.

      Standing Instructions - set instructions with Andhra Bank to automatically debit your savings account with the loan amount.

      Bank Branch - Visit any Andhra Bank branch and make the payment.

    24. Can I pay instalments ahead of the due date?

      Yes, you can pay your loan instalments in advance. You stand to benefit with the interest component being reduced.

    25. What are the margin requirements of Andhra Bank Vehicle Loan?

      Margin requirements differ between the salaried class and others. The following is the margin requirements.

      Type of vehicle

      Income group


      New Vehicles

      Salaried class and where salary deduction is available


      Other Borrowers


      Pre-owned Vehicles

      All borrowers


    26. What security can I offer for Andhra Bank to get a car loan?
      • For individual borrowers, hypothecation of the vehicle will suffice.

      • For corporates and firms, hypothecation charge should be registered in the Registration Certificate of the car, and should be in favour of the bank. The vehicle will be exempted from registration of charge with ROC.

    27. After I repay the loan, how do I clear the hypothecation on the car?

      After repaying your car loan, you should collect the following documents from Andhra Bank. You need to submit them at your Regional Transport Office (RTO).

      • No Objection Certificate issued by Andhra Bank.

      • No Objection Certificate (NOC) will be issued for the the Auto Insurance Company and the Regional Transport Office (RTO).

      • Original Form 35.

    28. How do I contact the Andhra Bank Customer Care for car loan queries?

      Andhra Bank provides toll free lines for customers to contact the customer care service. The service is available between 10.00 a.m to 5.00 p.m on all working days.

      The second and fourth Saturdays are regular bank holidays.

      • Toll free - 1800 425 2905

      • Telephone - 040 23234313, 23252000 Extn: 2422, 2577

      • Fax: 23232419

      • Email ID: [email protected]

    29. What are the documents required for a Andhra Bank car loan application?

      You will need to submit the following documents when applying for an Andhra Vehicle loan.

      • Recent passport photograph

      • Duly-filled Application form

      • Documents for KYC Compliance that include ID, age and address proof.

      • Salary Slip

      • IT Returns/Assessment Order.

      • Valid driving license if the vehicle is self driven.

      • Proforma Invoice.

    30. Do I need my CIBIL score to apply for an Andhra Bank Car Loan?

      CIBIL scores are credit ratings that play an pivotal role in loan applications and approvals. You can buy your score on the official CIBIL website for Rs. 500. Scores that are 750 or above get faster loan approvals, better terms and interest rates from any bank.

    31. How do I calculate my EMI amount?

      Your EMI is a equated monthly instalment which is the whole loan broken down into monthly payments. Each payment has two components: Principal + interest. To find out your EMI amount, you can use an EMI calculator available on the Andhra Bank website as well as BankBazaar. Enter your loan details that include principal amount, interest, and tenure. The website will generate your EMI amount.

    32. Does Andhra Bank have any tie-ups with Auto dealers?

      Yes, Andhra Bank has a tie-up with a number of auto dealers. For four wheelers, you can choose any of the following dealers:

      • Tata Motors

      • Maruti Suzuki

    33. What are the benefits of purchasing from partnered dealerships?

      You can avail of free accessories when you buy a car from the partnered dealerships with a loan from Andhra Bank.

    34. Are there any special car loan schemes offered by Andhra Bank?

      Yes, Andhra Bank offers special car loan schemes for women borrowers. If the applicant’s salary is above Rs. 1 lakh and is routed through Andhra Bank, a car loan with enhanced terms will be offered.

    35. Can anyone other than a family member be a co-applicant in the loan?

      Co-applicants can be any third party that is acceptable to the bank. Other than your spouse, or immediate family member, it is at the sole discretion of the bank that your application will be approved.

    ANDHRA Bank Car Loan Diwali Offers – October 2016

    Buying a car this Diwali can fetch you a good price on the car and a good deal on the car loan. With a loan from Andhra Bank, you can get up to 85% finance for your car. Andhra Bank car loan caters to all income groups and has a wide range of tenures to opt from. For individuals who find it hard to meet the income requirements from other banks, Andhra Bank is a good option as their minimum income requirements is as low as Rs.1 lakh gross income per year. Benefit from attractive rates of interest, high loan quantums, low margins, easy documentation, and long repayment tenures. Explore this loan on BankBazaar to find out if you are eligible for the Andhra Bank car loan, and more importantly, if this loan suits your budget. BankBazaar is also offering an incentive of Amazon vouchers and Goibibo goCash for customers who apply for the Andhra Bank car loan through the BankBazaar portal.

    News About Andhra Bank Car Loan

    • Andhra Bank to Branch Out Across India Soon

      With a strong presence in the states of Andhra Pradesh and Telangana, Andhra Bank will soon be expanding across the country with 1000 branches expected to be established by the end of the financial year. A total of 2500 branches are to be set up inclusive of the two states. The bank Chairman said that Andhra Bank has been recognized by the Government as one of the nine banks in India as ‘efficient’, in order to infuse additional funds.

      The General Manager of Andhra bank also said that the 90th branch in the Tirupati zone, which comprises of the Kadapa and Chittoor districts will soon be opened, followed by more branches at Theertha Katta Street in Tirupati and Mordanapalli in Chittoor.

      23rd February 2015


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