Note: Andhra Bank has been merged with Union Bank of India w.e.f. 1 April 2020.
Founded by respected freedom fighter Dr. Bhogaraju Pattabhi Sitaramayya, Andhra Bank was registered in the year 1923. On 28th November 1923, the bank commenced business with an authorised capital of Rs. 10 lakhs and paid capital of Rs 1 lakh. Currently, the bank boasts of a wide network of of 2536 branches, as on 31st January 2015. The bank provides various financial products including services in the Retail, Corporate, Agriculture and MSME areas, as well. Among the various other products and services provided, Andhra Bank offers two wheeler loan to its customers. Especially endowed with innovative features to enhance the convenience of customers, Andhra Bank two wheeler loan is easily affordable.
Andhra Bank Two Wheeler Loan Interest Rate
The rate of interest on Andhra Bank's Two Wheeler Loans is -
For loans up to 36 months: Base rate + 1.75 %
For loans above 36 months: Base rate + 1.75%+0.25
Andhra Bank two Wheeler Loan Eligibility
- If the applicant is a salaried individual, his minimum take home pay of 40% (post deduction of the instalment) for the proposed loan amount.
- The loan can be availed by an individual son/daughter, based on his/her parent's income eligibility.
- In the above case the parent needs to be listed as a co-applicant for the loan.
Andhra Bank Two Wheeler Loan Documentation
- For of income tax returns
- Proforma Invoice
- Copy of applicant's driving license. This needs to be valid
- Salary slips of the applicant
- Documents in compliance with KYC
Bike Loan from Andhra Bank
Andhra Bank offers two wheeler loan to individuals at practical and affordable interest rates. The availing of this loan involves minimum documentation, and is hassle-free. One of the USPs of the bank is also its quick disbursal of loans. Every Indian dreams of owning a two wheeler. For some it the most ideal mode of daily transport, and for some youngsters it is about the thrill of biking across the country. Andhra Bank two wheeler loans provide you with ideal financial assistance to buy a two wheeler of your choice.
Features and Benefits of Andhra Bank Bike Loan
- The loan is provided to individuals for purchase of two wheelers.
- The quantum of finance provided is 85% of on road price (includes invoice price, life tax, registration charges, insurance and accessories) for salaried class, SME and corporate borrowers
- For any borrowers except the aforementioned type, the loan quantum is 80%.
- The maximum loan amount offered is Rs.5.00 lakhs.
- The repayment tenure is maximum of 60 EMIs, or in quarterly/half yearly/yearly instalments for a maximum period of 60 months. This depends on the borrower's steady income flow and occupational status.
- Hypothecation of the two wheeler needs to be done to the bank, as a form of security.
- The bank accepts co-obligation of the third party.
What is the quantum of loan offered by Andhra Bank two wheeler loans?
The quantum of finance provided is 85% of on road price, including invoice price, life tax, registration charges, insurance and accessories, for salaried class, SME and corporate borrowers. If the borrower doesn't belong to the mentioned category, then the loan quantum provided is 80%.
What is the form of security expected by Andhra Bank, if I avail a two wheeler loan from the same?
The bank needs the vehicle (for purchase of which the loan had been taken) to be hypothecated to it.
I am an individual and want to avail a two wheeler loan from Andhra Bank. Can I use my parent's name as a co-applicant?
Yes, of course. The loan can be availed by an individual son/daughter, based on his/her parent's income eligibility.