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    Andhra Bank Used Car Loans

    The bank was the brainchild of prominent freedom fighter Bhogaraju Pattabhi Sitaramayya, who founded this mid size public sector bank in 1923 with a paid up capital of just Rs.1 Lacs. Today, Andhra bank is one of the leading banks in the deccan plateau covering important towns and cities in South India. Listed on both NSE and BSE, Andhra bank is a full fledged bank covering an array of banking and financial services under its ambit.

    As part of its retail loan offering, the bank extends finance facility for pre owned cars along with loans for new car purchase. The rates, terms and charges are on par with market standards. Loans for used cars are offered to both individuals and corporate customers of the bank.

    Features and Benefits of Andhra Bank Used Car Loan

    Appealing Quantum of Finance

    Andhra bank finances up to 60% of the garage value or Rs.5,00,000 (whichever is lower) of the used car as loan amount. The pre owned car unit should not be older than 3 years from the date of registration. The quantum of finance is on par with market standards for used cars.

    Moderate Rate of Interest

    For used cars, the current interest rate is 13.50% based on the concept of reducing balance, making it one of the most economic offers in the used car loan segment.

    Ample Tenure For Repayment

    Used car loan customers of Andhra bank have an advantage to choose a repayment period of their choice as the bank offers tenure of up to 60 EMIs. Choose a repayment period that syncs with your monthly budget.

    A unique feature exclusive to Andhra bank is repayment of car loan in Quarterly/Half yearly/Yearly installments. Do check with the bank representative for more information.

    Security Requirement

    The car procured under the car finance scheme will be on the basis of hypothecation agreement which implies that the car will act as collateral for the bank in case of default. Once the loan amount is paid off in full, full ownership rights is conferred on the borrower.

    Andhra Bank Used Car Loan Eligibility Criteria

    • Individuals earning a minimum gross salary of Rs.1.0 lacs per annum are eligible to apply. Such low income clause makes car loans from Andhra bank, one of the most gettable used car loans in the country.
    • Corporate customers under various categories such as Limited Companies, Firms, Societies and Trusts are also eligible to apply for a used car loan from the bank. Non individual customers should have an account with the bank.
    • Co obligation from immediate family members or third party can be used to enhance eligibility which betters chances of getting a loan.

    Andhra Bank Used Car Loan Interest Rates

    Andhra Bank offers an exclusive loan to finance a used car, with the interest computed using either the MCLR or Base Rate platform, depending on the customer (new and existing). While the base rate is applicable in terms of existing borrowers, all new borrowers will be required to pay interest on the basis of MCLR.

    Andhra Bank Marginal Cost of Funds Based Lending Rate (MCLR) (For new borrowers)

    The MCLR changes according to the tenure and prevailing economic conditions, with the table below highlighting the rates for May 2016.

    MCLR Benchmark Tenure (Period) Benchmark Rates (MCLR)
    Overnight 9.35%
    1 month 9.40%
    3 months 9.45%
    6 months 9.50%
    1 year 9.60%

    Used car loan interest rates – May 2016

    The interest charged by Andhra Bank depends on the tenure of a loan, with the bank having the power to add a certain percentage over and above the current MCLR.

    Andhra Bank Base and Prime Lending Rates (For existing borrowers)

    The Base and Prime Lending Rates for existing customers are mentioned in the table below.

    Base Rate 9.75%, effective September 29, 2015
    Prime Lending Rate 14%, effective September 29, 2015

    Andhra Bank interest rate for used cars (Based on Base Rate)

    Existing customers have an option to shift their interest system to MCLR, but those who wish to continue with the base rate system are expected to pay an interest equivalent to Base Rate + 0.50% per annum.

    Note: Interest rates mentioned here as valid as of May 31, 2016. Customers should check prevailing rates at the time of application. Andhra Bank has the autonomy to change rates at its discretion, without prior intimation.

    EMI Calculation for Andhra Bank Used Car Loan

    An all inclusive EMI calculator should not only ascertain the monthly EMIs but also cover other financial aspects. Andhra Bank Used Car Loan calculator helps you in getting a 360 degree view on the financials involved. This tool helps in calculating monthly EMIs and provides details of amortization. It also provides breakdown of various fees and charges you would be paying based on the input.

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