Nature of the Scheme

A four wheeler/ two wheeler vehicle loan scheme exclusively for women including  purchase of four wheelers on second sale.

Eligibility

• Salaried women (permanently employed)/ professional and self-employed having income proof.
• Women borrower should have a valid driving licence in their name.
• 1. Salary of the applicant is to be routed through Andhra Bank

        2. Letter of Undertaking from the employee for recovery
        3. Post dated Cheque at the discretion  of the manager as a special case

• P&SE Woman : Post dated cheques to be obtained

Income Criteria

For 4 wheelers income should be more than Rs. 1,00,000 /- p.a
 For 2 wheelers income should be more than Rs. 60,000 /- p.a
 50% of the husband's salary will be taken for computing eligibility provided he is a  co-obligant. 

Margin amount

10% on road price

Quantum of Finance

New Vehicle: 90% on road price which includes invoice price, Life tax, Registration charges, Insurance and accessories, if any, worth Rs. 5,000 /- or 3 years gross salary whichever is lower.
 Second Sale: Four wheelers (not more than three years old): 60% of garage value or 3 years gross income whichever is lower. 

Repayment

For 4 wheelers - minimum 12 months and maximum 72 months (EMI).
 For 2 wheelers - minimum 12 months and maximum 60 months (EMI) 

Co-obligation

Husband/ father or any third party acceptable to the bank. 

Security

Hypothecation of vehicle purchased 

Documents

Valid driving license
 Proof of Income - Salary Slip/ IT Returns/ Assessment Order, Proforma Invoice.
Valuation certificate from reputed garage for second sale. 

Concessions

Processing/ Upfront charges – Nil
Concessions as per scheme – No processing charges
For prompt repayment – 0.50% on interest –Back End.

Prepayment  Charges

1% on the balance outstanding at the time of prepayment for both four and two wheeler

For purchase of Second Hand Four Wheeler

Age of Vehicle

Not more than three years

Margin

 40% of value as per reputed garage certified after depreciation

Quantum of Finance

60% of the value as per reputed garage certificate or 3 years gross income whichever is lower subject to maximum of Rs. 5.00 lakhs

Repayment

 Maximum 60 months (EMI)

Valuation

Valuation of the vehicle by a reputed garage to the satisfaction of the Bank.