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| Loans for 4 Wheelers |
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 Eligibility |
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- Any individual having minimum gross income of Rs. 1.00 lac per annum .
- Corporate customers of the Bank.
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| Rate of Interest |
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For New Cars (irrespective of tenor) – RLLR+0.70%
For Used Cars (upto 36 months) – RLLR + 3.45%
Above 36 months to 60 months – RLLR + 3.45% + 0.25%
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| Margin on Road Price amount for New Cars. |
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Category of the Borrower for New Cars.
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Minimum margin
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| Salaried class and where salary deduction is available |
15%
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| Other Borrowers. |
20%
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| For Used cars |
40%
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| Quantum of Finance |
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New Vehicle:
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| Repayment |
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- New Cars - Maximum 84 months (EMI).
- Used Cars – Maximum 60 months EMI.
- Repayment terms can also be in the shape of Quarterly/Half yearly/Yearly instalments depending on the income flow and occupational status of the borrower.
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| Co-obligation |
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| Third party acceptable to the Bank . |
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| Security |
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Hypothecation of vehicle purchased
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| Documents |
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- Valid driving license if self driven.
- Proforma Invoice.
- Salary Slip
- IT Returns/
- Assessment Order,
- Documents for KYC Compliance.
Car loans to corporate clients and firms.
Eligibility: Limited Companies, Firms, Societies and Trusts holding account with Andhra bank.
Maximum loan amount : Rs.25 lakhs to Rs.50 lakhs depending upon the dealings with the Bank.
Hypothecation charge is to be registered in Registration Certificate of the vehicle in favour of the bank and is exempted from registration of charge with ROC.
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 Processing Charges |
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1 % of the loan amount with minimum of Rs. 1000/- and maximum of Rs. 25,000/- plus GST.
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