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| Vehicle Loan to Women Borrowers for 2 Wheelers |
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 Nature of the Scheme |
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A two wheeler vehicle loan scheme exclusively for women including purchase of four wheelers on second sale. |
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| Eligibility |
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- Salaried women (permanently employed)/ professional and self-employed having income proof.
- Women borrower should have a valid driving licence in their name.
- Salary of the applicant is to be routed through Andhra Bank
- Letter of Undertaking from the employee for recovery
- Post dated Cheque at the discretion of the manager as a special case
- P&SE Woman : Post dated cheques to be obtained
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| Rate of Interest |
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For loans upto 36 months – RLLR+1.95%
For loans above 36 months to 60 months – RLLR + 1.95% + 0.25%
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| Income Criteria |
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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.
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| Quantum of Finance |
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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.
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| Repayment |
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For 2 wheelers - minimum 12 months and maximum 60 months (EMI) |
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| Co-obligation |
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Husband/ father or any 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
Proof of Income - Salary Slip/ IT Returns/ Assessment Order, Proforma Invoice.
Valuation certificate from reputed garage for second sale.
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| Processing Charges |
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1 % of the limit sanctioned with a minimum of Rs.500/- + GST and maximum of Rs.5,000/- plus GST.
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| Prepayment Charges |
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| No prepayment charges |
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