Andhra Bank Two Wheeler Loan:
To enable its customers and others to own two-wheelers on easy terms of Andhra Bank Two Wheeler Loan interest rate as well as repayment modes and Andhra Bank Two Wheeler Loan eligibility norms.
Andhra Bank Two Wheeler Loan has various factors related to it:
- Andhra Bank Two Wheeler Loan rate levied on it
- Tenure of loan
- Andhra Bank Two Wheeler Loan eligibility norms
Andhra Bank Two Wheeler Loan interest rate:
Bank offers loan to all borrowers who are found eligible as per prescribed Andhra Bank Two Wheeler Loan eligibility norms. Loan would then be repaid in EMIs, which would include interest at Andhra Bank Two Wheeler Loan rate:
- The amount of interest is determined as per base rate.
- Effective Andhra Bank Two Wheeler Loan interest rate stands at 10.75% per annum.
Andhra Bank Two Wheeler Loan eligibility norms:
As per bank-specified norms, loan is offered at convenient Andhra Bank Two Wheeler Loan rate to following persons:
General borrowers:
- Any salaried and permanently employed loan-seeker is eligible.
- Above should have annual gross income equal to at least Rs.60, 000
Women borrowers: Andhra Bank Two Wheeler Loan eligibility norms
- Salaried and permanently-employed women
- Women who are self-employed
- Above should have a valid driving license
- Annual gross income should be more than Rs.60, 000
Quantum of Andhra Bank Two Wheeler Loan:
General borrowers:
- Up to 85% of road price or 3 times of gross annual salary.
Women borrowers:
- up to 90% of road price or 3 times of gross annual salary
- Amount of loan disbursed does not determine the Andhra Bank Two Wheeler Loan interest rate.
Procedure to be followed while applying for Andhra Bank Two Wheeler Loan:
- One may approach the bank, provided there is security in the form of:
a) Primary: hypothecation on vehicle to be acquired
b) Acceptable third party guarantee, as per bank specifications.
- Following documents are also required to be submitted:
a) valid driver’s license
b) copy of invoice
c) proof of income: ITR filed or salary slip
d) copy of bank statement.
Above set of documents is applicable for both general and women borrowers.
- The processing fee is nil in case of women borrowers.
Tenure of Andhra Bank Two Wheeler Loan:
Tenure for loan repayment stands between 1 year and 5 years. This is applicable for both general and women borrowers.
Repayment of Andhra Bank Two Wheeler Loan:
Preferred modes of repayment in both cases are:
- PDCs: post-dated cheques of amounts of EMI
- Direct deduction from the salary account of the borrower.
- Amount of EMI will include interest at Andhra Bank Two Wheeler Loan rate.
Pre-closure of Andhra Bank Two Wheeler Loan:
Women borrowers:
- In case of women borrowers, the prepayment penalty is at 1% on loan amount outstanding.
- Above has no relation with the Andhra Bank Two Wheeler Loan rate as determined.
General borrowers:
- Bank levies a prepayment fee at 2% on loan amount that is left outstanding.
- It is independent and over and above interest at Andhra Bank Two Wheeler Loan interest rate.
Product page URL: you can log on to the official website or visit at following link:http://www.andhrabank.com/car_loan.asp
Branch Office Address (In Table):
City | Branch | Address | Phone number |
Delhi | GREEN PARK | R-3, MAIN MARKET, GREEN PARK, NEW DELHI - 110016 | 011-2341682 |
Mumbai | GHATKOPAR(WEST) | 8A, AKASHDEEP BUILDING, DAMODAR PARK, LBS MARG, GHATKOPAR(WEST),MUMBAI - 400086 | 022-25003951 |
Kolkata | NEW ALIPORE | 497 C, BLOCK-M , NEW ALIPORE,KOLKATA- 700053 | 497 C, BLOCK-M , NEW ALIPORE,KOLKATA- 700053 |
Chennai | MYLAPORE | 69, ROYAPETTAH HIGH ROAD,MYLAPORE,PIN - 600004 | 044-24980671 |
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