Avail loan up to 65% of vehicle current market value. 60% of garage value or Rs. 25 Lacs, whichever is lower for vehicle not more than three years old.
A minimum 40% margin required to avail the loan.
You can repay the loan in maximum of 60 months.
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.
Third party acceptable to the Bank as co-obligation.
Hypothecation of vehicle purchased as security. 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.
Interest Rate : 9.20%
Processing Fee : 0
Pre Closure Fee :
Late Payment Fee : 2% of the overdue amount.
Loan to Value Ratio : 65%
Part Payment Fee :
MCLR : 8.65%
Valid driving license if self driven.
Documents for KYC Compliance.
Loan up to Rs. 25 Lacs
Tenure up to 5 Years
Third Party Guarantee Required
Vehicle’s Hypothecation as Security
Any individual having minimum gross income of Rs. 1 lac per annum.
Corporate customers of the Bank.
Limited Companies, Firms, Societies and Trusts holding account with Andhra bank.
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