Automobile Loans
Quantum of Finance
Car Loans
80% of the invoice price of the four-wheeler
Double the amount of gross annual income of the applicant whichever is less.
Other Vehicle Loans
Rs.15,000/- for mopeds and Rs.35,000/- for other two-wheelers or 80% of the invoice price whichever is less.
Eligibility
Individuals with a gross annual income of not less than Rs.1,00,000/- for 4 wheelers.
Individuals with a gross annual income of not less than Rs 40,000/- for mopeds and rs 60,000/- per annum, for other two-wheelers.
Security
Hypothecation of the vehicle
No obligation
Third-party no obligation acceptable to the bank
Margin
20% of the cost of the vehicle
Repayment
60 months
Personal Loans
Security
Pledge of national services Certificates, Kisan Vikas Patra, assignment of lic policies and securities. PSU bonds.
Repayment
36 months.
Quantum
75% of the purchase value of securities pledged including the accrued interest(in case of cumulative interest-bearing securities).
Co-obligation
For Credit limits above Rs 50,000/- Co-obligation is necessary
Consumer Loans
Eligibility
Salaried persons, pensioners drawing salary/pension through Andhra Bank branches. In the case of others (including Self-employed Professionals etc)the minimum proven annual income shall be Rs.30,000/-,
Quantum
10 months gross salary in the case of the salaried class.
10 months pension in case of the pensioner.
40% of annual income in the case of others.
Margin
25% of the value of durables.
Security
Hypothecation of consumer durables.
Repayment
36 months.
Other Conditions
Proof of income, latest income tax assessment order in case of non-salaried person letter of undertaking from the salary/pension payment authority for deduction of EMI. Net take-home pay should be 40% of the gross salary.