Quantum of Finance
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.
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.
Hypothecation of the vehicle
Third-party no obligation acceptable to the bank
20% of the cost of the vehicle
Pledge of national services Certificates, Kisan Vikas Patra, assignment of lic policies and securities. PSU bonds.
75% of the purchase value of securities pledged including the accrued interest(in case of cumulative interest-bearing securities).
For Credit limits above Rs 50,000/- Co-obligation is necessary
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/-,
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.
25% of the value of durables.
Hypothecation of consumer durables.
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.