Almost anybody who fulfills the basic car loan eligibility criteria becomes capable of applying for the Andhra Bank Car loan in India. The basic requirements, to take up a car loan from Andhra Bank, are driven by the age, employment status and other demographical factors of the car loan subscriber along with their repayment capacity. Car loan provided by Andhra Bank target the following groups, who are eligible to take an Andhra car loan, include:
- Limited Companies, Firms, Societies and Trusts holding an Andhra bank account.
- Corporate customers of the Bank
Andhra Car Loan amount eligibility:
Almost any bank would have a pre-set minimum income limit or car loan amount eligibility criteria for availing a loan from them. This is to ensure the repaying capability of the loan borrower. A salaried loan applicant should have a minimum gross monthly income of Rs. 1 lac per annum to avail an Andhra car loan and a non-salaried individual applying for a car loan must have a net profit of Rs. 60 k per annum for standard cars and Rs. 1 lac for premium and mid-sized cars.
Whereas, in case of Women applicant for an Andhra car finance plan, income should be the same amount, that is Rs. 1 lac per annum plus, 50% of the husband's salary will be taken for computing eligibility provided he is a co-obligate.
Other Criteria for Andhra Bank car loan:
Eligibility Criteria for Andhra Car Loan for Salaried Individuals:
- The age of the applicant must be a minimum 21 years at the time of car loan application
- The applicant must not be more than 58 years old at the time of loan maturity
- The applicant must have an employment experience of at least 1 year in current company and minimum 2 years of employment in total
Eligibility Criteria for Andhra Car Loan for Self-employed individuals:
- At the time of loan application, the minimum required age of the applicant is 21 years
- Maximum age of the Applicant at the time of loan maturity must not exceed 65 years
- The applicant must have an employment experience of at least 3 year in the current business
Eligibility for Andhra Car Loan for women borrowers:
- The woman borrower must be permanently employed - salaried, professional or self-employed
- The applicant should have a valid driving license in their name
- Salary of the applicant is to be routed through Andhra Bank
- A Letter of Undertaking must be submitted, from the employee, for recovery
- Post-dated Cheques at the circumspection of the manager must be submitted to the bank, as a special case
- In case of P&SE Woman, Post-dated cheques to be obtained by the bank.
Check your Car Loan Eligibility
Know Your Eligibility for A Car Loan at PaisaBazaar to get an idea about the eligibility criteria you need to satisfy prior to car loan application.