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AB Vehicle Loans |
Adding Mobility To Your Life
Nature of the Scheme
2 wheeler and 4 wheeler loans to Individual
Eligibility
Any individual having minimum gross income of Rs. 1.00 lac per annum for 4 wheelers and Rs. 60,000 /- p.a for 2 wheelers.
Margin amount
10% on road price
Quantum of Finance
New Vehicle:
90% of road price which includes invoice price, Life tax, Registration charges, Insurance and accessories or 3 years gross salary whichever is lower for 4 wheelers.
90% of road price which includes invoice price, Life tax, Registration charges, Insurance and accessories or Rs. 60,000 /- whichever is lower for 2 wheelers.
Second Sale:
(not more than three years old): 60% of garage value or Rs. 5,00,000 /- whichever is lower.
Accessories:
not exceed Rs. 5,000 /- for 4 wheelers & Rs. 1,000 /- for 2 wheelers.
Repayment
For 4 wheelers (New) - minimum 12 months and maximum 72 months (EMI).
For 4 wheelers (Second sale) - 60 months EMI.
For 2 wheelers - minimum 12 months and maximum 60 months (EMI)
Interest rate
As applicable on the date of loan
Co-obligation
Third party acceptable to the bank for both 4 and 2 wheeler.
Security
Hypothecation of vehicle purchased
Documents
Valid driving license
Proof of Income - Salary Slip/ IT Returns/ Assessment Order, Proforma Invoice.
Valuation certificate from reputed garage for second sale.
Charges
Processing and Administrative charges as applicable.
Other Terms and Conditions apply.
This is not meant to be a prospectus. This is only a gist of the salient features. For further details and other conditions, contact your nearest Andhra Bank Branch.
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