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Automobile Loans vs Personal Loans vs Consumer Loans

Automobile Loans vs Personal Loans vs Consumer Loans


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.

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