ANDHRA BANK-VANITHA VAHAN

EMPOWERING WOMEN

Nature of the Scheme

A four wheeler/ two wheeler vehicle loan scheme exclusively for women including for purchase of four wheelers on second sale.

Eligibility

Salaried women (permanently employed)/ professional and self-employed having income proof.

Income Criteria

For 4 wheelers income should be more than Rs. 1,00,000 /- p.a

For 2 wheelers income should be more than Rs. 60,000 /- p.a

50% of the husband's salary will be taken for computing eligibility provided he is a co-obligant.

Margin amount 10% on road price

Quantum of Finance New Vehicle:

90% on road price which includes invoice price, Life tax, Registration charges, Insurance and accessories, if any, worth Rs. 5,000 /- or 3 years gross salary whichever is lower.

Second Sale:

Four wheelers (not more than three years old): 60% of garage value or 3 years gross income whichever is lower.

Repayment

For 4 wheelers - minimum 12 months and maximum 72 months (EMI).

For 2 wheelers - minimum 12 months and maximum 60 months (EMI)

Interest rate

As applicable on the date of loan with 0.50% concession in rate of interest for prompt payment.

Co-obligation

Husband/ father or any third party acceptable to the bank.

Security

Hypothecation of vehicle purchased

Documents

Valid driving license
Proof of Income - Salary Slip/ IT Returns/ Assessment Order, Performa Invoice.
Valuation certificate from reputed garage for second sale.

Charges

No processing charges and administrative charges 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.