Abhyudaya Cooperative Bank Limited Car Loan Interest Rate at 8.50% to 10%

Note: Updated on Feb 2023, for latest interest rates, please visit bank website.

About Abhyudaya Cooperative Bank

Abhyudaya Cooperative Bank Limited is a Co-operative bank in india. It has headquarter in Mumbai.

Abhyudaya Cooperative Bank Limited was founded on 1964. It has 113 branches and

It provides all the financial services to its customers like saving deposit, fixed deposit, recurring deposit, home loans, personal loan, car loan, education loan, gold loan, PPF account, lockers, netbanking, mobile banking, RTGS, NEFT, IMPS, E-Wallet, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and many more.

Find details about Abhyudaya Cooperative Bank Limited which includes Abhyudaya Cooperative Bank Limited Official Website, Abhyudaya Cooperative Bank Limited ATMs accross the India, Abhyudaya Cooperative Bank Limited Branches accross the India, Abhyudaya Cooperative Bank Limited Contact Numbers, Abhyudaya Cooperative Bank Limited official EmailID, Abhyudaya Cooperative Bank Limited Headquarter and Abhyudaya Cooperative Bank Limited Headquarter Address. Find Abhyudaya Cooperative Bank Limited Car loan purpos, Eligibility, Margin, Repayment of Car Loan ,Security, Documents Required for Car Loan from below.

Other Products of Abhyudaya Cooperative Bank Limited:

Abhyudaya Cooperative Bank Car Loan Purpose

For purchase of New Four Wheelers and Used Cars (Not more than 3 years old).

Abhyudaya Cooperative Bank Car Loan Eligibility

1. Age: 21 to 60 years.
2. Permanent employees of State/Central Govt., Public Sector Undertakings, Corporations, Private Sector Companies and reputed establishments.
3. Professionals, self-employed and others who are income tax assessees and persons engaged in agriculture and allied activities.

Abhyudaya Cooperative Bank Limited Car Loan Documents Required

1. Applicant's latest photograph.
2. Age Proof- Mark sheets/pass certificates of S.S.C., H.S.C, Degree courses (Optional)
3. KYC (Know Your Customer) Documents.
4. Identity Proof (any one): Voter's ID, PAN card, driving license, passport.
5. Address Proof (any one): Voter's ID, PAN card, driving license, passport, electricity bill, telephone bill or ration card.
6. Income Proof (any one): Latest salary slip, previous year's Form 16, bank statement for the last 6 months.
7. Bank Statement or Bank Pass Book of having entries of last 6 months

Abhyudaya Cooperative Bank Car Loan Amount

For New Car (lower of following) :
80% to 90% of vehicle quotation for purchase of vehicle including Show Room Price, One time tax, Insurance & Registration charge.
Loan Eligibility = (Repayment capacity X 100000 )/ EMI for Rs. 1,00,000
Maximum Rs. 50.00 lakh.
For Used Car (lower of following):
60% of the valuation of the vehicle
As per Repayment capacity
Maximum Rs. 25.00 lakh.

Margin

10% to 20% - For New Cars
40% - For Old Cars (not Older than 3 Years)

Abhyudaya Cooperative Bank Car Loan Repayment

New Car - Maximum upto 84 months.
Used Car - Maximum upto 36 months.

Security

Hypothecation of Vehicle.
Corporate Guarantee wherever applicable.
Personal Guarantee of one Person.

Tips to Manage Car Loan in a Better Way

(1) Make Proper Schedule for EMIs to be paid

You must make a proper schedule for payment of your EMIs in time and without any hassle or burden.

(2) Never Skip any Payment

Automatic transfer from your bank account is the best option that will make sure that the EMIs are paid every month without fail. In this way, none of the EMIs will skip. This will also help improving your credit score.

(3) Keep Loan Tenure Small

You must keep the car loan tenure as small as possible if your finances permit. It will be beneficial for you in two ways. First, you will get rid of loan in an early manner and second, your interest outgo will be very less as compared to longer tenure car loans.

(4) Make one Extra Payment Every Year

You must try to make an extra payment of loan amount each year. You can do so when you receive any funds like bonus etc. It will reduce your loan tenure or EMIs.

(5) Refinance your Car Loan

You must keep watching other institutions who are offering car loans and their interest rates. If other institution is offering you a car loan at lower interest rate, it would be beneficial to get your car loan refinanced from that institution.

Benefits of Car Loan

• Higher Loan Amount: Banks offer you a car loan of up to 80-100% of the on-road price of the car in case of new cars. The on-road price of a car includes the ex-showroom price, state government tax and insurance cost of the car.
• No Need to Liquidate your Investments: If you avail car loan then there is no need to liquidate your investments which you have made for some other purposes.
• Flexible Tenure: You can go for any loan repayment tenure ranging from 1 year to 7 years according to your choice.
• Tax Benefits: Car Loan can help you save on tax if you are a self-employed person/ businessman and use the car for legitimate business purposes. If you are a self-employed person/ businessman, you can claim the interest paid on car loan as a business expense. In this way, your taxable income will get reduced by the amount of interest you have paid in a financial year on car loan.

Contact details of Abhyudaya Cooperative Bank Limited, Abhyudaya Cooperative Bank Limited SMS balance check number, Abhyudaya Cooperative Bank Limited SMS banking, Abhyudaya Cooperative Bank Limited mobile banking, Abhyudaya Cooperative Bank Limited toll free number,Abhyudaya Cooperative Bank Limited toll free number 24*7, Abhyudaya Cooperative Bank Limited miss call number.

• MISSED CALL NUMBERS - 9223110011
• CUSTOMER CARE NUMBERS - 1800223131
• CONTACT NUMBERS - 1800223131, 022-24115047 , 24105097

Abhyudaya Cooperative Bank Limited Contact Details

• BANK OFFICIAL WEBSITE - https://www.abhyudayabank.co.in
• CONTACT NUMBERS - 1800223131, 022-24115047 , 24105097
• EMAIL ID - [email protected]
• MISSED CALL NO. - 9223110011
• CUSTOMER CARE NO. - 1800223131
• TOTAL BRANCHES - 113
• TOTAL ATMS - 90
• HEADQUARTER - Mumbai
• BANK ADDRESS - K.K. Towers, Abhyudaya Bank Lane, G.D. Ambedkar Marg, Parel Village, Mumbai, , Maharashtra Pincode-400012

Abhyudaya Cooperative Bank EMI Calculator  Abhyudaya Cooperative Bank Branches  
Abhyudaya Cooperative Bank Car Loan FAQs  Car Loan Document Required

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