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0
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10L
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20L
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30L
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40L
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5
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7.5
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10
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12.5
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15
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17.5
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20
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0
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1
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2
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3
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4
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5

Total EMI

49,919

Total Interest

69,80,559

Total Payments

1,19,80,559

Break-up of Loan Amount
Created with Highcharts 4.2.2 50,00,000 69,80,559 Total Interest Principal Loan Amount
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About Allahabad Bank

Allahabad Bank has a rich tradition of a century and a half of serving the Indian public. The bank has a multicultural history. It has an Islamic-oriented name because of the place where it was established. Allahabad Bank has a Hindu connection, as well because the confluence city of Allahabad is one of the most pious Hindu shrines in the country. The bank has a European tinge to it because it was set up by a group of Europeans on April 24, 1865.

The bank had its headquarters in Allahabad for nearly sixty years until it shifted its base to Kolkata in 1923 for business considerations. This period marked the spread of the bank into the eastern states of India. Today, Allahabad Bank has the highest number of branches in the NE states when compared to other nationalised banks. This fact prompted the Central Government to merge the bank with Indian Bank, a bank with a South-Indian presence. The merger happened on April 01, 2020. It has become the seventh-largest banking institution in India.

Allahabad Bank Personal Loan - Features and Benefits

There is tremendous competition among the various nationalised banks in India to offer the best quality of customer service. Allahabad Bank is right up there among its peers in providing quality features and benefits on its loan products.

  • Loans available for all sectors of societies
  • An impressive retail loan portfolio that caters to almost all the requirements of its clients
  • Hassle-free loan application process because of its extensive presence all over the country
  • Attractive rates of interest on its loan products
  • Affordable processing and other fees
  • Transparent service charges without any hidden elements
  • Facility to apply for loans online
  • Calculate the EMI payable on all loans using the customer-friendly EMI calculator

Allahabad Bank Loan Products - At a Glance

Loan Product Ideal For Maximum Loan Interest rate Maximum tenure

Home Plus

General purposes

5 Lakhs

9.00% to 10.50%

10áyears

Housing Loan

All housing requirements

5 Crores

8.25% to 8.85%

30 years

AllBank Suvidha

Personal purposes

90% of the deposit amount

1% over the FD rate

Within the deposit tenure

AllBank Vahan

Purchase 4-wheeler

85% of the cost of the car

8.30% to 10.75%

84 months

Mobike Loan

Purchase 2-wheeler

1 Lakh

11.50% to 11.75%

48 months

AllBank Vidya

Educational requirements

75 Lakhs

8.05% to 10.15%

15 years

Housing and Furnishing Loan

Furnishing the existing home

5 Lakhs

9.55% to 10.25%

10áyears

Trade Loan

Working capital and other business requirements

5 Crores

Depends on credit rating

84 months

AB Fleet Finance Scheme

Financing commercial vehicles

5 Crores

Depends on credit rating

Seven years

Mortgage Loan

Personal and business requirements

5 Crores

Depends on the credit rating

Ten years

Rent Loan

Personal and business needs

2 Crores

Depends on the credit rating

120 months

Gyan Deepika Scheme

Financing from nursery to Std XII

1 Lakh

7.65% to 10.40%

36 months

AllBank Saral

Purchase consumer items

7.50 Lakhs

12.15% to 12.65%

60 months

Overdraft Facility in SB Ac

Immediate needs

40,000

11.55%

Interest servicing monthly

Loan against NSC KVP

Personal needs

No upper limit

Depends on the security offered

Within the maturity of the security

Reverse Mortgage Scheme

Supplement income generation of senior citizens

1 Crore

Not available

Usually 15 years

Skill Loan

Develop specific industrial skills

1.50 Lakhs

Not available

36 months

AllBank Doctor Plus

Business and personal needs of doctors

10 Lakhs

10.65% to 11.15%

84 months

Allahabad Bank - Personal Loan EMI Calculator

Allahabad Bank offers the facility of applying for personal loans and other loans online. When you apply online, you have the benefit of determining your provisional eligibility online, as well. Allahabad Bank has a user-friendly EMI calculator on its webpage. This EMI calculator enables customers to calculate their EMI in advance. The EMI calculator is one of the most accessible tools to use.

The customer has to submit the following information for the system to determine the EMI.

  • The loan amount
  • The rate of interest
  • The repayment tenure

If there is a moratorium period on loan, the customer can enter the period at the space provided. Otherwise, he/she can enter '0.' Click on the Calculate option to get your EMI instantly. Using this EMI calculator, customers can determine their eligibility by working backwards.

The EMI calculator displays the following information:

  • The EMI amount
  • The principal repayment amount - It is equal to the loan amount
  • The interest repayment amount
  • The interest for the moratorium period
  • The break-up of principal repayment and interest repayment

An Example

Consider the following example

  • Personal Loaná - 5 Lakhs
  • Rate of Interest -á 12.65%
  • Tenure of the loan -á 60 months
  • Moratorium -á 0 months

The result

  • EMI - 11,287
  • Principal repayment - 5 Lakhs
  • The interest repayment - 1,77,229
  • The interest for the moratorium period - Nil
  • The break-up of principal repayment and interest repayment Principal - 73.8% Interest 26.2%

Allahabad Bank - Concept of EMI

Allahabad Bank offers term loan and overdraft facilities to its borrowers. Usually, the personal loan facilities are repayable over of period of 60 months. Some of the personal loans with collateral like the AB Mortgage Loan have an extended repayment tenure up to 10 years. The ideal mode of repaying term loans in the EMI method.

The EMI calculation is a complicated procedure. Hence, you have these EMI calculators on almost all the bank websites. The EMI comprises of two constituents, the interest repayment and the principal amount repayment part.

In the initial stages of the loan, especially the home loans, the interest component is exceptionally high. In the case of personal loans, the difference is not much pronounced because of the shorter tenures.

Benefits of the Personal EMI Calculator

Calculating the EMI in the manual mode is a challenging task. MS Excel tables allow you to calculate the EMI, but not everyone is conversant with the same. The EMI calculator on the Allahabad Bank website is not only simple to use but also provides accurate results.

The advantages of using the EMI calculator are as follows:

  • Get accurate results of one of the most complicated calculation procedures, the EMI
  • Use the EMI amount to determine your loan affordability.
  • Some of the EMI calculators on the internet provide an amortisation schedule of the loan.
  • The amortisation schedule provides the break-up of interest and principal repayment over the entire loan tenure.
  • The Allahabad Bank EMI calculator does not provide the amortisation schedule but calculates the total interest payable on the loan.
  • The benefit of the Allahabad Bank EMI calculator is that it provides for an option to add the moratorium period. Though personal loans do not come with a holiday period, the EMI calculator can be handy for calculating home loan EMIs with a capitalisation of moratorium interest.

Allahabad Bank Personal Loans -á Interest Calculation

Allahabad Bank links its retail loan interest rates to an external benchmark rate, the repo rate or the MIBOR (Mumbai Inter-bank offered rate).

The home loans, auto loans, and the education loans connect to the repo rates, whereas the personal loans, consumer loans, and others link to the MIBOR.

MIBOR is an inter-bank rate that banks use to charge interest on short term loans to each other. FBIL announces this rate daily. It is an inter-bank call money rate.

Allahabad Bank links its personal loans to the 3-month MIBOR. As on date, the reference rate is 6.15%. Allahabad Bank adds a spread over the benchmark rate depending on the internal credit rating of the borrower.

Loan Product Customer rating 3M-MIBOR Spread Effective ROI

AllBank Saral

AB-1 and AB-2

6.15%

6.00%

12.15%

AB-3 and AB-4

6.15%

6.25%

12.40%

AB-5 and AB-6

6.15%

6.50%

12.65%

Personal loan to doctors and LIC employees

AB-1 and AB-2

6.15%

4.50%

10.65%

AB-3 and AB-4

6.15%

4.75%

10.90%

AB-5 and AB-6

6.15%

5.00%

11.15%

Overdraft in savings accounts

Not Applicable

6.15%

5.40%

11.55%

Allahabad Bank Personal Loan EMI Calculator -á Frequently Asked Questions

Does the personal loan EMI remain constant throughout its tenure?

It depends on the category of personal loan you avail. If you opt for a personal loan against your fixed deposit receipts, the rate of interest applicable to your personal loan does not change. Hence, your EMI will remain the same throughout. If you avail for the clean personal loan or the product that links to an external benchmark rate, the rate of interest can fluctuate. Therefore, EMI can vary, as well.

What factors does the EMI depend on?

The calculation of the EMI depends on the following three factors.

  • The loan amountáAs the loan amount goes up, so does the EMI
  • Rate of interest applicable on loanáThe EMI and the rate of interest move in the same direction
  • The repayment tenureáThe EMI increases as you shorten the tenure

How does the EMI calculator account for the moratorium period?

The moratorium is usually not available on personal loans. However, housing loans come with varying moratorium periods. The borrowers can opt to pay the interest during the moratorium. At times, the banks offer to capitalise the interest portion and add it to the principal amount. Under such circumstances, the EMI will be higher than what it is when there is no capitalisation.

The EMI calculator accounts for these aspects by calculating the interest for the moratorium separately.

Is the rate of interest same for all Allahabad Bank personal loan borrowers?

No, the rate of interest for each borrower will vary because of the internal credit rating. Each borrower has a specific internal credit score ranging from AB-1 to AB-6. The rate of interest depends on this score.

Will the same EMI calculator suffice to calculate the home loan EMI?

Yes, the method of calculating the EMI is universal. Hence, the EMI calculator that serves the purpose of calculating the personal loan EMI can also cater to the home loan, as well.

How do you do a reverse calculation using the EMI calculator?

The EMI calculator offered by Allahabad bank does not perform the reverse calculation. However, some of the EMI calculators available on the internet do so.

Can you do a manual reverse calculation on the Allahabad Bank EMI?

Yes, you can do a manual reverse calculation on the Allahabad Bank EMI calculator. It can prove useful to determine your loan affordability.

What is the method to arrive at the loan affordability?

This method involves using the trial and error calculation. The regular EMI calculator provides you with an estimate for a given loan amount, ROI, and tenure. If you can afford a higher EMI, you can proceed to increase the loan amount gradually on a trial and error basis for arriving at the affordable EMI.

Will the Allahabad Bank EMI change with a variation in the rate of interest?

Yes, Allahabad Bank personal loans connect to the 3M-MIBOR. As and when the reference rate changes, Allahabad Bank revises the effective interest rate on loan. Usually, banks increase the tenure of the loan to accommodate any increase in the interest rate. However, they do not do so for personal loans. Therefore, the EMI amount will change when you vary the rate of interest while keeping the tenure constant.

Can you calculate the prepayment amount using the EMI calculator?

No, you cannot calculate the prepayment amount using the EMI calculator. There is a separate calculator known as the loan prepayment calculator that not only calculates the prepayment amount but also determines the amount of interest that you could save in the bargain.á