Allahabad Bank

Allahabad Bank  Personal Loan

Years

Apply Allahabad Bank  Personal Loan

About Allahabad Bank Personal Loan

Allahabad Bank is one of the most trusted banks that has been used across generations for the several loan and finance products that are available. If you are looking for easy finance options, then Allahabad personal loans are the perfect choice for you. These loan plans provide you with great interest rates that you can make use of for easy loan repayments as well.

Allahabad Bank personal loans are available to salaried individuals, self-employed individuals and professions. For any urgent financial requirement including social obligations such as marriage or festival celebrations, debt repayment or any other immediate financial requirement, you can bank on Allahabad Bank personal loans.

Allahabad Bank Personal Loan Interest Rate Aug 2019

Interest rate

13.25 %

Loan tenure

5 Years

Loan turn around period

1-7 Days

Processing Charges

Upto 1.22% of loan sanctioned + Taxes

Who can apply?

Self-employed professionals

Salaried individuals

Indian residents

Dishonour Charges

750 per instance

Lowest EMI

2275 Per Lakh

Features and Benefits of Allahabad Bank Personal Loans

With Allahabad Bank you have the option of various personal loans to fulfill different financial needs. The features and benefits of this loan are as follows:

  • Loans are available to finance any short term requirement such as purchases, loan repayment, education, travel or even medical expenses.

  • These loans are available for salaried individuals, self-employed individuals and other professionals.

  • You have loan schemes with no maximum limit on the amount subject to your current financial condition.

  • The terms of eligibility are very simple and straightforward.

  • You can get attractive interest rates on your loan for easy EMI payments.

  • Loan schemes are also available for retired employees of the bank.

  • Documentation process is extremely simple, making it easy for you to apply for a loan.

  • Minimal service charges are applicable on all loan schemes.

Why choose Allahabad Bank Personal Loans?

Allahabad Bank has been the chosen bank across generations because of efficient services and flexible loan options. Since its inception in the year 1865, the institution has grown to incorporate several new products and features to provide the best customer service. The benefits of choosing Allahabad Bank personal loans are as follows:

  • Allahabad bank has crossed 3,00,000 crore mark to become one of the most preferred banks for loans and advances.

  • They have an overseas branch in Hong Kong, which has been operational since 2007.

  • The institution is over 150 years old.

  • With their personal loans, you have easy repayment options and flexible EMIs.

  • You have the advantage of digital banking and other high end technology for easy transactions.

  • Allahabad Bank offers seamless customer service with dedicated customer care numbers and other modes of communication.

Allahabad Bank Personal Loan Rate of Interest in all Schemes

With most personal loan schemes, you have a floating interest rate that includes a base rate. For the different schemes available with Allahabad bank, the interest rates are as follows:

Type of loan Rate of Interest (1 Year MCLR = 8.50

 

All Bank New Saral Loan Scheme

 

 

MCLR+ 4.50% = 13%

 

All Bank Pensioners Personal Loan

MCLR+2 % = 10.50%

For Allahabad Bank Pensioners (Staff)- MCLR = 8.50%

All Bank Doctor +

For doctors of government or government aided facilities- MCLR+ 2.00% = 10.50%

 

For other medical practitioners or doctors- MCLR +3.00% = 11.50%

 

If the loan is secured with full liquid assets- MCLR+1.00% = 9.50%

 

Loan against NSC/ KVP

 

MCLR+ 4.00% = 12.50%

Allahabad Bank Personal Loan Processing Fee and Other Charges

The processing fees depend upon the type of personal loan that you are applying for. The details are as follows:

All Bank Saral Loan Scheme

1.06% of loan amount.

 

All Bank Doctor Plus

1.06% of loan amount.

 

Personal Loan (Pensioners)

NIL

Loans Against NSC or KVP

 

0.53% of the sanctioned loan limit


Note:

  • There are no documentation charges for the loans mentioned above.

  • A prepayment penalty of 2.25% of the outstanding balance is applicable only in case of take over.

  • No Mortgage charges and inspection and supervision charges are applicable.

Types of Personal Loans offered by Allahabad Bank

You have different personal loan options with Allahabad Bank depending upon your loan requirements and the current employment status. The various schemes available are:

Allahabad bank New Saral Loan

 

Purpose of loan

 

You can utilize this loan for purchasing consumer durables, two wheelers or any other tangible item that can be hypothecated to the bank and/or to meet any social/ domestic or religious expenses.

 

Quantum of loan

 

 

You can get 12 times the gross monthly salary for any employee with a salary of 15000 and above up to 200000.

 

The minimum loan amount available us 50,000.

 

You can get 24 times the gross monthly salary subject to a maximum limit of 7.5 Lakhs for employees with a salary of 200000 and above. The minimum loan amount available is 50000.

 

Margin

 

A margin of 10% is required, based on the total assets owned by the borrower or to be purchased by the borrower.

Assessment

 

The loan amount is assessed to ensure that the take home salary after all the deductions, including the EMI, is 40% of the gross salary.

Repayment tenure

Maximum repayment tenure of 60 months is available along with a 1 month moratorium.

 

Guarantee

 

 

The hypothecation of the financed articles or other assets owned by the proponent covering the full cost of the loan amount.

 

In case of unmarried applicants parents, guarantee is mandatory. If not spouse guarantee is necessary.

All Bank Doctor Plus(Personal Loan for Doctors or Medical Practitioners)

Purpose

This loan can be utilized to purchase any household article, to meet medical expenses, personal expenses or business expenses such as setting up a clinic, purchasing medical equipment etc.

Quantum of Loan

You can get an amount equivalent to the last 2 years income or 5 Lakh, whichever amount is lower.

In case of full tangible collateral security, you can avail amount equivalent to last 2 years income or 10 Lakhs, whichever amount is lower.

In case of medical practitioners or doctors working for government or government aided facility, you can get loan amount equivalent to 1 year income, 12 times the latest salary or up to a maximum of 2 Lakhs.

Margin

NIL

Repayment Tenure

You can get up to 84 Equated Monthly Installments.

Security

Personal Guarantee is mandatory. Security is not mandatory.

Loan against NSC/ KVP (National Savings Certificate/ Kisan Vikas Patra

Purpose

Loan can be used for any personal or business use besides speculative ones.

Quantum of Loan

You can get up to loan amount with no ceiling, subject to age of NSC/ KVP as follows:

  • More than 3 year: 100% face value

  • More than 2 years and less than 3 years: 90% of face value

  • Less than 2 years: 75% of face value Minimum amount is 10000.

Margin

  • NSC More than 3 year: NIL

  • NSC More than 2 years and less than 3 years: 10%

  • NSC Less than 2 years: 25%

Repayment Tenure

Loan should be repaid before the tenure of the instruments.

Security

Pledge of NSC

Other Products by Allahabad Bank

Allahabad Bank offers an array of products for different requirements of its customers. The products offered are as follows:

Products offered by Allahabad Bank

Home Plus

Housing Loan

All Bank Cash

 

Dream Car

Mobike Loan

Education Loan

Housing and Furnishing Loan

Housing Appliance Loan

Commercial Vehicle Finance Scheme

Trade Loan

AB Fleet Finance Scheme

Property Loan

Rent Loan

GyanDeepika Scheme

Overdraft facility in SB account

Reverse Mortgage Scheme

Skill Loan Scheme

AkshayKrishi

Potato Growers Credit Card

Financing for Tractor

Mudra Scheme

Stand Up India

PradhanMantriAwasYojna

All Bank HealthCare

 

Allahabad Bank Personal Loan Eligibility

The eligibility conditions are simple and vary according to the type of loan applied for:

Eligibility for Allahabad Bank New Saral Loan Scheme:

  • Applicant should have a gross monthly salary of at least 15000.

  • He or she should be a permanent employee of an organization with minimum 20 employees for at least 2 years.

  • The applicant should be at least 21 years of age.

  • The loans tenure should be at least 1 year before his or her retirement.

Eligibility for All Bank Doctor Plus           

  • Applicant should be a minimum of 21 years of age and maximum of 65 years of age.

  • He or she should be a Medical Practitioner in any stream or an individual registered doctor.

  • CIBIL Score should be at least 700.

Eligibility for Loan against NSC or KVP

Applicant should have National Savings Certificate or KisanVikasPatra in his/ her own name.

How to calculate EMI on Allahabad Bank Personal Loan

The proposed EMI will determine if a certain loan package is suitable for you or not. In order to check and ensure that you are able to make the necessary repayments, you can use the online EMI Calculator on MyMoneyMantra. This tool requires you to enter your loan amount and repayment tenure. Following this, the EMI is calculated as per the interest rate offered by the bank.

Documents required for Allahabad Bank Personal Loan

Along with a fully filled application form, the following documents are mandatory for loan applications with Allahabad Bank.

  • 2 passport sized photos
  • Age proof (Any One)
    • Valid passport
    • PAN Card
    • Driving License
    • Adhaar Card
  • Proof of residence (Any One)
    • Telephone bill
    • electricity bill
    • valid passport
    • PAN card
    • Driving license
    • Adhaar Card
  • Bank Statements for 6 months where salary is credited.

  • Latest 3 months' salary slip

  • Latest form 16 from current employer

  • ITR for last 3 years.

Any additional information required by the bank should be provided on demand.

How does CIBIL Score affect Allahabad Bank Personal Loan

With most loan schemes offered by Allahabad Bank, a CIBIL Score of at least 700 is mandatory. The CIBIL score is an indicator of your credit history and your current financial status. The higher this score, the better are your chances of getting your personal loan with Allahabad Bank. It can also reduce the security deposit required and the interest rate.

FREQUENTLY ASKED QUESTIONS

What can Allahabad Bank Personal Loan be used for?

Allahabad Bank personal loans can be used for any social/ domestic or religious expenses, purchase of consumer durables, two wheelers or any other tangible item that can be hypothecated to the bank and/or to meet.

What security is required for Allahabad Personal loans?

In case of any loan that is applied for purchases, the hypothecation of the article purchased should be tangible for the bank to accept. Providing a security with these loans is not mandatory. However, you will have to provide a personal guarantee, spouse guarantee or parents guarantee to apply for these loans.

What is the maximum loan amount available?

You can get a maximum loan amount of upto 10 Lakhs. This maximum amount is subject to the net monthly income which should be at least 40% of your gross monthly income after making all the necessary deductions including your proposed EMI.

Is there an age criteria in order to apply for Allahabad bank personal loans?

It is necessary that the applicant is at least 21 years of age when applying for a loan. The tenure of the loan should end one year before the retirement of the individual from service.

What is the maximum repayment tenure for a personal loan with Allahabad Bank?

You get repayment tenure of up to 60 months with personal loans offered by Allahabad Bank. For medical practitioners and doctors, the repayment period can be as high as 84 equated monthly installments. 

What are the prepayment charges for Allahabad Bank Loans?

Yes. You can get a personal loan even if your salary account is not with Allahabad Bank. You need an undertaking from your employer for deduction of your EMI from your salary and remitting it to Allahabad Bank as per the format of the Bank.

Are there any processing charges applied on Allahabad Bank Personal Loans?

For loans that have been applied under Allahabad Bank directly, there are no prepayment charges applicable. However, in case of a takeover of a loan, a prepayment fee of 2.25% of the outstanding loan amount is payable.

What are the documentation charges for Allahabad Bank Personal Loans?

There are no documentation charges applied for any personal loan applied with Allahabad Bank.

What margin must be provided for Allahabad Bank Personal Loans?

In case of doctors, no margin is required. You will have to provide a 10% margin in case of the Saral Loan Scheme. For any loan taken against NSC or KVP, you will have to provide between 10% and 25% margin amount depending upon the age of the assets pledged.

Is work experience required to apply for a loan with Allahabad Bank?

In order to apply for a personal loan with Allahabad Bank, the individual must have a permanent job with a minimum experience of 2 years of service. In case of non-government organizations the strength of the company that the individual works for should be at least 20.

Allahabad Bank Customer Care

For all grievances, complaints or feedback, you can submit an online form on www.allahabadbank.in. You will be provided with a tracking number to check the status of your complaint or submission online.

Principal Nodal Officer for Grievances:

Telephone Number: 033-22319234/033-22420860

 Head Office:

2, NetajiSubhas Road, BBD Bagh, Murgighata,

Kolkata,

West Bengal

700001

 

Why apply for Allahabad Bank Personal Loan on MyMoneyMantra?

With MyMoneyMantra, loan application is simplified and customized to suit the requirements of the customers. This is a simple platform that connects you with various financial organizations to understand different products available before applying for a loan. The advantages of applying for a personal with MyMoneyMantra are as follows:

  • One stop portal with 70 Plus Institutions: You can connect with a network of more than 70 institutions under one portal to compare and understand different products offered by them.

  • Continued assistance: From the time you apply for a loan, you will be assisted by associates of MyMoneyMantra for all documentation and follow up processes required to improve the chances of loan approvals.

  • Easy assessment of loan application: From checking your eligibility, the monthly EMI to your CIBIL score you have all the necessary tools with MyMoneyMantra.

  • Faster loan turnaround: MyMoneyMantra improves loan turnaround period by providing assistance to customers at every step to prevent any errors in application.

  • Safest option: You can be assured of complete confidentiality of all the information you provide, making this the safest option to avail your loan.

How to apply for Allahabad Bank Personal Loan on MyMoneyMantra?

MyMoneyMantra simplifies loan application by breaking down the procedure into easy steps. In addition to that, most of the work is done for you by MyMoneyMantra from the time of application. To apply for a loan with Allahabad Bank, you need to follow the following steps:

  • Log on to MyMoneyMantra.com
  • Enter your gender.
  • Then fill in personal information including name, address, phone number and email Id.

  • Enter the OTP provided to your phone number.

  • Provide additional details such as the loan amount required, employment status and net monthly income.

  • Based on this, your personal loan quotation is prepared.

  • Following this, you can apply for your loan.

  • Documents are verified by MyMoneyMantra associates to complete the loan application process.

  • Your loan application is tracked and followed up.

  • With Allahabad Bank, you are required to complete a personal interview with their officials.

  • Once the loan is approved, it is disbursed as per the terms and conditions of the sanction letter.

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