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Allahabad Bank Car Loan

Allahabad Bank Car Loan


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What is Allahabad Bank Car Loan?

Allahabad Bank provides cars loans. On discovery that many people are interested in buying a car for either comfort, safety or any other reason will not be able to buy their dream car on their own. They should either go for a car that they don’t want because it is cheaper or wait and save to buy the car which will take time and the car model might change. The borrower can pay back Allahabad Bank through equated monthly instalments or EMI(s). Allahabad Bank believes in providing the right applicant by providing with loans which are cost effective way to purchase a car.

Allahabad Bank Car Loan Eligibility

AgeMinimum age for salaried people to apply for a loan is 21 years while the maximum age limit at the time of completing the loan is 60 years.
Minimum age for self-employed individuals to apply for a loan is 21 years while the maximum age limit at the time of completing the loan is 70 years.
Salary requirementThe minimum gross salary required for applying a car loan is Rs.25,000 per month
Employment statusSalaried: Must have continuous employment of at least 1 years
Self-employed: Minimum 2 years of employment in the same line of business
Tenure7 years
Loan amountMaximum of 3 times of Net Annual Income / Net Annual Salary
Interest rateStarts from 9%
Processing fee0.5% to 2%

Allahabad Bank Pre-Owned Car Loans

Allahabad bank also provides pre-owned car loans and the criteria is same as the owned cars, many people nowadays try and get a pre-owned car instead of a new car as it is easy to train on an old car.

Allahabad Bank also provides loans for used or pre-owned cars for 100% of the car price.

Documents required for Allahabad Bank Car Loan

The following are the documents required for Allahabad Bank car loan

Salaried Individuals:

  • Any of the following identity proof documents:
    • Aadhar Card
    • Passport
    • PAN Card
    • Voters ID Card
    • Driving License (recent, legible, laminated)
  • Latest salary slip and Form 16 as income proof
  • Any of the following documents as address proof:
    • Aadhar Card
    • Ration Card
    • Driving License (recent, legible, laminated)
    • Voters ID Card
    • Passport Copy
    • Telephone Bill
    • Electricity Bill
    • Life Insurance Policy
  • Bank statement of the previous 6 months

How to apply for a car loan with Allahabad Bank

TheAllahabad Bank car loan approval & verification process is simple and much quicker for existing Allahabad Bank customers. They can apply online and get pre-approved offers on car loans with attractive interest rates. The loan amount is directly credited to their account instantly.

The application process is different for new customers of Allahabad bank. The borrower needs to either apply online or directly download the application form from the official website or visit the nearest Allahabad Bank branch. They can also call the Allahabad Bank car loan customer care to proceed with the application process.

Generally, Allahabad Bank’s representative will come to your place of work or your car to collect the filled in application form and all the necessary documents required for verification at any time you specify. A background check would help the lender know about the personal, professional standing of the applicant If there are any discrepancies with the information provided, the Allahabad Bank car loan application is likely to be denied. After passing through document verification and eligibility criteria, the approval process moves to the final level. At the final stage and after negotiations, the Allahabad Bank car loan interest rate and tenure are fixed and sent for your acknowledgement.

In case your car loan application was rejected you will receive Allahabad Bank loan rejection letter which will receive a status update on the car loan rejection. Let us know see what the eligibility or qualifying criteria are as they are called in banking parlance for a car loan.

Allahabad Bank Car Loan EMI Payment Methods

Allahabad Bank Car Loan Eligibility Check

Before a person applies for an Allahabad Bank car loan it is best to do an eligibility check which is available on the Allahabad Bank website and at This way your credit score will not be affected as the bank will only soft pull your credit score and compares with other internal criteria to make sure you are eligible.

Car Loan EMI Calculator

Customers can use the car loan EMI calculator to know how much EMI they will be paying each month. Customer can make use of the CreditMantri Car Loan EMI calculator and the Allahabad Bank Car Loan EMI calculator.

The importance of this is that customers will know how much EMI they will have to pay based on their loan requirement. This helps them to plan far ahead.

CreditMantri’ s Car Loan EMI Calculator and Allahabad Bank Car Loan Calculator are among the best and probably the easiest ways to compare various car loan offers and choose the loan best suited to your requirements. Using the Car Loan EMI Calculator, you get a simple and quick way to accurately compare the various loans and determine what your EMI will be with the different lenders.

Allahabad Bank Car Loan FAQs

1. Does Allahabad bank provide 100% finance for car loans?

Allahabad bank provides car loans for up to 85% of the car value

2. What is the maximum tenure for Allahabad Bank car loan?

The maximum loan tenure is 7 years for new cars and 5 years for used cars

3. What type of cars do Allahabad bank provide car loans for?

Allahabad Bank offers. Auto Loans for most passenger cars, multi-utility vehicles and sports-utility vehicles that are available in India and are bought for personal use.

4. Do I have to provide any security to avail an Allahabad Bank car loan?

Allahabad Bank car loan is a form of secured loan where your car will act as a collateral.

5. Can I sell my vehicle before I repay the entire car loan taken from Allahabad bank?

You cannot enter a transaction with any seller without a 'No Objection Certificate' (NOC) from Allahabad Bank. The NOC can only be obtained after foreclosure or after you have paid off your loan.

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