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Allahabad Bank Personal Loan

Apply Allahabad Bank Personal Loan

Processing Fee

nil*

Max Tenure

nil*

Best Rate

13.00%

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Allahabad Bank Personal Loans

Allahabad Bank was founded in 1865 in Allahabad. Headquartered in Kolkata, it is the oldest joint stock bank in India. The bank has over 2,500 branches across India. It provides a wide range of banking products and financial services to its customers.

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What is a personal loan?

A personal loan is an unsecured (i.e. without collateral), multi-purpose loan usually taken to cover short-term money requirements. Personal loans usually have a speedy approval process hence making it one of the most popular loans in the market.

An Introduction to Allahabad Bank Personal Loans

Allahabad Bank offers a wide range of services in the personal loan segment. It is the most preferred bank by all kinds of people for any financial service. For any immediate financial requirement like wedding, medical treatments, house repair, pleasure vacation etc. can be fulfilled using the personal loans offered by Allahabad Bank.

Allahabad Bank Personal Loan

Advantages of Allahabad Bank

  • Low interest rate
  • No security needed
  • Less paperwork
  • Long tenure
  • Minimum income requirement
  • No processing charges for pensioners

Documentation Required for Allahabad Bank Personal Loans

Important documents to be submitted while applying for personal loans with Allahabad Bank

  • Completed loan application
  • 3 Passport size photographs
  • Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
  • Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
  • Statement of Bank Account/ Pass Book for last six months
  • Form 16/IT returns for the last two financial years for salaried employees
  • IT returns for the three years for self-employed professionals

Allahabad Bank Personal Loans

Catering to the needs of various sections of people, tailor-made Allahabad Bank personal loans is the best option to fulfil your short-term needs. You can choose the best personal loan based on your requirement.

Key Highlights

Eligibility CriteriaSalaried/Self-EmployedAll who draw pension thorough Allahabad BankUp to 65 years
Age21 years and aboveAll who draw pension thorough Allahabad BankUp to 65 years
Loan TenureUp to 60 monthsUp to 48 monthsUp to 60 months
Loan AmountUp to 24 times of net monthly salaryUp to 2 LakhsUp to 5 Lakhs
Interest RateMCLR+4.50%MCLR+3.50%MCLR+5.00%

Features of Allahabad Bank Saral Loan

Objective:

The aim of the Allahabad Bank personal loan is to provide financial assistance to fulfil the needs like medical treatment of self or a family member, to meet wedding and travel expenses, education and house repair.

No Collateral Required:

As personal loans are unsecured loans, you do not have to pledge any collateral to obtain Allahabad Bank personal loan. However, suitable third-party guarantee is acceptable.

Loan Amount:

12 times of present Gross Monthly Salary, for employees having salary of Rs.15000.00 and above and up to INR 20000 per month and minimum loan limit of Rs.50000

24 times of present Gross Monthly Salary, subject to maximum loan limit of INR.7.50 Lakhs for employees having salary of Rs.20000 and above and minimum loan limit of INR 50000

Loan Tenure:

Up to 5 years and it should be paid before one year of employee’s retirement.

Prepayment Charges:

You can make the prepayment after completing 12 EMIs. Prepayment charge is 2.25% of the outstanding balance.

Processing Fee:

The processing fee is 1.22% of the loan amount.

Convenient Borrowing:

You can apply online or visit nearby Allahabad Bank branches.

Eligibility Criteria:

Minimum Gross Monthly salary of the proponent should be Rs.15000/- and he / she should be a permanent employee with a minimum 2 years’ service in the same Organization.

The Organization proposed for designation must have strength of minimum 20 eligible employees. Minimum strength of 20 employee is not applicable for central /state government organization.

You should be minimum of 21 years old.

Features of Allahabad Bank Personal Loan for Pensioners

Motive:

The aim of the Allahabad Bank personal loan is to provide financial assistance to fulfil the needs like medical treatment of self or a family member, to meet wedding and travel expenses, education and house repair.

Security:

Personal guarantee and under taking from family pensioner to repay the loan in case of death of pensioner.

When family pensioner is not alive/PPO of the pensioner is not with the Bank, pledge of liquid security like NSC/KVP/FDR etc covering 25% of loan amount to be provided. In addition to this guarantee of 2 persons having individual Net worth equal to 2 times of loan amount is to be provided.

When family pensioner is not alive & PPO of the pensioner is not with our Bank, pledge of liquid security like NSC/KVP/FDR etc covering 50% of loan amount is to be provided. In addition to this guarantee of 2 persons having individual net worth equal to 2 times of loan amount is to be provided.

Loan Amount:

An amount equivalent of 10 months’ pension inclusive of relief subject to the following maximum limit.

Pensioners up to 65 years of age – INR 2.00 Lacs

Pensioners above 65 years of age – INR 1.00 Lacs

Minimum loan amount – INR 25000

Total deductions including the present loan Instalment should not exceed 50% of the monthly pension.

Loan Tenure:

Up to 48 months

Processing Fee:

Nil

Convenient Borrowing:

You can apply online or visit nearby Allahabad Bank branches.

Eligibility Criteria:

All state and central Government teachers and Allahabad bank employee pensioners whose monthly pensions are credited through the bank.

The age of the pensioner should not be more than 73 years of age and should be able to full repay before 75.

Features of Personal Loan for Doctors

Objective:

The aim of the Allahabad Bank personal loan is to provide financial assistance to fulfil the needs like medical treatment of self or a family member, to meet wedding and travel expenses, education and house repair.

No Collateral Required:

As personal loans are unsecured loans, you do not have to pledge any collateral to obtain Allahabad Bank personal loan. However, suitable third-party guarantee is acceptable.

Loan Amount:

Up to INR 5 Lacs or amount equal to annual income.

Loan Tenure:

Up to 5 years and it should be paid before one year of employee’s retirement.

Processing Fee:

Processing is applicable but is subject to change from time to time.

Convenient Borrowing:

ou can apply online or visit nearby Allahabad Bank branches.

Eligibility Criteria:

Doctors and Medical Practitioners. The maximum age limit for the applicant can be 65.

Interest Rate on Allahabad Bank Personal Loans

Saral LoanMCLR+4.50%
Pensioner LoanMCLR+3.50%
Loan for DoctorsMCLR+5.00%

EMI Payment Methods

Your Allahabad Bank personal loan can be repaid in following three ways.

Standing Instruction (SI):

If you are an existing account holder with Allahabad Bank, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Allahabad Bank account you specify.

Electronic Clearing Service (ECS):

This mode can be used if you have a non-Allahabad Bank account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.

Post-Dated Cheques (PDCs):

You can submit post-dated EMI cheques from a non-Allahabad Bank account at your nearest Allahabad Bank Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.

It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.

Personal Loan FAQs

1. What are my loan limits?

Your personal loan limit would be determined by your income and repayment capacity.

2. Can my spouse income be included for calculating the loan amount?

Yes, your spouse's income can be included provided he/she guarantees the loan or the loan is taken jointly.

3. Do I have to pledge some form of security?

No Security is Needed

4. What is the repayment schedule like?

The minimum amount that you are expected to pay every month is the EMI. You are allowed to pay more than the EMI if you wish to, and we do not charge any prepayment penalty.

5. What is EMI?

EMI stands for Equated Monthly Instalments. This instalment comprises both principal and interest components. Use the EMI calculator to find out your monthly payments based on the loan amount, the rate of interest and the repayment period. Choose the combination that best meets your financial resources and requirements.

6. Do I have the option of choosing a fixed or floating rate for the loan?

You have the option to avail the loan with either a fixed interest rate or a floating one. In the case of a fixed rate loan, the interest rate on the loan will remain fixed through the entire tenure of the loan, whereas in the case of a floating rate loan, the interest rate could decline or rise in line with the changes in the Bank's Medium-Term Lending Rate (SBMTLR).

7. How does Allahabad Bank Personal loan compare with those offered by other banks?

There is total transparency with regard to the rate of interest and the fees charged by us.

Allahabad Bank offers personal loans at the cheapest rates of interest, with no security or collateral

Allahabad Bank offer loans for the longest tenors (60 months), with the flexibility provided to reduce the tenor by prepaying the loan without any penalty.

The Bank provides finance for any personal need or requirement; the total amount being determined on the basis of repaying capacity.

With an Allahabad Bank personal loan, you can choose between fixed rates of interest and floating interest rates.

8. How can I apply for the Allahabad Bank personal loan?

You can either apply online or visit the nearest Allahabad Bank loan centre for a personal loan.

Allahabad Bank Personal Loans Summary

Allahabad Bank provides attractive interest rates on personal loans when compared to other lenders. Low interest rate with no hidden charges makes Allahabad Bank personal loans a prospective and viable option for borrowing for your urgent financial requirements. With long tenure and part-prepayment, Allahabad Bank personal loans do not impose much burden on the customers.

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