Personal Loans in Allahabad

  • Bajaj Finance
  • ICICI Bank
  • TATA Capital
  • INDUSIND Bank
  • FULLERTON
  • Shriram City Union
5.0 / 5 (5 Reviews)

Why apply through CreditMantri

Quick and easy approval for Personal Loans in Allahabad CreditMantri matches your credit and demographic profile to lender's Personal Loan lending criteria - others just match your demographic criteria. We shortlist lenders willing to lend to you Personal Loans in Allahabad, based on our proprietary matching algorithm.

In effect, we pre-screen your application to make sure you are likely to qualify as per the lender’s credit criteria. We upfront check whether you qualify for Personal Loan in Allahabad Hence the chances of your Personal Loan application getting approved is higher. We even try our best to help people with low CIBIL Score, get a Personal Loan in Allahabad.

max tenure

5 yrs

processing fee

0.5%*

best rate

12.99%*

  • Maximum loan - 20 lakhs
  • Attractive Interest Rates
  • Quick and easy approval process
  • Balance transfer on existing personal loan
  • Interest rate - 12.99% to 23%
  • Processing fee - 0.50% to 2.50% of loan amount
  • KYC – ID proof, DOB Proof, Signature proof & Address proof
  • Bank Statements
  • Residence stability proof
  • Employment stability proof
  • Latest 3 month salary slips / Form-16 / Appointment letter

max tenure

5 yrs

processing fee

2.25%

best rate

14.75%

  • Maximum loan - 25 lakhs
  • 5-minute online personal loan approval and cash in bank in 72 hours
  • Interest rate - 12% to 15%
  • Processing fee - 2.25% to 3% of loan amount
  • Per bounced cheque - 1000/- and 2% penal interest per month
  • Secure fee - 999/- for instant approval online
  • Online application, Employee ID card
  • ID proof (any one) - PAN,Passport,Driver's license, Voter ID
  • Address proof (any one) - Passport, Driver's license, Ration card, Mobile bill, Letter from employer
  • Signature proof (any one) - Passport, PAN, Driver's license, Photo credit card, Letter from bank verifying signature
  • Work experience documents - Appointment letter, Form 16, 1 yr old salary slip, same for previous employment

max tenure

5 yrs*

processing fee

999₹*

best rate

11.49%*

  • Maximum loan - 20 lakhs (salaried)
  • Maximum loan - 30 lakhs (self employed)
  • Fixed interest rate
  • Direct credit of the loan amount through Fund Transfer (FT)
  • Simple repayment options such as ECS, AD or PDC
  • Interest rate - 13% to 18%
  • Processing fee - Up to 2.5% of loan amount
  • Application form with 2 photographs , Processing fee cheque
  • ID proof (any one) - PAN,Passport,Driver's license, Voter ID
  • Address proof (any one) - Passport,Utility bill, Lease agreement
  • Salaried - Salary slip for 3 months, bank statement with salary credit
  • Self employed - Office address proof, audited financials for last 2 yrs and latest 6 months balance sheet

max tenure

5 yrs*

processing fee

1500₹*

best rate

13.99%*

  • Maximum loan - 15 lakhs
  • Flexi EMIs with Higher Loan Eligibility
  • Minimum Documentation and Verification
  • Quick processing
  • Security or Guarantors not Required
  • Interest rate - 14.5% to 18%
  • Processing fee - 1% to 2% of loan amount
  • ID proof (any one) - PAN,Passport,Driver's license, Voter ID, Aadhar
  • Address proof (any one) - Passport, Driver's license, Voter ID, Ration card, Electricity bill, Rent agreement
  • Residence stability proof
  • Employment stability proof
  • Latest 3 month salary slips / Form-16 / Appointment letter

max tenure

4 yrs

processing fee

2%

best rate

17.25% *

  • Personal Loan up to 20 lacs.
  • Easy Repayment over 12 to 48 months.
  • Quick and easy approval process
  • Balance transfer of an existing Personal loan
  • Interest Rate: 17.25% onwards
  • Processing Fee: 2% onwards
  • Application form with a recent photograph
  • ID Proof - Passport Copy/ Voter ID card/ Driving License/ PAN Card
  • Address Proof - Ration card/ Telephone Bill/ Electricity Bill/ Rental agreement / Passport copy/ Bank Passbook or Statement/Driving License
  • Age proof - PAN Card, Passport, any other certificate from a statutory authority
  • Bank Statements (Bank statement / Bank Passbook for last 6 months) OR Last 3 months’ salary slip
  • Form 16
  • Income Tax Returns for last 3 years
  • Processing fee cheque
  • Previous 2 years’ experience letter without any gap (if current work experience < 1 year)

max tenure

3 years

processing fee

2000₹

best rate

28% p.a

  • Faster loan disbursal process
  • Simplified documentation process
  • Repayment through Equated Monthly Instalments
  • Interest rate - 28%
  • Processing fee - 2000₹
  • ID Proof(any one)- Aadhaar card/Pan card/Driving License/Passport/Voter ID
  • Address Proof(any one)-Aadhaar card/Driving License/Passport/Voter Id
  • Post-dated cheque (For 6/12 Months)

How to Get a Personal Loan in Allahabad

Do you live in Allahabad? Are you looking for a personal loan in Allahabad and wondering what your options are? Read on!

Personal Loans in Allahabad – What is a personal loan?

What is a personal loan?

A personal loan is an unsecured loan, meaning you do not need to pledge collateral or offer any asset as security in order to avail the loan. The main advantage of a personal loan is that there is no restriction on how you use the loan amount. You might need funds for your business expansion, or might want to go for that dream round-the-world vacation, or want to re-furnish your home, or need urgent funds to tide over a crisis. Whatever the need be, you can address it using a personal loan. It can be used as a debt consolidation tool as well—although you might want to consider the interest rates.

Which brings us to the fact that personal loans are one of the costliest loans in the market. This is because lenders want to safeguard themselves against default. The interest rates could go up to as high as 32% or even more, depending on your credit situation.

Those who have a solid credit history with a good repayment record can get a personal loan in Allahabad at relatively low interest rates. If you are a CIBIL defaulter, it can get very difficult to avail a loan—let alone a personal loan which is usually dependent on your credit score. But it could be worth your while to do some research and contact a lender that offers special loans for such defaulters. Some NBFCs might offer personal loan for CIBIL defaulters in Allahabad, although on very strict terms and conditions - like a very high interest rate or short tenure.

Personal Loans in Allahabad—General Features

Following is a general overview of the features of a personal loan:

Get Instant online approval

Most lenders offer the provision to apply online for a personal loan on their website. You can get instant approval within minutes if you apply online. Additionally, you can check your eligibility on the website before you apply for the loan, so that you know how much loan amount you are eligible for.

Get funds in 72 hours in your bank account

In times of financial crunch, a quick disbursal is what one looks for. Many banks disburse the loan amount within 72 hours of the loan being approved. It helps if you are an existing customer and you apply with your lender. This negates the requirement for documents, and the processing time is much faster.

Flexible Tenure and loan amount options

You can choose from tenures ranging from 12 months to 60 months. This may vary from lender to lender. The loan amount also differs from lender to lender, and it is best to check with them directly.

Personal Loans in Allahabad

All major banks and NBFCs offer personal loans in Allahabad. Popular banks and NBFC’s in Allahabad include: Fullerton, Axis Bank, HDFC Bank, Shriram Finance, ICICI Bank, SBI, Citibank, etc. If you do an internet check, you can get the full list of lenders offering personal loans in Allahabad.

It is important to note that even though banks offer personal loan in Allahabad without any form of collateral and / or guarantor or security, some lenders might require a guarantor or a token of some sort. This depends on your individual credit history and score as well as your repayment track.

Personal loans in Allahabad for salaried, self-employed and business people are available. You can compare and contrast to find the best personal loan providers in Allahabad. Do not apply with multiple lenders, as that might lead lenders to think that you are “credit hungry” and lead to rejection of your loan application.

Is it possible to get a Personal loan in Allahabad with bad credit?

The possibility of getting a personal loan with bad credit depends on two things:

  • The severity of your credit situation, and
  • Policies of your lender.

It is not entirely impossible to avail a personal loan with a bad credit score, but it is undeniably very difficult. Your lender might approve your loan but at unfavorable interest rates. There is no single “good credit score” that assures loan approval, as it depends on a variety of factors. It is advisable to raise your credit score to at least 700, if not 750 which is the ideal credit score, so that you can avail a personal loan at reasonably good terms. Take some time out and raise your credit score to a healthy number.

Eligibility for Personal Loan in Allahabad

  • Age criteria: The applicant should be between 21 years to 65 years (at the time of maturity of the loan).
  • Salaried, self-employed, and business professionals are eligible to apply. If you are not a regular wage earner, talk to your bank manager about your situation.
  • Minimum salary for salaried people should be at least Rs. 15,000. The salary bracket depends on what tier of city you live in and the company you work for.
  • Should be staying in the same address / city for at least 1 year
  • Total work experience should be at least 2 years
  • Should have a stable employment history.

You can check your eligibility for a personal loan in Allahabad online. Many major lenders have Eligibility Calculators on their website, using which you can calculate your eligibility

Documents Required for Personal Loans in Allahabad

For salaried / self-employed professionals:

The documents required are basic: Proof of Residence, Identity Proof, 6 months / 3 months bank statements etc. For professionals, your degree certificate / educational documents might be requested for along with last 2 years Income Tax returns.

Following are an overview of the documents generally asked while applying for a personal loan in Allahabad:

  • Valid Identity Proof - Passport, Driving License, Voter ID Card, Aadhar Card, PAN Card (any one document to be submitted)
  • Valid Address Proof – Lease/Rent Agreement, Passport, Driving License, Ration Card, Utility bill (not more than 3 months old), Bank Statement
  • Income Proof Documents – Last 6 months salary slip and latest Form 16
  • Bank Statements: Past 6 months bank statement with salary credit
  • Continuity of employment proof, like offer letter, relieving letter, etc.

For the self-employed and those into business, the following might be requested for in addition to the above-mentioned documents.

  • Degree Certificate / educational documents for self-employed professionals.
  • Proof of business existence
  • Last 3 years Income Tax returns (self and business)
  • Last 3 years Profit /Loss and Balance Sheet, duly attested by a CA
  • Any other documents as directed by the Bank or NBFC

Personal Loan in Allahabad With Low Interest

Personal loans are offered at low interest rates to those who have an excellent credit history and a good repayment record. If you have a good credit score, lenders will be willing to approve your personal loan, and what’s more, you could negotiate for the best interest rates! The lowest interest rate for a private personal loan in Allahabad could range anywhere from 11.99% p.a. and can go up to as high as 32% p.a. or higher.

Personal Loan in Allahabad FAQS

What are the minimum and maximum loan amounts?

It varies from lender to lender. Usually, the minimum loan amount is Rs. 50,000 and it could go up as high as Rs. 40,00,000. The approval of the loan amount depends on various parameters like your income, credit history, repayment patterns, your age, etc.

What are the tenures available?

Again, it depends on the lender. Generally, the tenure is flexible and you can choose from tenures ranging from 12 months up to 60 months.

I need a personal loan as soon as possible. How much time will it take for my loan to get approved?

If you are found eligible, there are lenders who approve loans within 72 hours of submission of complete required documentation. The disbursal is generally quick.

Do I have to pledge any collateral in order to secure a personal loan?

No collateral or security is required for obtaining a personal loan in Allahabad. However, if your credit history is poor, and you need funds, you will be asked to pledge collateral or you might require a guarantor of sufficient net worth.

I want to prepay my loan. Is it possible, and if so, what are the charges?

Prepayment policies differ from lender to lender, and depending on the tenure your loan is running in, you might be charged a nominal percentage of your entire outstanding amount. It is best to contact the lender directly

How to apply for Personal loan in Allahabad:

There are several ways to apply for a personal loan:

  • You can apply directly online at the bank / NBFC's website;
  • You can go in person to your nearest branch and apply with the required documentation
  • You can approach a personal loan agent in Allahabad

Need help? Alternatively, if you think you need help with your personal loan application and advice on loan eligibility, then CreditMantri can guide you and match you with the loan offer that best suits your unique credit profile.