Allahabad Bank Car loan

Allahabad Bank Car loan
  • Can be used for purchase of new Vehicle for personal use/official use

  • Can be used for purchase of pre-owned vehicle, not more than 3 years old

  • The term Vehicles used here includes Car, JEEP, Van, and MUVs (Multi Utility Vehicles).
Allahabad Bank targets the following customers:
  • Allahabad Bank Loans gives the Car loan facility to their existing corporate customers, directors and employees.

  • The Allahabad bank car loan facility is also available for salaried persons, Professionals & Self-Employed, Businessmen, Agriculturist and Pensioners of Central, State Govt. and Firms, Companies, having regular income to liquidate the loans.
Following can avail the Allahabad Bank Loan facility if fulfills the below mentioned income criteria:
  • For Salaried Person’s case : Salaried person should have minimum gross monthly income of Rs. 25,000/-

  • In case of Agriculturist: Minimum irrigated land holding should be 5 acres.

  • In case of Professional & Self-Employed / Businessmen: An IT assesee can avail this loan. With full collateral security, IT assessment order / IT return may be waived.

  • In case of individuals who are retired from their service: they should have minmum monthly pension of Rs. 15,000.
  • In case of applicant is firm/ Companies: Net profit is sufficient component to fulfill the repayment of Car Loan


  • 15% of the cost of vehicle on Road (i.e. one time registration + first time Road tax & insurance charges etc.) will be required as margin for new vehicle

  • The lower of the 85% of the "Agreed Purchase Price" as valued by Approved Automobile Valuer or 60% of the Valuation of the Vehicle will be required as margin For pre-owned vehicle.

Eligibility based on (Service Period of Applicant/ Repayment Age/Age of Firm & Company :
  • In case of Salaried Person: The salaried person is required to fulfill their loan repayment liability at least three months before the date of retirement from service.

  • For other than salaried person: Loan should be repaid before attaining the age of 70 years.

  • Firm and Companies: To become eligible for loan, they should be in existence for at least 2 years.

Loan Limit (maximum loan can be given):

  • Maximum loan available: Net Annual Income / Net Annual Salary*3

  • Increasing eligibility: If spouse / father/ mother/ son/ unmarried daughter becomes the co-borrower their Income can also be clubbed which can be useful for increasing the eligibility.

Permission vehicle numbers:
  • There is no restriction imposed by Allahabad bank for the maximum number of cars that can be financed to Individuals, Partnership Firms and Companies.
Security to be given: In both cases (New / Pre-owned Vehicle):
  • Primary security: Hypothecation of Vehicle is required as Primary security.
Collateral :
  • For Loan up to Rs. 20 Lac : If Spouse income is considered for eligibility then Spouse should be a co-borrower. No Collateral, No guarantee.
  • For Loan above Rs. 20 Lac: Collateral security in form of FDR/NSC/KVP etc. and guarantee of one person or Mortgage of House/Flat is sufficient.
  • There is no guarantee and collateral security is required If margin offered is more than 25%,
Repayment Period :

For New Vehicle :

  • In case of Individuals: Maximum 84 Months repayment period is permissible.
  • For Firm/ Companies: Maximum 60 Months repayment period is permissible
  • For Pre-owned vehicle: Maximum 60 months / Residual life of the vehicle, whichever is lower is permissible as repayment period.
Rate of Interest
  • For new Vehicle -- MCLR+0.25%
  • For pre-owned Vehicle -- MCLR+0.75%

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