Allahabad Bank Personal Loans Details
Allahabad Bank Personal loans are meant to overcome the unpredicted financial crunches at any point in your life. Personal loans are processed and disbursed quickly. Moreover, they do not require any collateral. The loan amount may be utilized for the purpose of purchasing any consumer durables or for meeting domestic, social and other such emergency expenses. Allahabad Bank Personal Loan scheme, also known as Allahabad Bank New Saral Loan, can be availed by employees of reputed public sector/private institutions/organizations whose salaries are disbursed through Allahabad Bank.
Allahabad Bank also provides personal loans to pensioners and doctors at competitive interest rates along with lots of other benefits. Afinoz.com provides you with a Personal Loan Calculator to check your Personal Loan Eligibility and avail the best preferred personal loan as per your requirements.
Features and Benefits
Allahabad Bank has attractive features and benefits from easy loan approval to lower interest rates along with flexible loan tenure.
- Here are some features and benefits of Allahabad bank personal loan:
- Affordable rate of interest: Allahabad Bank personal loan interest is competitive. Pensioners get maximum benefit in terms of interest rates.
- Insurance Policy: A personal accident insurance policy of Rs.2 lakhs is provided by Allahabad bank to pensioners availing personal loan facilities to cover accidental death regardless of the amount taken by them.
- No collateral or security required.
- Flexible Repayment Options: You can choose the tenure of up to 60 months to repay your Allahabad Bank Personal Loan.
- Personal Loan for Pensioners: For pensioners who maintain a pension account with Allahabad Bank, the personal loan is offered at a special rate of interest.
- Multipurpose Personal Loan: Allahabad Bank Personal Loan can be used for any genuine personal credit need including educational expenses, wedding expenses, travel costs and to meet the expenses of emergency medical funds.
- Quick processing and disbursal.
- Loan repayment in easy installments.
Allahabad Bank Personal Loan Eligibility Criteria & Document Required
Eligibility for Allahabad bank personal loan is decided on the basis of certain parameters. A loan seeker must satisfy the below-mentioned eligibility criteria to avail a personal loan from Allahabad bank :
- The list of individuals eligible to apply for Allahabad Bank personal loan:
- Employees of reputed public sector / private institutions/organizations whose salaries are disbursed through Allahabad Bank.
- Age Limit: The age of the Allahabad bank personal loan applicant should be minimum of 21 years and loan should be repaid at least one year before his/her retirement from service.
- Service: loan applicant should be a permanent employee with a minimum of 2 years service in the same Organization.
- The Organization proposed for designation must have a strength of a minimum of twenty working employees.
- Quantum of the Loan:
- Individuals can avail a loan amount of over 24 times of present Gross Monthly Salary, subject to a maximum loan limit of Rs.7.50 Lac and minimum loan limit of Rs.50,000/-
- Loan amount should be evaluated in such a manner that net takes home salary after taking into account all deductions (existing and EMI of new loan) is not below 40% of the monthly gross salary.
- Income: Individuals should have a minimum Gross Monthly salary of the Rs.15,000/- to avail a personal loan from Allahabad bank.
- Security: Hypothecation of articles being financed or other items of existing article owned by the borrower covering the full value of loan amount may be required at the time of the application of loan. Moreover, the guarantee of spouse or parents will be required in case of an unmarried applicant.
- Eligibility and EMI calculator: Now, you can easily evaluate and calculate your Allahabad bank personal loan eligibility and Allahabad bank personal loan EMI amount using utility tools like personal loan eligibility calculator and personal loan EMI calculator at afinoz.com. These calculators will help you to determine your EMI outflow every month including the interest rate you will need to pay. Using the calculator at Afinoz.com is free, easy and simple.
- CIBIL score: Credit score is an important factor for approval of your loan. Usually, an applicant’s creditworthiness is determined by evaluating his credit score i.e. CIBIL / EXPERIAN score. Loan applications of applicants having poor credit score may get rejected. It’s always advisable to keep on updating your credit score every now and then. If you have a bad credit score and somehow your loan application gets approved, you might be asked to pay a high rate of interest and be offered unfavorable terms and conditions on your loan as compared to someone who has an excellent credit score.
Allahabad bank personal loan Documents required:
Individuals applying for Allahabad bank personal loan should pay attention towards documentation required to get the personal loan in Allahabad bank.
List of documents for Salaried Individuals
List of documents for Self-Employed Individuals
Apply for Allahabad bank personal loan online at Afinoz.com. You can call us at 0120-411-0376 or email us at firstname.lastname@example.org. You can check your eligibility and tentative EMI for Allahabad bank personal loan using our utility tools like personal loan eligibility calculator and personal loan EMI calculator. We assure you of our best services without any hassle and effort at the click of a button from the comfort of your home or office. Once you complete and submit your Allahabad bank loan application through Afinoz.com, you can effortlessly track your loan application status on our website on a real-time basis, 24x7.
Interest Rate & Charges of Allahabad Bank
|Allahabad Bank Personal Loan Interest Rates, 2020|
|Allahabad Bank Personal Loan General -Interest Rates||For salaried:- 13%|
|For doctors:- 13.60%|
|Allahabad Bank Personal Loan Tenure||1 to 5 YEARS|
|Allahabad Bank Personal Loan Processing Fee||1% of the total Loan Amount+ service tax as applicable|
|Allahabad Bank Personal Loan Prepayment charges||Salaried- 2.25% of outstanding balance only in case of the takeover.|
|Minimum Income For Allahabad Bank Personal Loan||Minimum Rs 15,000 per month|
|Allahabad Bank Personal Loan Amount||Up to Rs 7.5 lakhs|
Special Note: Rates are subject to periodic change Personal loan interest rates in Allahabad bank and other fees and charges are subject to regular review and can vary from customer to customer depending upon a number of factors ranging from credit score to existing loans, amount of savings, company with which you are currently employed, number of years of relationship with the Bank, etc.
Different personal loans from Allahabad Bank
Allahabad Bank personal loans are offered in different categories to address the diverse needs of individuals in different fields-
Allahabad Bank Saral Personal Loan
Some important features of this Allahabad Bank Personal loan are as follows-
- You can use the loan amount pretty much for any genuine purpose such as home renovations, purchasing a vehicle, consolidating debt, vacation, buying consumer durables, and so on.
- The maximum loan amount that can be availed is equal to 24 times the gross monthly income of the applicant or 7.5 lakhs, whichever is lower. The minimum loan is Rs 50,000.
- The personal loan tenure ranges from 1 to 5 year as per the borrower’s convenience. He should repay the entire loan EMIs one year prior to his retirement.
- In case the applicant is unmarried, a personal guarantor (in the form of parents) is required as a security cover to avail this personal loan.
- In this loan, the applicants can avail an interest rate at MCLR+4%
- A pre-closure charge of 2.25% of the balance outstanding is applicable for this personal loan
Allahabad Bank Personal Loan for Pensioners
The salient features of this loan are as follows-
- This personal loan is for covering the sudden and unexpected funding needs of Govt, Defense or family pensioners.
- Pensioners can get a loan amount from minimum Rs 25000 up to 10 times his monthly pension with a limit of –
- 2 lakhs if he is 65 years in age or below
- 1 lakh if he is above 65 years in age
- It offers zero hidden charges, zero processing fees, and quick processing/approval facilities.
- Pensioners can avail an Allahabad Bank Personal loan interest rate at MCLR+3.50 %
- A personal guarantor is required as a security cover to avail this personal loan for pensioners
Allahabad Bank Personal Loans for Doctors or Medical Practitioners
Some important features of this loan are-
- Registered doctors can avail this loan to meet any personal or professional requirements (such as buying medical equipments, establishing clinics and so on)
- The applicant needs to be in the age group of 21 to 65 years. The personal loan amount needs to be liquidated before he attains the age of 70 years.
- Doctors can get a loan amount up to Rs 5 lakhs or 2 years his average income, whichever is lower
- The Allahabad Bank personal loan EMI needs to be paid though PDCs (Post Dated Cheques) or internet banking.
- It is not mandatory for a doctor/ medical practitioner to pledge a security /collateral to avail a personal loan.
- Doctors can avail an Allahabad Bank Personal loan interest rate at MCLR+2.25%
Why should you apply for Allahabad bank Personal Loan through Afinoz.com?
Afinoz.com is one of India's leading personalized financial marketplace. It has created a personal loan platform which lets you choose the best personal loan from the multiple options available to you. All the options are system generated taking into consideration your specific needs and requirements.
Instant Approval – Once you fill in and submit the application form along with the mentioned documents, you will get your e-approval within 2 to 3 days.
Real-time application tracking – Keep track of the application status in real-time with a unique transaction id which is generated at the time of loan application submission. We ensure that all the applicants are kept informed about their application process at each step via SMS and emails.
Online eligibility check - Do all your dealings with the bank online. Provide your basic information and our online personal loan eligibility calculator will let you know the amount of loan you are eligible to borrow from Allahabad bank for your personal financing.
Secure Environment - Afinoz.com has built-in security for your personal information which is stored in a secure environment in our system with your consent. This information is then sent to the bank in an encrypted format digitally and is very secure.
24/7 Customer Service - At any stage of the process if you have any query or seek any financial advice, our experienced and well-trained customer service team will offer the best financing/investment solutions to your problems. So there's no need for you to waste time and make multiple trips to the bank to discuss loan specifications with bankers.
No third-party agent – Afinoz.com online loan application process is absolutely free. Through Afinoz one can directly approach multiple banks online without involving any agent and therefore avoiding unnecessary delays and hassles.
Free quotations – Get online deals on Allahabad bank personal loans and free unbiased quotes of the best personal loan rates. All you have to do is select the loan amount you want to borrow and the tenure of the personal loan. You will get a targeted online quote within minutes of application.
About the bank
Allahabad Bank was established on April 24, 1865, by a group of Europeans in Allahabad. Allahabad Bank is one of the oldest nationalized joint stock banks in India with rich experience in extending various banking solutions to its valued consumers since 1865. At present, the total business asset of the bank is close to Rs. 236,460.23 crores. The Bank earned a net profit of Rs. 111 crores during the FY 2016-17.