Allahabad Bank Personal Loan Eligibility Criteria 2022

Allahabad Bank offers customised personal loan schemes – New Saral Loan, AllBank Doctor Plus Loan and Home Appliances Finance – to its customers for their different requirements. Personal loans offered by Allahabad Bank under these schemes come with flexible repayment options, attractive interest rates, and the loan amount varies from individual to individual.  

 

Age	Minimum age of the applicant should be 21 years at the time of application  Maximum age should be 60 years
Employment	Your salary account should be maintained by Allahabad Bank
Minimum income	Net monthly income should be at least Rs. 15000
Credit score	Should have a good credit score
Total work experience	Should have completed minimum 2 years in the current organisation
Residential status	Any Indian
Interest rate	10.50% onwards

Age	Minimum age of the applicant should be 21 years at the time of application  Maximum age should be 65 years
Employment	should be a registered doctor and medical practitioner in any stream (Medicine, Homeopathy, Ayurvedic, Veterinary etc.)
Credit score	Should have a good credit score
Residential status	Any Indian
Interest rate	1Y MCLR + 3.00% for all categories of borrowers 1Y MCLR + 2.00% for Doctors/ Medical practitioners of government and government-sponsored hospitals / medical college drawing salary through Allahabad Bank branches

Age	Minimum age of the applicant should be 18 years at the time of application  Maximum age should be 60 years
Employment	You should have fulltime permanent employment with government/quasi-government/public sector corporations/institutes etc.
Minimum income	Net monthly income should be at least Rs. 25000
Credit score	Should have a good credit score
Total work experience	Should have completed minimum 2 years in the current organisation and should have 2 years left before you retire
Residential status	Any Indian
Interest rate	10.50% onwards

Age: Age plays a very important role in deciding your eligibility for a personal loan. Younger applicants who are in their early 20s can easily qualify for a personal loan than ones who are approaching retirement or have crossed 50 years, because young ones have plenty of time to earn and repay the loan. 

Monthly income: Your income refers to your repayment capacity. Applicants with a good income can easily qualify for a personal loan.  However, income may vary from applicant to applicant, depending on the city you live in and the lenders you are applying with. 

Credit score: Credit score is a key driver of personal loan approval. Your credit score shows how responsible you are in handling your debts. A good credit score helps you get a hassle-free personal loan. Generally, a credit score of 750 or above is considered perfect for personal loan approval. 

Job and work stability: While assessing your application for a personal loan, lenders look into your employment type i.e. you work profile and the company you work for. It gives a clear picture of a regular stream of income. A stable job in a government sector or reputed private organization will help you get a personal loan with ease. For a salaried person, minimum work experience required is at least 2 years of total work experience and at least 1 year in the current organization. A self-employed person should have a minimum of 5 years of total experience and at least 2 years of experience in their current business.  

Documents required for Allahabad Bank personal loan

Here is the checklist of documents required for a personal loan from Allahabad Bank:

For salaried employees

• Proof of identity: Passport / PAN card/ Driving license / Voters ID /Aadhaar card 
• Address proof: Leave & License Agreement/ Ration card /Utility bill (not more than 3 months old) / Passport - provided the passport has the present address mentioned in loan application form
• Income proof: Salary slips for the last 3 months along with salary certificate 
• Bank statement: Last 6 month’s bank statement showing salary being credit 

For self-employed professionals

• Identity proof: Passport / Driving license / Voters ID / PAN card /Aadhaar card 
• Address proof: Leave & License Agreement/ Ration card / Sales tax certificate / Utility bill (not more than 3 months old) / Passport - provided the passport has the present address mentioned in loan application form
• Address proof of the business
• Proof of qualification: Highest professional degree
• Latest 2 years ITR along with computation of income, B/S, P&L a/c with all schedules audited by a Chartered Accountant 
• Bank statement: Business (current account) statement for latest 6 months
• Business continuity proof 

Afinoz has designed an easy platform for a personal loan application. Click ‘Apply Now’ button on the personal loan page to apply for a personal loan. Now fill the short and simple personal loan application form to check your eligibility. You will receive exclusive offers from multiple lenders based on your eligibility.  Our customer care executive will call you and tell you about the best offers you are eligible for as per your eligibility. 

Afinoz is a one-stop destination for customized rate quotes on loans and investment products in India. Our objective is to make personal financial decisions easy, seamless and transparent for our customers. We have designed a system that provides comprehensive results and enables customers to compare products simultaneously so that they can access the right product.

You can contact our team to get more information or apply for a loan or investment by calling on +91 120 411 0376 or by emailing at info@afinoz.com. Afinoz.com provides solutions which are quick, reliable, transparent, confidential, and above all free.