Allahabad Bank Personal Loan EMI Calculator 2022

The Allahabad Bank was established on April 24, 1865, in Allahabad. It is one of the oldest nationalized joint-stock banks in India with rich experience in extending diversified banking solutions to its valued consumers. In the year 2013, the Bank crossed the benchmark figure of Rs 3, 00, 000 crores and entered the coveted ‘Orbit of Large Banks”. The Bank celebrated 150 years of its foundation in 2014.

Allahabad Bank provides flexible personal loans to meet the unique needs of different customer segments. It covers a wide range of immediate financial requirements with quick loan approval and disbursal. Avail an Allahabad Bank personal loan, bail yourself out from any temporary or sudden shortage of funds, and continue to live life the way you want. Do not postpone your plans to another day-because, now you have with you, personal loan products from Allahabad Bank.

EMI or Equated monthly Installment is the monthly amount a borrower needs to pay to the Allahabad Bank against the personal loan availed. This amount needs to be paid on a pre-assigned date every month, until the completion of the personal loan tenure. This EMI amount consists of both the principal and the interest amount in a proportion calculated by the Allahabad Bank. This proportion varies every month. Under normal circumstances, the principal component keeps on increasing, and the interest component keeps on reducing, with every EMI payment made by you to the Bank.

As a usual practice, Allahabad Bank offers unsecured personal loans with a floating rate of interest. The interest rate is liable to be revised as per the MCLR (Marginal Cost of Lending Rate) in a particular point in time plus a spread. The spread is applied by the Allahabad Bank on the basis of the particular profiles of individual applicants. A few factors may influence the interest rate offered to an applicant. These include his credit score, loan tenure, income level, the loan amount borrowed etc. The latest MCLR announced by the Bank are mentioned below-

Allahabad Bank MCLR effective from 14.06.2019

Sl. No	Tenor wise MCLR	Rate effective from 14.06.2019
1	Overnight MCLR	8.05%
2	1 Month MCLR	8.15%
3	3 Months MCLR	8.35%
4	6 Months MCLR	8.40%
5	1 Year MCLR	8.55%

The Allahabad Bank personal loan EMI calculator is an easy-to-use tool. It displays accurate results and lets you know your possible EMI amount well before you avail your chosen personal loan. The information provided by this calculator will help you to plan the repayment over your chosen personal loan tenure. It will also help you assess your present financial position in a precise manner.

The formula used by an Allahabad Bank personal loan EMI calculator

The Allahabad Bank personal loan EMI calculator provides detailed information about the EMI amount you would need to pay to the Bank at different stages of your loan tenure. This important tool uses the below-mentioned formula to calculate your EMI-

                 (1+r)n

E = P * r   ((1+r)n -1 )

1. Where E is the Allahabad Bank personal loan EMI.
2. P is the amount of personal loan you wish to borrow from the Allahabad Bank
3. ‘r’ is the interest rate offered from the Allahabad Bank. The interest rate per month is applied here, instead of the annual rate. It is calculated by the formula r = (annual interest/12) /100. If the interest rate is 11.5% per annum, then r= 11.5/12/100= 0.00958
4. ‘n’ is the Allahabad Bank loan tenure expressed in months. For example, instead of 4 years, 48 months is written.

The Allahabad Bank personal loan EMI calculator requires certain inputs before it can calculate the desired result.

• Allahabad Bank personal Loan tenure

This is the time period before the expiry of which you need to repay your personal loan amount to the Allahabad Bank. Usually, you are free to choose any tenure ranging from 12 to 60 months. A longer loan tenure results in a lower EMI.

You can use the Allahabad Bank personal loan EMI calculator to good effect to determine the most affordable EMI for yourself. If you feel the monthly EMI outflow is going to give you an undue financial stress, you may tweak the loan tenure to reach up to your chosen EMI amount and fit your budget requirements accordingly.

When you calculate your EMI with the Allahabad Bank personal loan EMI calculator, you come to know beforehand about your exact money outflow every month. This allows you to plan sufficiently ahead for your finances so that the loan repayment does not hit your monthly budget.

• Personal Loan amount

This is the amount you wish to borrow from the Allahabad Bank, and the Bank calculates the interest payable on this amount. You will have to spend more on EMIs if you opt for a higher loan amount. The Allahabad Bank considers parameters such as your income level, repayment history, and credit profile before deciding on the personal loan amount to approve. But, if you want to know about your most suitable EMI beforehand, you can input your desired loan amount into the Allahabad Bank personal loan EMI calculator in the space provided for the same.

• Allahabad Bank personal loan Interest Rate

It is the most important component of the EMI calculation process. It is the rate offered by the Allahabad Bank to you at which the total interest payable is calculated. The higher is the interest rate, the more will be your personal loan EMI.  However, these rates may vary from borrower to borrower, as per their credit profiles and other related parameters. The below-mentioned example will help you to understand the calculations better-

Mrs. Shivani Bhardwaj is looking to avail an Allahabad Bank personal loan of Rs 4 lakhs for a tenure of 5 years. The interest rate charged by Allahabad Bank to her is 12.65% per annum. The following table shows her personal loan EMI, the interest payable and the amount she needs to repay at the end of every year.

Loan Amount	Interest Amount	Tenure	Monthly Installment	Total Interest Amount	Total Amount
₹ 4,00,000	12.65%	1	₹ 35,661	₹ 27,935	₹ 4,27,935
₹ 4,00,000	12.65%	2	₹ 18,951	₹ 54,825	₹ 4,54,825
₹ 4,00,000	12.65%	3	₹ 13,410	₹ 82,769	₹ 4,82,769
₹ 4,00,000	12.65%	4	₹ 10,662	₹ 1,11,759	₹ 5,11,759
₹ 4,00,000	12.65%	5	₹ 9,030	₹ 1,41,783	₹ 5,41,783

 

Also, from the graph shown below, you can easily apprehend that the EMI for the personal loan will be lower if she decides to have significantly longer loan tenure.

 

Why to choose an Allahabad bank personal loan?

The Allahabad bank personal loan offers easy funds with favorable terms and conditions. You should choose this loan due to the below-mentioned advantages associated with it-

• Multipurpose loans: You can use the loan amount pretty much for any genuine purpose.
• Flexible repayment period: The Allahabad bank personal loan tenure ranges from 12 to 60 months, as per the convenience of the borrower.
• No security /collateral:  You do not need to pledge a collateral to avail an Allahabad bank personal loan.
• Insurance policy- The Bank offers a personal accident insurance cover of Rs 2 lakhs for pensioners who avail Allahabad Bank personal loans. This is to cover accidental death, irrespective of the loan amount availed.