Allahabad Bank Personal Loan: Interest Rates, Eligibility, How to Apply

Allahabad Bank Personal Loan : Allahabad Bank provides personal loan to the applicants with long repayment tenure and minimum documentation. There is no processing fee for pensioner applicants. Loan is available at the lowest interest rate. Loans can also be taken for marriage, travel expenses or medical emergencies.

Benefits of taking a personal loan from Allahabad Bank

  • minimum interest rate
  • no guarantor needed
  • minimal documentation
  • longer repayment period
  • Minimum income requirement
  • No processing fee for pensioners

Documents Required for Allahabad Bank Personal Loan

Following are the important documents to be submitted while applying for Personal Loan from Allahabad Bank:-

  • Well filled application form
  • 3 passport size photographs
  • Identity Proof (Photocopies of Voter ID Card / Passport / Driving License / PAN Card)
  • Residence proof (photocopy of telephone bill / electricity bill)
  • Bank account/passbook details for the last six months
  • Form 16/IT Return for the last two financial years for salaried employees
  • IT returns for three years for self-employed professionals

Allahabad Bank Personal Loan Details

Taking a personal loan from Allahabad Bank is a good option to meet the needs of the people and considering your short term requirement. You can choose the best personal loan based on your requirement.

eligibility criteria Salaried and Self Employed
Age 21 years or older
loan repayment period up to 60 months
loan amount Up to 24 times of monthly salary
Rate of interest MCLR + 4.50%

Loan Purpose: Loan from Allahabad Bank can be availed to meet the needs of self or a family member like medical treatment, wedding and travel expenses, education and home repairs.

No guarantor required: Since personal loans are unsecured loans, you do not need to pledge anything.

Loan Amount: 12 times the monthly salary for employees with a salary of Rs 15000 or more and the minimum loan amount is Rs 50000.

Loan Repayment Period: Up to 5 years and should be paid before one year of the employee’s retirement.

Prepayment charges: You can prepay after completing 12 EMIs. The prepayment fee is 2.25% of the outstanding amount.

Processing Fee: The processing fee is 1.22% of the loan amount.

Convenient Lending: You can apply online or visit nearest Allahabad Bank branches.

Eligibility Criteria: Applicants should have minimum monthly salary of 15000 and should be a permanent employee with minimum 2 years service in the same organization. Applicant’s age should be at least 21 years.

Features of Personal Loan from Allahabad Bank for Pensioners

Purpose: The Allahabad Bank Personal Loan can be used to meet the needs of self or a family member like medical treatment, wedding and travel expenses, education and home repairs.

Guarantor: When the family pensioner is not alive/PPO of the pensioner is not with the bank, a pledge of liquid security like NSC/KVP/FDR etc., covering 25% of the loan amount, should be provided. In addition, a guarantee of 2 individuals with a personal net worth equal to 2 times the loan amount is provided.

Loan Amount : An amount equal to 10 months pension with relief subject to the following maximum limits.

Pensioners up to 65 years – 2 lakh

Pensioners above 65 years of age – 1 lakh

Minimum loan amount – 25000

The total deduction including the current loan installment should not exceed 50% of the monthly pension.

Loan Repayment Tenure: Up to 48 months

Processing Fee : Nil

Convenient Lending: You can apply online or visit nearest Allahabad Bank branches.

Eligibility Criteria: All state and central government teachers and Allahabad Bank employees pensioners whose monthly pension is deposited through the bank.

The age of the pensioner should not be more than 73 years and should be able to make full repayment before 75.

Allahabad Bank Loan EMI Payment Methods

Allahabad Bank personal loan can be repaid in the following three ways:-

Standing Instruction (SI) : If you are an existing account holder of Allahabad Bank, then standing instruction is the best mode of repayment. Your EMI amount will be automatically debited at the end of the monthly cycle from the Allahabad Bank account specified by you.

Electronic Clearing Service (ECS): This mode can be used if you have a non-Allahabad bank account and you want your EMI to be automatically debited from this account at the end of the monthly cycle.

Post-dated Check (PDC) : You can deposit a post-dated EMI check from a non-Allahabad bank account at your nearest Allahabad Bank loan center. A fresh set of PDCs will have to be submitted in a time bound manner. Please note that post dated checks will be collected at non-ECS locations only.

It is recommended that you opt for SI or ECS mode of payment for faster and less error probability as compared to the use of PDC.

How long will it take to get a personal loan from Allahabad Bank?

Banks usually communicate their decision on the loan within 15 days of submission of the loan application. Allahabad Bank also offers Tatkal loan offers which can be sanctioned within a few hours to 2-3 days.

How much interest does Allahabad Bank charge on personal loan?

The personal loan interest rates in Allahabad Bank are 9.05% to 13.65%. Allahabad Bank Personal Loan interest rate for Salary account holders is lower as compared to other customers.

What is the minimum EMI per lakh on Personal Loan from Allahabad Bank?

If you apply for a loan from Allahabad Bank, your minimum personal loan EMI will be Rs 2,078 per lakh corresponding to a minimum interest rate of 9.05% and a longest tenure of 60 years.

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