Allahabad Bank Personal Loans

Allahabad Bank Personal Loan for Pensioners

4
Processing Fee
0

Tenure
1 - 4 Years

Allahabad Bank New Saral Loan

4
12.95%

Fixed

Processing Fee
1.22

Tenure
1 - 5 Years

Allahabad Bank Personal Loan for Doctors/ Medical Practitioners

4
13.50%

Fixed

Processing Fee
1.22

Loan Amount
₹ Up to 5 Lacs
Tenure
1 - 5 Years

Allahabad Bank Personal Loan

Allahabad Bank Personal Loan at a glance

Annual Interest Rate

9.25% - 12.75%

Loan Term

12 Months - 84 Months

Loan Amount

Rs. 10,000 - Rs. 20 Lacs

Time of Funding

Within 2 to 3 days

Pre-Payment Charges

2.25% of the Outstanding Amount

Documentation

  • Loan Application with recent photographs
  • Residence proof (any one of the following):
    • Passport
    • Ration Card
    • Electricity Bill
    • Landline Bill
  • Identity proof(any one of the following):
    • Passport
    • Driving License
    • PAN Card
    • Aadhaar card
  • Income Proof (any one of the following):
    • Latest payslip or Form 16
    • Copy of Latest IT Return

In case of Personal Loan against NSC/KVP

  • Applicant must have National Savings Certificate / Kisan Vikas Patra in own name.

In case of Personal Loan for Doctors

  • Documents for Annual Income accepted as per Income Tax Return submitted to IT Authority.

Compare Allahabad Bank Personal Loans to Other Banks

Bank Name Allahabad Bank

APR

9.25% - 12.75%

Maximum Lending Amount

Rs. 20 Lacs

Processing Fee

Min Rs. 223 to Max Rs. 10,000

Guarantor

Necessary

Pre-Closure

2.25% of the loan amount

Only for Take-over Loans

Lending Terms

  • Interest Rate Range: 9.25% - 12.75% per annum
  • Loan Amount: Minimum Rs. 10,000 to Maximum up to Rs. 20 Lacs
  • Loan Duration: Minimum 12 Months to Maximum 84 Months
  • Loan Disbursement: Within 2 to 3 days

Allahabad Bank Personal Loan Rate of Interest

Personal Loan Type Applicable Interest Rate

Allahabad Bank New Saral Loan

12.75% per annum

Allahabad Bank Loan Against NSC/KVP

12.25% per annum

AllBank Doctor Plus Loan

9.25% - 11.25% per annum

Loan Offerings

Allahabad Bank New Saral Loan

  • Interest Rate Range: 12.75% per annum
  • Loan Amount:
    • Salaried applicant whose monthly salary is between Rs. 15,000 to Rs. 20,000, can avail personal loan equal to 12 times of Gross Monthly Salary, subject to minimum loan amount of Rs. 50,000.
    • Salaried applicant whose monthly salary is Rs. 20,000 or above, can avail personal loan equal to 24 times of Gross Monthly Salary, subject to minimum Rs. 50,000 to maximum Rs. 7.50 Lacs.
  • Loan Duration: 12 Months - 60 Months
  • Processing Charges: 1.22% of the loan amount, subject to minimum Rs. 1,068.

Allahabad Bank Loan Against NSC/KVP

  • Interest Rate Range: 12.25% per annum
  • Loan Amount: Minimum Rs. 10,000 to the 100% face value of NSC/KVP
  • Loan Duration: 12 Months to upto the tenure of the instruments.
  • Processing Charges:
    • 0.53% of the loan amount, subject to minimum Rs. 223.
    • Zero processing fee for the employee of Allahabad Bank.

AllBank Doctor Plus Loan

  • Interest Rate Range:
    • 9.25% per annum in case of loan is fully secured by liquid security.
    • 10.25% per annum in case of Doctors / Medical Practitioners of Government and Government Aided Medical College / Hospitals drawing salary through any branch of Allahabad Bank.
    • 10.25% per annum in case the borrower is offering liquid collateral security to cover more than 50% of loan amount.
    • 11.25% in usual cases.
  • Loan Amount:
    • Applicant can borrow loan amount equal to average annual income of 2 years as per the ITR/Form 16, subject to maximum Rs. 5 Lacs.
    • Applicant can borrow loan amount equal to average annual income of 2 years as per the ITR/Form 16, subject to maximum Rs. 10 Lacs. In this case loan must be secured by full tangible collateral security.
    • Applicant can borrow loan amount equal to 12 times of latest monthly salary or annual income as per the ITR/Form 16, subject to maximum Rs. 20 Lacs. In this case, borrower can be a Doctor /Medical Practitioners in Government and Government Aided Medical College/Hospitals, and drawing salary through Allahabad Bank branch for last 6 months.
  • Loan Duration: 12 Months - 84 Months
  • Processing Charges: 1.06% of the loan amount, subject to minimum Rs. 534 to maximum Rs. 10,000.

FAQs

Who can avail Allahabad Bank New Saral Loan?

Any individual person above the age of 21 years, drawing the minimum monthly salary of Rs. 15,000 through any branch of Allahabad Bank.

Do I have to provide any security to avail personal loan from Allahabad Bank?

Yes, the requirements for security for Personal Loan is as mentioned below –

    For Allahabad Bank New Saral Loan

    • Hypothecation of articles being purchased using the loan amount and /or other items of existing article owned by the proponent covering the full value of loan amount.
    • Guarantee of spouse or parents in case of unmarried applicants.

    For Allahabad Bank Personal Loan against NSC/KVP

    • The guarantee of NSC/KVP is necessary, noting of lien with Post Office.

    For AllBank Doctor Plus Loan

    • No primary security and collateral is necessary to be provided. However, a Personal Guarantee of the Doctor is mandatory.
Is there any charges applicable on pre-closure of Allahabad Bank Personal Loan?

Yes. Allahabad Bank currently charges a fee of 2.25% of Outstanding Amount for preclosure, applicable in case of take-over loan from other bank to Allahabad Bank.

When can I start the repayment of my Allahabad Bank New Saral Loan?

Your monthly EMIs will start after a moratorium period of 1 month from the date of loan disbursement.

Do I have to pay any margin money to avail Allahabad Bank New Saral Loan?

Yes, the applicant has to pay a margin money equal to 10% of the loan amount from his/her own funds.

Who can avail Allahabad Bank Personal Loan against NSC/KVP?

Any individual person who have National Savings Certificate / Kisan Vikas Patra in his/her own name.

What are the requirements for Margin money for Allahabad Bank Personal Loan against NSC/KVP?

The requirement for margin money necessary to be paid to avail Allahabad Bank Personal Loan against NSC/KVP is as follows –

  • Borrower has to pay no margin money in case NSC/KVP is of age more than 3 years. And, can avail upto 100% of the face value in this scenario.
  • Borrower has to pay a margin money of 10% of the face value of NSC/KVP, where age of the NSC/KVP is between 2 to 3 years. Borrower can avail funds upto 90% of the face value of the NSC/KVP.
  • Borrower has to pay a margin money equal to 25% of the face value of NSC/KVP, where age of the NSC/KVP is less than 2 years. Borrower can get funds equal to the 75% face value of the NSC/KVP.
Who can apply for Allahabad Bank Personal Loan for Doctors?

Any registered doctor or medical practitioner in India, holding a medical degree can apply for AllBank Doctor Plus Loan, where finance should be used for purchasing household articles, paying medical expenses, other personal expenses and for any business purpose such as setting up of clinics, purchase of medical equipments etc., but not for any speculative purpose.

The minimum credit score of 700 is necessary under CIBIL Transunion Score 1.0 and 618 under CIBIL Transunion Score 2.0

reviews
Okay
Ravi Anand
Tue Aug 22 2017 09:20:53 GMT+0000 (UTC) a year ago

Not Good. I didn’t like the terms and conditions of Allahabad Bank personal loan.