Allahabad Bank Business Loan Interest Rate Dec 2018

Last Updated 03rd Dec 2018

Allahabad Bank Business Loan Interest Rates India

Allahabad Bank offers Business Loan starting at interest rate of 11.15%. The rates vary by loan amount, occupation and type of loan availed. Check Best Offers

Allahabad Bank Business Loan Features
Allahabad Bank Business Loan Rate
Loan for Self Employed Features
Processing Fee Rs. 229 - per lac, Min Rs. 2,038 Max Rs. 22,928
Tenure From 12 months to 84 months
Lowest EMI per lakh Rs. 1,720
Loan Amount Min Rs. 1 Lakh and Max Rs. 5 Cr
Part Prepayment, Charges 2.25%
Early Foreclosure, Charges 2.25%
Apply for Business Loan @ 13.50%*
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Allahabad Bank Business Loan

Allahabad Bank offers loan to self employed and businessmen for financing the expansion or working capital requirements of their business. There are some benefits of taking loan from Allahabad Bank:

  • You can prepay part of your loan anytime after paying 1 % prepayment charges
  • You can foreclose your entire Business loan anytime after paying 0 EMI's at foreclosure charges - 2.25%
  • Allahabad Bank has over 3,892 branches in India where you can avail service

Allahabad Bank Business Loan Interest Rate Calculator

There are multiple factors on which basis bank calculates your interest rate. Some of these factors are -

  • Loan amount: Business loan rate in Allahabad Bank depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate. Bank gives loan of minimum Rs. 1 Lakh to upto Rs. 5 Cr. Interest rate for high loan amount can be lower resulting in lower EMIs.
  • CIBIL Score: Allahabad Bank offers loan at higher interest rate if your CIBIL score is low or vice versa. However, to get loan from Allahabad Bank, your CIBIL score should be atleast 700. Higher the CIBIL Score, higher the chances of getting a loan at lowest business loan interest.
  • Revenue: Allahabad Bank will offer you loan at lower interest rate if you have higher monthly revenue. Bank gives loan to the borrowers whose annual turnover is at least Rs. 0 .
  • Time in Business: Allahabad Bank offers loan at lower rates if you have significant business experience. Minimum business existence to get loan from Allahabad Bank is 12 months.

Allahabad Bank Eligibility Criteria

Bank have a detailed criteria to determine the eligibility of a borrower for business loans. Some of the key criteria are:

Eligibility Criteria Description
Age: 25 to 65 years
Minimum Turnover Rs. 0
Business Existence (in months) 12 months
ITR (months) 12 months
Loan Amount Rs. 1 Lakh to Rs. 5 Cr
Loan Tenure 84 months
Owned House or Place of Work Not Required
CIBIL Score 750 and above

Allahabad Bank Business Loan Eligibility Calculator

Eligibility of Business loan in Allahabad Bank relies on two important factor:

1.Your ability to repay the loan and
2.Your past track record in repayment of loans.

The main factors on which the eligibility of an applicant depends are

  • Age: Age plays an important role to know your eligibility and repayment capacity. Allahabad Bank offers loan to those who are at least 25 years old at the time of loan approval and maximum 65 years at the time of loan maturity.
  • Loan Amount: Based on the loan amount eligibility, bank gives you loan ranging from Rs. 1 Lakh to Rs. 5 Cr. To improve chances of approval, apply for a loan amount that you can comfortably service.
  • Profitability and Revenue: Loan eligibility significantly depends upon profitability on your turnover, revenue and profitability. Allahabad Bank requires profit for minimum 2 years and minimum business turnover of Rs. 0 .
  • Business Stability: Future business prospects and its stability is important to improve your eligibility for business loan. Allahabad Bank requires minimum business track record of 12 months. The bank will also look for minimum growth in sales for the last three year. A decline in sales for a certain period or below a certain limit might impact your eligibility to get loan.
  • ITR and Banking: Bank gives loan only after checking your income tax return and bank statements. Your ITR details for minimum 12 months and bank statement for minimum 0 months will be required by Allahabad Bank.
  • CIBIL Score: When checking loan eligibility, Allahabad Bank will look at the complete CIBIL report. Allahabad Bank will check your repayment history for all current and past loans and credit cards. Bank advise you to maintain a score of 750 and above to get loan approval.

Allahabad Bank Business Loan EMI Calculator

Allahabad Bank Business Loan EMI is a fixed amount that you pay each month towards the repayment of your loan till the end of tenure. Lowest EMI offered by Allahabad Bank is Rs. 1,720 per lakh loan amount. EMI of Allahabad Bank depends on factors like:

  • Interest Rate: Higher the interest rate, higher will be the EMI. For a 84 months loan from Allahabad Bank at an interest rate of 11.15% per annum, EMI will be Rs. 1,720 per Rs. one lakh loan amount. At an interest rate of 15.60% for the same loan, the EMI will be Rs. 1,963 .
  • Loan tenure: Longer the loan tenure, lesser your smonthly EMI. At interest rate of 11.15% per annum, the EMI on Allahabad Bank business loan would range from Rs. 8,845 to Rs. 1,720 for loan tenure ranging from 12 to 84 months.
  • Amount Borrowed: Allahabad Bank Loan EMI will be high if you apply for a high loan amount. For amount borrowed Rs. 1 Lakh, the EMI at 11.15% for 84 months would be Rs. 1,720 . Similarly for amount borrowed Rs. 5 Cr, the EMI at 11.15% for 84 months would be Rs. 8.60 Lakh.
What are the benefits of calculating business loan EMI?
  • Business loan EMI calculator of Allahabad Bank helps you to calculate your monthly EMI at different rate of interest
  • Allahabad Bank EMI calculator helps you to know your capacity to repay the loan after meeting your regular monthly expenses
  • You get a rough idea about your monthly EMI and can plan your monthly budget accordingly
Business Loan Products

Allahabad Bank offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

Other Charges

In addition to interest rates, business loan also carry some other charges which include:

  • Foreclosure Charges- These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. Allahabad Bank allows prepayment of loan after paying 0 EMI’s with prepayment charges - 2.25%
  • Processing Fee- Allahabad Bank asks for a processing fee of Rs. 229 - per lac, Min Rs. 2,038 Max Rs. 22,928 with applicable service tax
Documents required
  • Address proof of individual: Aadhaar Card, Voter’s ID Card, Bank statement, registry copy, rent agreement , utility bills
  • Identity proof of individual: Passport, Driving License, PAN Card, Aadhaar Card, Voter’s ID Card
  • Business existence proof: PAN, sales tax/ excise/ VAT/ service tax registration, copy of partnership deed, trade license, certificate of practice, registration certificate issued by RBI, SEBI
  • Copy of Income Tax PAN for 24 months
  • Bank statement of last 6 months

Compare Allahabad Bank Business Loan with other banks

FAQs on Business Loan Allahabad Bank

Why to take business loan from Allahabad Bank ?

Bank offers loan at 11.15% rate with the lowest EMI of Rs. 1,720 per lakh. If you are paying EMI more than this then you can opt for balance transfer and relocate your loan to Allahabad Bank.

What is the interest charged on Allahabad Bank business loan?

Interest rates on Business loan in Allahabad Bank are very attractive starting from 11.15% to 15.60%. Bank offer various offer for self employed professionals to get loan at very low rate of interest.

What is the lowest EMI per lakh on business loan from Allahabad Bank ?

If you apply for loan from Allahabad Bank, your lowest EMI per lakh will be Rs. 1,720 .

What is the minimum and maximum tenure of business loan in Allahabad Bank?

These loans are shorter tenure loans. You can repay your loan in a flexible period of minimum 12 months to maximum 84 months.

How much business loan amount I can borrow from Allahabad Bank?

Allahabad Bank offers you loan if you need a minimum amount of Rs. 1 Lakh to a maximum amount of 5 Cr.

What is the processing fee charged by Allahabad Bank on business loan?

Allahabad Bank charges a processing fee of Rs. 229 - per lac, Min Rs. 2,038 Max Rs. 22,928 with applicable tax.

Is age an eligibility factor to get loan for business from Allahabad Bank ?

Yes, age is an important eligibility factor to get loan as you should be at least 25 years old at loan approval time and 65 years old at loan maturity time.

What are the prepayment charges on business loan from Allahabad Bank?

Bank charges a fee in case you want to repay your entire loan amount before the end of tenure period. The fee charged by Allahabad Bank is 2.25% .

Allahabad Bank Business Loan Customer Care Number, Email, Application Status, Branches
City Customer Care Number
Agra 0562-2582010
Ahmedabad 079-26442199
Ambala 0172-2709458
Anand 079-26442199
Aurangabad 022-24921986
Bangalore 080-25590985
Bhilai 1800-22-0363
Bhilwara 0141-2741334
Bhiwadi 022-24921986
Bhopal 0755-2583634
Bhubaneswar Cuttack 0674-2557563
Bikaner 0141-2741334
Chandigarh 0172-2709458
Chennai 044-28156607
Cochin 1800-22-0363
Coimbatore 044-28156607
Dehradun 0135-2713976
Delhi 011-23341669
Durg 1800-22-0363
Faridabad 011-23341669
Gandhinagar 079-26442199
Ghaziabad 0562-2582010
Goa 1800-22-0363
Greater Noida 011-23341669
Gurgaon 011-23341669
Guwahati 0373-2310965
Gwalior 0755-2583634
Hyderabad 040-27637738
Indore 0755-2583634
Jabalpur 0755-2583634
Jaipur 0141-2741334
Jalandhar 0172-2709458
Jodhpur 0141-2741334
Kanpur 0512-2545434
Karnal 0172-2709458
Kolhapur 022-24921986
Kolkata 033-22316634
Kota 0141-2741334
Kozhikode 1800-22-0363
Lucknow 0522-2286650
Ludhiana 0161-2440035
Madurai 044-28156607
Meerut 0562-2582010
Mehsana 079-26442199
Mohali Sas Nagar 0172-2709458
Mumbai 022-24921986
Mussoorie 0135-2713976
Nagpur 022-24921986
Nashik 022-24921986
Noida 011-23341669
Noida Extn 011-23341669
Panipat 1800-22-0363
Patna 0612-2224197
Pondicherry 1800-22-0363
Pune 022-24921986
Raipur 0771-4059516
Rajkot 079-26442199
Ranchi 0651-2560357
Rohtak 1800-22-0363
Roorkee 0135-2713976
Salem 044-28156607
Shimla 1800-22-0363
Sonepat 1800-22-0363
Surat 079-26442199
Trichy 044-28156607
Udaipur 0141-2741334
Vadodara 079-26442199
Varanasi 0562-2582010
Vijaywada 040-27637738
Vizag 040-27637738

Allahabad Bank Business Loan News - Dec 2018
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