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Allahabad Bank Business Loan Jul 2021

Allahabad Bank Business Loan Interest Rates India

Last Updated 15th Jul 2021

Allahabad Bank offers Business Loan starting at interest rate of 14.50%. The rates vary by loan amount, occupation and type of loan availed. Check Best Offers

Interest Rate 14.50%
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 ₹ 1,902
Loan Amount Min ₹ 1 Lakh and Max ₹ 20 Lakh
Part Payment Facility 2.25%
Foreclosure Facility 2.25%

Allahabad Bank has merged into Indian Bank on April 1, 2020. The interest rates of Indian Bank will now be applicable on Allahabad Bank Business Loan.

Apply for Business Loan @ 14.00%*

Allahabad Bank Business Loan Details

Allahabad Bank offers multiple business loan products for self-employed professionals and non-professionals at low rates. Below-mentioned are the details of the business loan Allahabad Bank.

Key Features of Allahabad Bank Business Loans
  • Purpose of Loan: You can avail Allahabad Bank business loan to expand or modernise your business, purchase assets, set up new units etc.
  • Loan available for self employed professionals and non-professionals.
  • Borrowers within the age group of 25 and 65 years can avail Allahabad Bank business loan.
  • Security: Both Secured & Unsecured
  • Loan Tenure can range from 12 to 84 years.
  • Allahabad Bank business loan interest rates are in the range of 14.50% to 18.60 %.
  • Allahabad Bank Bank business loan EMI per lakh starts from ₹ 1,902.
  • Processing Fee: Rs. 229 - per lac, Min Rs. 2,038 Max Rs. 22,928
  • Special schemes: Some of the special business loan offers of Allahabad Bank are:

Factors affecting Allahabad Bank Business Loan Rates

There are multiple factors on which Allahabad 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 ₹ 1 Lakh to upto ₹ 20 Lakh. Interest rate for high loan amounts can be lower resulting in lower EMIs.

CIBIL Score

Allahabad Bank offers business loans at higher interest rate if your CIBIL score is low or vice versa. However, to get a loan from Allahabad Bank, your CIBIL score should be at least 700. Higher the CIBIL Score, higher the chances of getting a loan at lowest business loan interest.

Revenue

Allahabad Bank will offer you a loan at a lower interest rate if you have higher monthly revenue. Bank gives loan to the borrowers whose annual turnover is at least

Time in Business

Allahabad Bank offers loans at lower rates if you have significant business experience. Minimum business existence to get a business loan from Allahabad Bank is 36 months.

Lowest Allahabad Bank Business Loan Interest Rates

Currently, the lowest business loan rate offered by Allahabad Bank starts at 14.50%. There has been no change in the lowest interest rate of Allahabad Bank business loan interest rate for a long time and the interest rate continues to be in the range of 14.50% to 18.60%.

Allahabad Bank Business Loan Rate Trends of Last 1 Year

Last Updated Date Interest Rates
31 Mar, 2021 14.50%
25 Mar, 2021 14.50%
07 Jan, 2021 14.50%
10 Aug, 2020 14.50%
05 Aug, 2020 14.50%

Allahabad Bank Business Loan Eligibility Criteria

To avail Allahabad Bank business loan, you need to fulfill the eligibility criteria as mentioned below:

  • Age : Allahabad Bank offers business 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, Allahabad Bank gives you loan amount ranging from ₹ 1 Lakh to ₹ 20 Lakh. To improve chances of approval, apply for a loan amount that you can comfortably service.
  • Profitability and Revenue : Allahabad Bank requires profit for minimum 2 years and minimum business turnover of ₹ 0.
  • Business Stability : Allahabad Bank requires a minimum business track record of 36 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 a loan.
  • ITR and Banking : Allahabad Bank gives loan only after checking your income tax return and bank statements. The bank requires you to submit your ITR details and bank statements for a minimum of 12 months & 0 months respectively.
  • CIBIL Score : Allahabad Bank will check your repayment history for all current and past loans and credit cards. The Bank advises you to maintain a score of 750 and above to get loan approval.

Allahabad Bank 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:

Allahabad Bank Business Loan Fees and 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 for Allahabad Bank Business Loan

To apply for Allahabad Bank business loan, you need to submit the following documents:

  • 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

Allahabad Bank Business Loan Eligibility Calculator

You can calculate your eligibility for Allahabad Bank business loan using an online Allahabad Bank business loan eligibility calculator. It is an online tool that gives you an estimate about your loan eligibility, amount of loan and the best interest rate offer you can avail. It calculates the business loan eligibility on multiple factors. These factors include age, loan amount, loan tenure and Income etc. to calculate the loan amount eligibility of its borrowers.

How to Apply Allahabad Bank Business Loan Online at MyLoanCare?

  • In order to get the best offers on a business loan and compare Allahabad Bank business loans with other banks, you can apply online through MyLoanCare here.  
  • MyLoanCare will give you a detailed comparison of business loan schemes of all banks, calculate your business loan eligibility and connect you to the customer representatives of the  Allahabad Bank.
  • Further, you will also be assisted by a dedicated MyLoanCare loan executive who will ensure that the process of getting a loan is smooth, convenient and quick.

FAQs

Why to take business loan from Allahabad Bank?

Allahabad Bank is one of the largest Public Sector Bank sector banks in the country that provides lowest business loans starting at 14.50%. The bank also charges a low processing fee starting from Rs. 229 - per lac, Min Rs. 2,038 Max Rs. 22,928. Along with that, the bank also offers special business loan schemes such as Working Capital Finance , Term Loan & etc.

Has Allahabad Bank reduced the business loan interest rate?

Currently, the lowest business loan rate offered by Allahabad Bank starts at 14.50%. There has been no change in the lowest interest rate of Allahabad Bank business loan interest rate for a long time and the interest rate continues to be in the range of 14.50% to 18.60%.

What is the interest charged on Allahabad Bank business loan?

Allahabad Bank offers business loans at attractive rates ranging from 14.50% to 18.60%.The bank also provides various customised offers for self employed professionals to get loan at a 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 ₹ 1,902.You can calculate your EMI on business loan for different tenures at min business rate starting at 14.50% using MyLoanCare business loan EMI calculator.

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 business loan for loan amount ranging from ₹ 1 Lakh to a maximum amount of ₹ 20 Lakh. Loan amount eligibility in Allahabad Bank further depends upon your income, and repayment capability.

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

Allahabad Bank charges a processing fee Rs. 229 - per lac, Min Rs. 2,038 Max Rs. 22,928 with applicable tax.The processing can be negotiated if you are an existing customer or have a good track record.

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

Yes, age is an important eligibility factor to get a business 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 prepayment 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%.

What are the business products offered by Allahabad Bank?

Allahabad Bank offers various business products for self-employed professionals and non-professionals. These are listed below:

  • Working Capital Finance
  • Term Loan

What is the time period of repayment of business loans in Allahabad Bank?

Allahabad Bank provides business loans for a maximum tenure of 84 years. You must repay your loan at the end of this loan tenure to avoid any late payment penalty.

Allahabad Bank Business Loan Customer Care Toll Free Number
City Customer Care Number
Agra 0562-2582010
Ahmedabad 079-26442199
Ambala 0172-2709458
Anand 079-26442199
Aurangabad Bihar 022-24921986

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Allahabad Bank Business Loan News - Jul 2021
  • 2021-07-15 : Indian Bank merger with Allahabad Bank - Change in IFSC
    The Indian Bank, which has merged with the Allahabad Bank, carried out a software migration over the weekend. As the merger got completed, new rules had been issued by the bank with regard to its services. Existing customers were asked on July 1 to get a new IFSC code to carry out online transactions smoothly.
  • 2020-04-01 : Allahabad Bank to merge with Indian Bank
    With effect from 1 April, Allahabad Bank will merge with Indian Bank, creating an entity with over 6,000 branches, 4,800 ATMs, 43,000 employees, 120 million customers and business mix of Rs 8 trillion. The integration offers the bank to provide retail loans like home and personal loan along with business loans.
  • 2019-09-19 : Allahabad Bank links loans and deposits with external benchmarks
    In order to fulfill the guidelines set by RBI, Allahabad Bank is set to launch retail and business loan products linked with external benchmarks. The retail and MSME loans will be linked to external benchmarks like RBI repo rate and three-month MIBOR. Apart from that, all savings and long term fixed deposit rates will be linked to RBI’s repo rate.
  • 2018-05-15 : Allahabad Bank barred from granting fresh loans
    Allahabad Bank has been restricted from granting loans and raising high-cost deposits by the RBI. The bank cannot expand its loans, nor make any fresh capital investments. Allahabad Bank had reported net loss of around Rs 3,510 crore for the March quarter due to more than three-time rise in its provisions for bad loans.
  • 2018-03-19 : Allahabad Bank sanctions Rs 1003 crore in loans under a mega camp for MSME
    Allahabad Bank has sanctioned Rs 1,003 crore in loans to 8289 MSME beneficiaries, which included beneficiaries under Pradhan Mantri Mudra Yojana (MUDRA) and under Stand-up India Scheme. Further, competitive rate of interest for MSME and retail loans have been offered by bank.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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