Allahabad Bank Home Loan Statement

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Home Loan
Home Loan at all-time low rates starting at 6.50%. Cashback of up to ₹ 1,000
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Personal Loan
Instant Personal Loan starting at 10.25% with Cashback of up to ₹ 1,000.
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Gold Loan
Instant Gold Loan starting at 9.00% with Cashback of up to ₹ 500
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Loan Against Property
Best Loan Against Property Offers starting @ 6.90%. Cashback of up to ₹ 1,000*.
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Business Loan
Collateral Free Business Loan Rates starting at 14.00% with Overdraft facility.
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Fixed Deposit
AAA rated FDs with returns as high as 7.05%.
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Allahabad Bank Home Loan News - May 2022

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.
2020-02-12 : Allahabad Bank posted a Q3 net loss of Rs.1986 crores
Allahabad Bank net loss jumped manifold to Rs. 1986 crores on the back of an increase in higher bad loans and provisioning. Total income during the quarter ending December rose to Rs. 4860 crores due to an increase in Home loans and Personal loans. Further, the provision for bad loans for the quarter increased to Rs.3,003 crores.
2020-01-15 : Allahabad Bank cut its lending rate by 5 bps
Allahabad Bank revised its MCLR in effect from 14 January 2020. The overnight and one-month MCLR is 7.80% and 7.85%. The lending rate of 3 months is 8.10% and for six months it is 8.15%. Further MCLR for the long tenor of one year is 8.30%. The revised rates will benefit home loan buyers.
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.

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