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Allahabad Bank Personal Loan EMI Calculator - Mar 2021

Allahabad Bank Personal Loan Calculator

Last Updated 05th Feb 2021

Get monthly EMI as low as ₹ 2,232 per lakh on Allahabad Bank personal loan. Personal loan EMI in Allahabad Bank depends upon loan amount, loan tenure, interest rate, monthly salary and company that you work for.

Loan Amount1 Year Loan3 Year loan5 Year loan
₹ 3 Lakh₹ 26,676₹ 9,986₹ 6,696
₹ 6 Lakh₹ 53,351₹ 19,972₹ 13,392
₹ 12 Lakh₹ 1,06,703₹ 39,943₹ 26,784

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

Personal Loan EMI Calculator Or Free Corona Health Insurance Cover of up to ₹5 lakh
Lowest Interest Rate
Best Offers on Personal Loan offerOffers
Bank/NBFCs Rate* EMI per Lakh* Action
HDFC Bank10.50%₹ 2,149Check Eligibility
Bajaj Finserv12.99%₹ 2,275Check Eligibility
ICICI Bank10.75%₹ 2,162Check Eligibility

* Starting From

Personal Loan EMI Calculator Allahabad Bank

  • Personal Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to Allahabad Bank against the loan taken for repayment of your loan and payment of interest to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
  • Allahabad Bank offers affordable and convenient personal loans with loan EMIs as low as ₹ 2,232 per lakh for a tenure of 60 months and lowest rate of interest at 12.15%.
  • Allahabad Bank Personal loan EMI calculator is a convenient and reliable tool that helps the loan borrower determine the loan repayment schedule. In addition to that, the Allahabad Bank personal loan EMI calculator helps first-time loan borrowers to ensure whether they should opt for a loan or not.

Personal loan EMI calculator at different tenures

Personal Loan EMI for different loan amounts and tenures @ 12.15% interest rate

Loan Amount (Rs.)2 Years3 Years5 Years
1 Lakh ₹ 4,714 ₹ 3,329 ₹ 2,232
3 Lakh ₹ 14,143 ₹ 9,986 ₹ 6,696
5 Lakh ₹ 23,572 ₹ 16,643 ₹ 11,160
10 Lakh ₹ 47,144 ₹ 33,286 ₹ 22,320
  • From the above table, it can be interpreted that for various loan amounts taken at the lowest interest rate, EMI differs for loans taken at different tenures. Your EMI is higher when you take a loan for a shorter tenure of 2 years and is higher for a longer tenure loan of years.
  • Each EMI includes a component of interest payment and principal repayment. Even as EMIs remain constant, every month, there is a change in the proportion of interest component and principal repaid. With every EMI payment, the proportion of principal repayment in EMI keeps increasing and the interest component keeps reducing.
Allahabad Bank Personal Loan Interest Calculator
Personal Loan EMI for ₹ 1 Lakh loan amount at lowest 12.15% interest rate offered by Allahabad Bank for different tenures
Calculated Results for Allahabad Bank Home Loan EMI 2 years 3 years 5 years
Allahabad Bank EMI for a loan amount Rs. 1 lakh at 12.15% ₹ 4,714 ₹ 3,329 ₹ 2,232
Total amount you pay back to the bank including principal and interest ₹ 1.13 Lakh ₹ 1.20 Lakh ₹ 1.34 Lakh
Interest you have to pay during the loan tenure ₹ 13,136 ₹ 19,844 ₹ 33,920

The above table shows that EMI paid on loan will be lower for a loan taken for a longer tenure. However, your total interest outgo is significantly higher in a long tenure loan. In the above example, if you take a ₹ 1 Lakh loan from Allahabad Bank for 60 years, you pay the lowest EMI of ₹ 2,232. However, you pay an interest of ₹ 33,920 on a ₹ 1 Lakh loan.
In contrast, if you take a ₹ 1 Lakh loan from Allahabad Bank at the lowest loan rate for 2 years, you pay a higher EMI of ₹ 4,714 and pay an interest of only ₹ 13,136 which is less than half of what you pay for a 60 year loan. Hence, it is advisable to choose your loan tenure wisely as longer tenure means high interest expenses.

Factors affecting Allahabad Bank Personal Loan EMI

  • Loan amount – This is the amount that you have borrowed from Allahabad Bank. If you apply for a higher loan amount, your monthly EMI will be high. Allahabad Bank gives a minimum loan of ₹ 50,000 , which can go upto an amount of ₹ 7.50 Lakh.
  • Interest rate - Higher interest rate increases your loan EMI as well as the total cost of the loan. Allahabad Bank personal loan interest rate for salary account holders can be lower than their quote rates, which can reduce the overall cost of loan and EMI. Lowest interest rate offered by Allahabad Bank is 12.15%. However, it is advisable to do complete market research and compare rates online before you apply for a loan.
  • Loan tenure – This is the period in which you can repay your loan in Allahabad Bank. Longer loan tenure means lower personal loan EMI. Generally, Allahabad Bank offers a loan for a maximum tenure of 5 years.

Personal Loan Amortization Calculator

An amortization schedule is a table of periodic loan payments that shows the amount of principal and the amount of interest that comprise each payment until the loan is paid off at the end of its term.

In the Amortization schedule, your Personal Loan monthly EMI will be equal, but the component of EMI, which consists of interest payment and principal payment will not remain the same every month, it keeps on changing.

Illustration: How to read an amortization schedule

Suppose if you take a Personal Loan of ₹ 2.50 Lakh for 4 years at an interest rate of 10.40%. EMI calculated for this loan amount is ₹ 6,389 and the total annual EMIs to be paid annually is ₹ 76,665. The EMI schedule of loan for 4 years is explained below in the table –

Amortization Schedule for a Personal Loan of ₹ 2.50 Lakh over the 4 years

Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
2021 ₹ 19,981 ₹ 43,906 ₹ 63,888 ₹ 2,06,094
2022 ₹ 18,723 ₹ 57,942 ₹ 76,665 ₹ 1,48,152
2023 ₹ 12,402 ₹ 64,264 ₹ 76,665 ₹ 83,888
2024 ₹ 5,390 ₹ 71,275 ₹ 76,665 ₹ 12,613
2025 ₹ 164 ₹ 12,613 ₹ 12,778 -₹ 0

Each Personal Loan EMI consists of both amounts of interest as well as the principal repaid. The interest component of EMI goes down while the principal component goes up in both cases while doing the calculation.

In the above illustration, on a Personal Loan of ₹ 2.50 Lakh, taken at the lowest interest rate of 10.40%, EMI paid is ₹ 6,389 and an annual total of EMIs is ₹ 76,665, the interest component is ₹ 23,514 while the principal component is ₹ 53,152 in year 1 of loan disbursement. You repay only 21.26% of the total principal after paying 12 EMIs during the first year.

In year 4, the interest component of EMI is around 5.41%, while the principal component is around 94.59%. Upto 4 years, you have cumulatively repaid 100% of your total Personal Loan.

Allahabad Bank Personal Loan Interest Calculator Formula

P*r* (1+r)^n/([(1+r)^n]-1)

Here is an illustration of how Allahabad Bank Personal Loan EMI is calculated:

In the above formula,

P = Loan amount. This can range from ₹ 50,000 to ₹ 7.50 Lakh

r = Rate of interest per month. Current rate is 12.15%

n = tenure in month. For Allahabad Bank, this can be 60 months

How to decide the right amount of EMI?

As a borrower, calculating right amount of EMI is a function of your loan requirement, your monthly income, repayment capacity as well as the amount of monthly instalment you can afford to pay out from your monthly income. As a guide, follow the below steps to estimate the EMI amount that is advisable for you.

  • Decide the amount you need to borrow: It is important that before approaching a bank for loan, you need to estimate the amount of loan you need to borrow. Remember, a personal loan is an unsecured loan that can come at high interest rates and hence, it is advisable to limit your loan amount to the minimum required. Also, based on the EMI you can service, try to opt for the lowest tenure of loans as long tenure loans result in huge interest outgo.
  • Review your current obligations: Before taking a loan, it is advisable to evaluate your current monthly expenses including any EMI obligations that you have on your current loan accounts. The assessment will help you to estimate the amount of EMI you can pay comfortably after taking into account other obligations. Once you arrive at the EMI you can service, you can also decide on the right loan tenure.
  • Calculate your Allahabad Bank personal loan eligibility: Your loan eligibility is a function of an assessment of your repayment capacity based on your monthly income and other fixed obligations.
    • Multiplier based loan amount eligibility - Allahabad Bank calculates your loan amount eligibility by applying a multiplier to your net-take home salary. This is the simplest method for calculating loan eligibility used by banks. The formula used in the loan amount eligibility calculation is: Loan Eligibility = (Your Net Salary) x (multiplier of 9 to 18). The multiplier depends on the bank’s internal categorization of your employer company based on its reputation, stability, size, and growth in turnover.
    • FOIR based loan amount eligibility - Allahabad Bank will also estimate your Fixed Income to Obligations Ratio (FOIR) to ascertain the maximum EMI you can service based on your current income and other monthly expenses. The bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations to calculate your fixed obligations. The proportion of fixed income to your calculated fixed obligations gives your FOIR. Allahabad Bank lends up to a maximum FOIR of 0.45. Based on the FOIR, the bank will also estimate the maximum amount of EMI you can service as a borrower. Allahabad Bank's assessment may be different from your assessment. Any differences in assessment may require you to readjust your loan amount requirement. You may also consider paying back other running short term loans to improve your eligibility.
    • Allahabad Bank will calculate your loan amount eligibility based on the above two methods and will sanction you a lower loan amount arrived at by the above two methods.
Quick guide on Allahabad Bank personal loan
  • Purpose of Loan: Allahabad Bank personal loan is taken to funding medical treatment in case of emergencies, paying additional debts, marriage expenses and other personal finance requirements.
  • Key Features
    • Loan available for both salaried individuals and self-employed professionals.
    • Borrowers within the age group of 25 and 58 years.
    • Loan amount of minimum ₹ 50,000 to ₹ 7.50 Lakh.
    • Loan Tenure 1 to 5 years.
    • Interest rates in the range of 12.15% to 12.65%.
    • Lowest EMI of ₹ 2,232 per lakh.
  • Processing Fees: 1.06%, Min Rs. 1068 of loan amount. This is to be paid at the time of loan application
  • Special schemes: Allahabad Bank offers customised personal loan interest rates and schemes for a special category of borrowers, including borrowers working in reputed companies, banks or government employees etc.

Personal loan EMI calculator Allahabad Bank – How it works?

  • Allahabad Bank personal loan calculator are online tools which give out EMI calculations using a combination of loan amount, interest rate and loan tenure.
  • Allahabad Bank EMI calculator considers “reducing balance basis” and assumes that payment of EMI is made in arrears (means interest is charged for the month preceding the EMI payment date) and not in advance.

In case you prepay your personal loan, the outstanding balance on your loan reduces. In this scenario, Allahabad Bank will allow you to reduce your loan tenure or reduce your EMI. The right decision is dependent on you monthly budget and personal preference. You should opt to reduce your EMI if you want to have a higher monthly spend budget or you should opt to lower your tenure if you want to save on your total interest outgo and want to close your loan quickly. You can calculate the change in your EMI by inputting the outstanding personal loan amount from Allahabad Bank, the interest rate and the remaining tenure in the EMI calculator.

Other Loan Calculators

FAQs

Why should I calculate Allahabad Bank loan EMI before taking a loan?

It is advised to calculate personal loan EMI in advance before taking a personal loan. There are several benefits of calculating your Allahabad Bank personal loan EMI as discussed below -

  • In case EMI comes out to be more than your monthly budget, then you have the chance to apply for a lower loan amount which fits your monthly budget and makes EMI easily affordable
  • If you already know the EMI you have to pay each month, then you can plan your spends accordingly
  • Based on the EMI amount, you can opt for making prepayment of your personal loan in future when you have surplus amount

What is the lowest EMI per lakh offered by Allahabad Bank on personal loan?

Allahabad Bank offers personal loan at 12.15% interest rate for a maximum of 60 months, and hence lowest EMI on per lakh loan amount is ₹ 2,232. However, Allahabad Bank may offer a lower interest rate and EMI for their salary account holders or existing bank customers can vary.

How can I pre close Allahabad Bank personal loan?

You can preclose your Allahabad Bank personal loan by visiting the branch with the required set of documents. Submit the form of preclosure, pay the amount and take the acknowledgement of balance amount that you have paid.

What are the prepayment charges on Allahabad Bank ?

Allahabad Bank offers you an option of prepayment after 0 months at 2.25%.

Is there any processing charge on personal loan from Allahabad Bank?

Yes, Allahabad Bank charges a certain amount of processing fee to process your loan application. Currently, Allahabad Bank charges a processing fee of 1.06%, Min Rs. 1068 on Personal Loan.

Will I get the personal loan from Allahabad Bank if i have a bad credit score?

No, for taking a loan from Allahabad Bank, an applicant must have a good credit score of 700 and above. Usually, most of the banks avoid giving loans if you have a low credit score.

How does a personal loan repayment happen?

The repayment of a personal loan happens in the form of an EMI (Equated Monthly Installment) through the customer's bank account. The customer is required to present a few post dated cheques and sign an ECS mandate in favour of the bank at the time of loan disbursal.

Can I have a co-applicant while applying for a Personal loan with Allahabad Bank ?

Yes, you can opt for a co-applicant to take a personal loan from Allahabad Bank that will increase your loan eligiblity as the income of the co-applicant is also taken into account.

Can we pay more than EMI in Allahabad Bank personal loan?

If you have funds, then you can pay more than the regular EMI on your loan. This will reduce your interest burden along with the outstanding principal. You can also pay one additional EMI every year to reduce loan tenure and in turn interest amount.

How can I pay my Allahabad Bank loan EMI?

You can pay the EMI on personal loan by using ECS facility or standing instruction. You can also visit the branch and submit the EMI cheque.

Compare Personal Loan EMI of All Banks

Allahabad Bank Personal 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 Bihar 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
Sonipat 1800-22-0363
Surat 079-26442199
Trichy 044-28156607
Udaipur 0141-2741334
Vadodara 079-26442199
Varanasi 0562-2582010
Vijaywada 040-27637738
Vizag 040-27637738

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Allahabad Bank Personal Loan News - Mar 2021
  • 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.
  • 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.
  • 2018-09-04 : Allahabad Bank raises Personal loan lending rate by up to 5 bps
    Allahabad Bank raised its interest rate on the personal loan by 5 basis points, following a hike in its MCLR. The new rate for the personal loan stands at 13.00%. The revised rates are currently effective.
  • 2018-08-17 : Allahabad Bank posts Q1 net loss of Rs 1944 crore
    Allahabad Bank reported a net loss of Rs 1944 crore for the first quarter against a net profit of 28 crores in the corresponding quarter a year ago. Gross Non-Performing Assets (NPAs) as a percentage of total loans stood at 15.97 percent in the quarter under review against 15.96 percent in the previous quarter, while Net Non Performing Assets (NPAs) were at 7.32 percent against 8.04 percent.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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