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Allahabad Bank Personal Loan Calculator

Allahabad Bank Personal Loan EMI Calculator, Jul 2021

Last Updated 15th Jul 2021

  • Personal loan EMI in Allahabad Bank depends upon loan amount, loan tenure, interest rate, monthly salary and company that you work for.
  • Allahabad Bank Personal Loan EMI Calculator is an online tool to estimate monthly EMI and its division into principal and Interest during the entire loan tenure.
  • Lowest monthly EMI is ₹ 2,078 per lakh on Allahabad Bank Bank personal loan as calculated using the lowest interest rate of 9.05% for the longest tenure of 60 months.
  • For example, the table below gives the EMIs on Allahabad Bank Personal Loan at different loan amounts and loan tenure, if taken at the lowest rate.
Loan Amount1 Year Loan3 Year loan5 Year loan
₹ 1 Lakh₹ 8,747₹ 3,182₹ 2,078
₹ 5 Lakh₹ 43,737₹ 15,912₹ 10,391
₹ 10 Lakh₹ 87,475₹ 31,823₹ 20,783

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.

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Personal Loan EMI Calculator Allahabad Bank

Allahabad Bank Personal Loan EMI is a fixed amount of money paid by you to Allahabad Bank based on your loan amount, tenure and interest rate. Every month, it is due on a fixed day of the month till the loan is fully paid back. You can calculate your Allahabad Bank personal loan EMI in advance, to plan your loan payments and further expenses, using the Personal Loan EMI Calculator Allahabad Bank. The calculator functions on a mathematical algorithm and gives accurate results in no time.

Why should you use Allahabad Bank Personal Loan EMI Calculator?

  • Calculate the EMI within your budget: Helps you compare the EMIs with a different loan amount and tenure. Always talk to the bank to know the interest rate you will be eligible for Allahabad Bank personal loan which can range between 9.05% to 13.65%.
  • Compare Allahabad Bank personal Loan EMI: Helps you compare the estimated EMI on a personal loan from Allahabad Bank with that of leading banks in India using the same loan amount of upto ₹ 7.50 Lakh for a maximum tenure of 60 months, but at different interest rates.
  • Calculate interest on Allahabad Bank personal loan: You can calculate the split of total EMIs into interest and principal repayment on your loan from Allahabad Bank over the loan tenure.
  • Detailed amortisation schedule: This allows you to see the pace at which your principal amount will be repaid during the loan tenure month on month. This is helpful if you decide to prepay your loan at Allahabad Bank or balance transfer to another bank.

Allahabad Bank Personal Loan EMI Calculator to Estimate the EMI that Fits your Budget

Input different loan amounts and tenure at the eligible interest rate on Allahabad Bank Personal Loan EMI calculator to calculate various EMIs at different rates and tenure. The table captures the calculation of Allahabad Bank Personal Loan EMI Calculation at the various combinations of loan amount and years when taking at the lowest rate of 9.05%. So if you think that you can afford to pay an EMI of ₹ 10,000 in your budget, taking a ₹ 3 Lakh loan for 3 years or ₹ 5 Lakh loan for 5 years, maybe the right Allahabad Bank personal loan plan for you.Personal Loan EMI is calculated for Allahabad Bank for different loan amounts and tenures at the rate of 9.05%.

Loan Amount (Rs.)2 Years3 Years5 Years
1 Lakh ₹ 4,571 ₹ 3,182 ₹ 2,078
3 Lakh ₹ 13,712 ₹ 9,547 ₹ 6,235
5 Lakh ₹ 22,854 ₹ 15,912 ₹ 10,391
10 Lakh ₹ 45,708 ₹ 31,823 ₹ 20,783

Factors Affecting Allahabad Bank Personal Loan EMI

  • Loan amount – You will pay a higher EMI for the higher loan amount. Allahabad Bank gives a minimum loan of ₹ 50,000 and a maximum loan 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 9.05%. 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 over which you can repay your loan in Allahabad Bank. So, your EMI will be lower if you take a 60months loan from Allahabad Bank as compared to a loan taken for 12months. The logic being that if you get a longer period to repay, you can repay in a smaller instalment.

Comparison of Allahabad Bank Personal Loan EMI with other Banks

Bank Name Interest Rate Loan Amount of ₹ 1 Lakh Loan Amount of ₹ 5 Lakh Loan Amount of ₹ 10 Lakh
Allahabad Bank9.05% ₹ 8,747 ₹ 43,737 ₹ 87,475
Indian Bank 9.05% ₹ 8,747 ₹ 43,737 ₹ 87,475
Karur Vysya Bank 9.40% ₹ 8,764 ₹ 43,819 ₹ 87,637
Bank of Maharashtra 9.55% ₹ 8,771 ₹ 43,853 ₹ 87,707
SBI 9.60% ₹ 8,773 ₹ 43,865 ₹ 87,730

Allahabad Bank Personal Loan Amortization Calculator

Allahabad Bank Personal Loan amortization schedule gives a break up of your monthly EMI into interest and principal repayment. Allahabad Bank gives you a detailed amortisation schedule with the sanction letter and you can calculate the total interest outgo as well as the pace at which your loan amount will be repaid during the loan tenure.

How to read an amortization schedule

Suppose if you take a Personal Loan of ₹ 3 Lakh for 5 years from Allahabad Bank at an interest rate of 9.05%. EMI calculated for this loan amount is ₹ 6,235 and the total annual EMIs to be paid annually is ₹ 74,817. The EMI schedule of loan for 5 years is explained below in the table –

Amortization Schedule for a Personal Loan of ₹ 3 Lakh over the 5 years

Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
2021 ₹ 13,121 ₹ 24,288 ₹ 37,409 ₹ 2,75,712
2022 ₹ 22,831 ₹ 51,987 ₹ 74,817 ₹ 2,23,726
2023 ₹ 17,926 ₹ 56,892 ₹ 74,817 ₹ 1,66,834
2024 ₹ 12,558 ₹ 62,259 ₹ 74,817 ₹ 1,04,574
2025 ₹ 6,684 ₹ 68,134 ₹ 74,817 ₹ 36,441
2026 ₹ 968 ₹ 36,441 ₹ 37,409 -₹ 0

In the above illustration, on a Allahabad Bank Personal Loan of₹ 3 Lakh, taken at the lowest interest rate of 9.05, EMI paid is ₹ 6,235 and an annual total of EMIs is ₹ 74,817, the interest component is ₹ 25,122 while the principal component is ₹ 49,695 in year 1 of loan disbursement. You repay only 16.57% of the total principal after paying 12 EMIs during the first year.

Allahabad Bank Personal Loan Interest Calculator Formula

Allahabad Bank calculates personal loan EMI based on the following 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.Allahabad Bank personal loan amount can range from ₹ 50,000 to ₹ 7.50 Lakh.

r = Rate of interest per month. The current Allahabad Bank Personal Loan rate is 9.05%.
n = Tenure in month. This can range up to 60months in case of Allahabad Bank.

How to use Allahabad Bank Personal Loan EMI Calculator

  • Allahabad Bank personal loan calculator are online tool 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 meaning interest is charged for the month preceding the EMI payment date and not in advance.

Allahabad Bank Personal Loan EMI for ₹ 1 Lakh

The following table shows Allahabad Bank Personal Loan EMI for ₹ 1,00,000 for different tenures at an interest rate of 9.05%

Loan AmountInterest RateTenure(Year)EMI
₹ 1,00,0009.05% 1₹ 8,747
₹ 1,00,0009.05% 2₹ 4,571
₹ 1,00,0009.05% 3₹ 3,182
₹ 1,00,0009.05% 4₹ 2,491
₹ 1,00,0009.05% 5₹ 2,078

Allahabad Bank Personal Loan EMI for ₹ 3 Lakh

The following table shows Allahabad Bank Personal Loan EMI for ₹ 3,00,000 for different tenures at an interest rate of 9.05%.

Loan AmountInterest RateTenure(Year)EMI
₹ 3,00,0009.05% 1₹ 26,242
₹ 3,00,0009.05% 2₹ 13,712
₹ 3,00,0009.05% 3₹ 9,547
₹ 3,00,0009.05% 4₹ 7,473
₹ 3,00,0009.05% 5₹ 6,235

Allahabad Bank Personal Loan EMI for ₹ 5 Lakh

The following table shows Allahabad Bank Personal Loan EMI for ₹ 5,00,000 for different tenures at an interest rate of 9.05%.

Loan AmountInterest RateTenure(Year)EMI
₹ 5,00,0009.05% 1₹ 43,737
₹ 5,00,0009.05% 2₹ 22,854
₹ 5,00,0009.05% 3₹ 15,912
₹ 5,00,0009.05% 4₹ 12,454
₹ 5,00,0009.05% 5₹ 10,391

Allahabad Bank Personal Loan EMI for ₹ 10 Lakh

The following table shows Allahabad Bank Personal Loan EMI for ₹ 10,00,000 for different tenures at an interest rate of 9.05%.

Loan AmountInterest RateTenure(Year)EMI
₹ 10,00,0009.05% 1₹ 87,475
₹ 10,00,0009.05% 2₹ 45,708
₹ 10,00,0009.05% 3₹ 31,823
₹ 10,00,0009.05% 4₹ 24,909
₹ 10,00,0009.05% 5₹ 20,783

How to Pay Allahabad Bank Personal Loan EMI?

There are various online & offline methods to pay your Allahabad Bank Personal Loan EMI. To repay your Allahabad Bank EMI online, you can log in to your net banking account or else you can also use the mobile banking of Allahabad Bank. Allahabad Bank also allows you to pay EMI through ECI or standing instructions or a cheque facility by visiting the nearest Allahabad Bank branch.

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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 that 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 expenses accordingly
  • Based on the EMI amount, you can opt for making prepayment of your personal loan in future when you have a surplus amount

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

Allahabad Bank offers a personal loan at a 9.05% interest rate for a maximum of 60 months, and hence lowest EMI per lakh loan amount is ₹ 2,078. 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 pre-close 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 the 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%.You have to pay these charges if you decide to pay the loan amount before the due date.

Is there any processing charge on a 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 a Personal Loan.

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

No, for taking a loan from Allahabad Bank, you must have a good credit score of 700 and above. Usually, most banks avoid giving loans if you have a low credit score.Also, availing a personal loan at low cibil score might fetch you a high Allahabad Bank personal loan rate.

What is the EMI for a₹ 20 Lakh personal loan in Allahabad Bank Bank?

At the current rate of 9.05%, EMI on Allahabad Bank personal loan for loan amount ₹ 20 Lakh varies based on the loan tenure. For instance, for 2 year, 3 year and 6 years, EMI is ₹ 2,43,794, ₹ 2,55,629 and ₹ 2,92,809 respectively.

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 Allahabad Bank Personal 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 Allahabad Bank personal Loan EMI by using the ECS facility or standing instruction. You can also visit the branch and submit the EMI cheque or can opt for automated deductions from your salary account.

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 - 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.
  • 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.
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