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Allahabad Bank Personal Loan

Allahabad Bank Personal Loan Highlights

Last Updated 09th Mar 2021

  • Current Allahabad Bank Personal Loan interest rate starts at 12.15%.
  • The processing fee charged on Allahabad Bank personal loan is 1.06%, Min Rs. 1068.
  • Allahabad Bank Personal loan tenure ranges between 12 months to 60 months.
  • Allahabad Bank offers prepayment facility on personal loan at charges: 2.25%.
  • Allahabad Bank allows part prepayment on personal loan after 0 months at 2.25%
  • Apply for a Personal loan at MyLoanCare and earn cashback of up to ₹ 1,000.

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.

Apply for Personal Loan @ 10.25%* Get upto ₹ 1,000* Cashback

Allahabad Bank Personal Loan Details

  • Allahabad Bank Personal Loan Interest Rate starts from 12.15%.
  • Lowest EMI per lakh on Personal Loan from Allahabad Bank is ₹ 2,232 at the lowest interest rate of 12.15% at the longest loan tenure of 60 months.
  • Loan available for both salaried 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 12 to 60 months.
  • Processing Fees: 1.06%, Min Rs. 1068.
  • Foreclosure charges: Allahabad Bank personal loan prepayment is allowed with 2.25%
  • Part payment charges: Allowed at 2.25%
  • Other Charges: Late EMI payment charges, EMI bounce charges, loan cancellation charges, which are disclosed by the bank at the time of signing the loan agreement.
  • Special Schemes: Allahabad Bank offers customised personal loan interest rates and schemes for special category of borrowers, including borrowers working in reputed companies, banks or government employees etc. Some of the special personal loan schemes of Allahabad Bank are:

Interest rates on Allahabad Bank Personal Loans Schemes

As on today, Allahabad Bank Personal loan interest rates are in the range of 12.15% to 12.65%, with lowest rates offered to existing customers of the bank with a strong CIBIL Score and for those working with reputed corporate with a stable employment history. Allahabad Bank also runs special schemes for defense, armed forces and government employees. Personal loan interest rate for government employee and defense personnel is different from private salaried employees.

Allahabad Bank Loan Top Up

Allahabad Bank Personal Loan Eligibility depends on various factors like company you work for, income, work experience, credit score and other. The eligibility parameters for personal loan from Allahabad Bank are:-

  • Occupation: Salaried professionals who are working in Government, Private, MNCs can take a personal loan from Allahabad Bank.
  • Age: Allahabad Bank offers personal loan to salaried professionals within an age group of 25 to 58 .
  • Minimum Income: The minimum income required to avail personal loans from Allahabad Bank is ₹ 20,000
  • Minimum Work Experience: Allahabad Bank checks current and total work experience to check the job stability of a borrower. The current work experience required to avail personal loans from Allahabad Bank is 24 months while the total work experience required is months.
  • Credit Score: Credit score is an important criteria to avail personal loan. The minimum credit score needed to become eligible for personal loans is 650.

How to get the best offer on Allahabad Bank Personal Loan?

You can get the best personal interest rates from Allahabad Bank subject to an assessment of your loan amount, salary, other obligation company you work with and loan tenure. The following factors determine the personal loan rate of interest you can expect to get from Allahabad Bank:

  • Loan Amount - This is the amount borrowed by a borrower from the bank. Generally, banks offer lower interest rates for higher amounts. Allahabad Bank offers loans between ₹ 50,000 and ₹ 7.50 Lakh.
  • Salary - Income defines your capacity to repay the loan. Higher salary bracket individuals are offered loans at lower interest rates. The interest rate of the bank varies with your net monthly income.
  • Employer Category - Allahabad Bank has an internal list of companies falling into categories that are ranked from high to low company categories based on company’s size, reputation and existing relationship with the bank. Employees who belong to companies in higher company categories get attractive discounts and low interest rate loans.
  • Relationship with the Bank - Allahabad Bank offers special rates, offers and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in the past will get the benefit of a low Allahabad Bank loan interest rate.
  • Loan Tenure - Personal loans are of shorter tenure ranges from 12 months to 60 months as they are taken to meet their immediate requirements.
  • Repayment Capacity - Before giving a loan to the borrower, Allahabad Bank checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has the repayment track record of previous loans taken. CIBIL also captures information of credit card bills payment.
Allahabad Bank Personal Loan Charges

In addition to Allahabad Bank’s personal loan interest rate, you need to compare other charges on the bank’s personal loan before taking a decision to borrow from the bank include:

  • Part Payment Charges - Part Prepayment on Allahabad Bank’s personal loans is Allowed after 0 Month at 2.25%
  • Processing Fee - Allahabad Bank charges a non-refundable processing fee of 1.06%, Min Rs. 1068 of loan amount with applicable tax.
  • Other charges: Once your Allahabad Bank personal loan application is accepted or sanctioned, bank will provide you a statement of other charges applicable on your loan account. Some of these charges are interest charged on late payment, EMI cheque bounce charges and loan cancellation charges, which are payable only in the event of one of these three charges.

Allahabad Bank Personal Loan Documents

For salaried employees
  • Filled up loan application form
  • 2 Passport Size Photo
  • Income Tax PAN Copy
  • Identity Proof - Driving License/ PAN/ Passport/ Voter ID/ Aadhaar Card
  • Residential Address Proof - Registered Rent Agreement/ Passport/ Leave and License/ Utility Bill (upto 3 months old)
  • Income Documents - 2 years Form 16, 3 month pay slip, 3 months bank statement showing salary credit and any EMI debit

How to Apply for Allahabad Bank Personal Loan?

Getting a Personal loan from Allahabad Bank is fairly quick, with an online application and approval process. You can also apply for a Allahabad Bank personal loan through offline mode.

Online Application Process

The step-by-step procedure to get a personal loan online from Allahabad Bank is mentioned below:

  • Visit the official website of Allahabad Bank. You can also apply for a Allahabad Bank personal loan through an online marketplace like MyLoanCare.in.
  • Now, fill personal, professional and financial details as required by the lender and submit the form.
  • Once you have submitted the application form, Allahabad Bank will check your eligibility and provide you with information about the eligible amount you can avail.
  • If you agree to process the application, then you would be required to submit the essential documents which can also be uploaded online.
  • Finally, your documents will be processed by Allahabad Bank, and on successful approval of the loan, the funds will be disbursed to your Allahabad Bank account immediately.

Offline Application Process

Borrowers can also apply for Allahabad Bank personal loan through offline mode by following the steps as mentioned below:

  • Visit the nearest Allahabad Bank branch and fill in the application form with the loan amount required, your personal details, occupation information and your contact number.
  • The bank representative will explain about the eligibility of the loan as well as the loan rates, terms as well as processing fees, prepayment and foreclosure clauses.
  • After submitting the application form and required documents, you will be provided with an application reference number. You can use the same number to track the status of your application.
  • On successful verification, the loan can get disbursed immediately after loan sanction and signing of the agreement.
Illustration on Personal Loan Allahabad Bank
Maximum Annual Percentage Rate (APR) 12.36% to 12.86%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: ₹ 1,00,000
  • Time period: 12 Months to 60 Months
  • Allahabad Bank Personal Loan Interest Rate: 12.15% to 12.65%
  • Processing Fee payable to: Upto ₹ 1,060
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 2,232 for 60 Months ₹ 1,00,000 loan at 12.15% (lowest rate, longest time period) to ₹ 8,915 for 12 Months ₹ 1,00,000 loan at 12.65% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 12.36% to 12.86%
  • Total cost payable over loan tenure: ₹ 7,763 for 12 Months loan to ₹ 34,982 for 60 Months loan

Personal Loan from Other Banks in India

FAQs

How much time will the Allahabad Bank take to take a decision on my personal loan?

Banks generally convey their decision on a loan within 15 days of submitting a loan application. However, some banks also offer instant loan offers, which can be approved within a few hours to 2-3 days.

Why to take personal loan from Allahabad Bank ?

Allahabad Bank offers loan at 12.15% rate with the lowest EMI of ₹ 2,232 per lakh. If you are paying EMI more than this, then you can opt for balance transfer and relocate your loan to Allahabad Bank.

How much interest is charged by Allahabad Bank on personal loan?

Personal loan interest rates in Allahabad Bank are 12.15% to 12.65%. Allahabad Bank personal loan interest rate for salary account holders are comparatively lower than that for other customers.

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

If you apply for loan from Allahabad Bank, your lowest Personal Loan EMI per lakh will be ₹ 2,232.

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

You can repay your personal loan in a flexible period of minimum 12 months to maximum 60 months.

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

Allahabad Bank offers you loan if you need a minimum amount of ₹ 50,000 to a maximum amount of ₹ 7.50 Lakh

How much processing fee is charged by Allahabad Bank on personal loan?

Allahabad Bank charges a processing fee of 1.06%, Min Rs. 1068 with applicable service tax.

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

Yes, age is an important eligibility factor to get personal loan as you should be at least 25 years old at loan approval time and 58 years old at loan maturity time.

Can I add my spouse's income while applying for personal loan from Allahabad Bank?

You can add the income of your spouse to increase your Personal Loan Eligibility and to get higher loan amount.

How can I get Allahabad Bank personal loan?

You can get a personal loan from Allahabad Bank by directly visiting the nearest branch or can apply online at their website. You can also apply online at MyLoanCare website after comparing the interest rates and charges of all banks.

How can I check my Allahabad Bank personal loan status?

You can check the status of your loan online and offline. Once you have applied for a personal loan from Allahabad Bank, you will be given an application number. You can use that application number and registered mobile number to check the status of your loan online at Allahabad Bank's website. In case you could not track your application online, you can contact Allahabad Bank loan assistance and ask them to help you out with the status. If you have applied for the loan through MyLoanCare, you can check the status of your application by logging into MyLoanCare account.

What is the importance of credit score if I wish to avail a Allahabad Bank personal loan ?

It is important to have a good credit score if you wish to apply for a personal loan from Allahabad Bank. A credit score above 750 is considered good for a personal loan. A low credit score increases the chances of rejection of your application.

Is there security or collateral needed to get a personal loan from Allahabad Bank?

No, Allahabad Bank does not require any collateral or security to lend you the personal loan as it is an unsecured loan.

Can I close my Allahabad Bank personal loan after 1 year?

You can close your personal loan from Allahabad Bank after 0 months by paying charges: 2.25%

Can I negotiate with Allahabad Bank on the personal loan interest rate?

You can ask Allahabad Bank to lower your interest rate on the personal loan. However, it is not sure that the lender will reduce your interest rate.

How to pay your Allahabad Bank personal loan EMI?

You can pay your Allahabad Bank personal loan EMI by using ECS facility or through Standing Instruction.

How to get Allahabad Bank personal loan status by mobile number?

You can check the status of your Allahabad Bank personal loan on their website by using your mobile number. You can also check the Allahabad Bank personal loan status on mobile through their mobile app. If you have applied for a personal loan through MyLoanCare website, you can track your status by logging into MyLoanCare Account with the registered mobile number.

What is the Allahabad Bank personal loan process?

The most effortless Allahabad Bank personal loan procedure is to fill your details on the above form. Your application will be assessed as per details entered by you, and you will be shown the best offer available from Allahabad Bank along with other banks too. Our loan advisor will contact you to understand your needs and forward your application to the bank of your choice. Although, you can also apply on the website of Allahabad Bank Bank as well.


Allahabad Bank Personal Loan News - Apr 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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