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Allahabad Bank Personal Loan

Online Allahabad Bank Personal Loans

Last Updated 15th Jul 2021

Allahabad Bank Personal Loan is the most popular personal loan in India given its low interest rates, quick approval, and online process. Key selling points of Allahabad Bank Personal Loan are:

  • Allahabad Bank Personal Loan interest rate starts from 9.05%.
  • The processing fee charged on Allahabad Bank personal loan is 1.06%, Min Rs. 1068.
  • Allahabad Bank also offers pre-approved personal loans at low rates for customers with strong credit history and those with an existing account with the bank.
  • The bank has an online application process where the KYC and documents submission can be done digitally.
  • You can easily check the status of your Allahabad Bank personal loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
  • Allahabad Bank has special schemes for different income and occupation groups.

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

  • Interest Rate on Allahabad Bank personal loan ranges from 9.05% to 13.65%.
  • Lowest EMI per lakh works out to be ₹ 2,078 , as calculated on the lowest rate and longest loan tenure.
  • Personal Loans by Allahabad Bank are available for salaried working with government, private sector, MNCs and self-employed professionals such as doctors within the age group of 25 to 58 years.
  • Loan amount can range from ₹ 50,000 to ₹ 7.50 Lakh
  • Allahabad Bank Personal Loan can be availed for a period of 12 months and can go up to 60 months.
  • Processing Fees charged by Allahabad Bank on personal loan is 1.06%, Min Rs. 1068%
  • Allahabad Bank allows personal loan foreclosure and part prepayment at 2.25%.

How to Get the Best Offer on Allahabad Bank Personal Loan?

There are various factors that impact your chances to get the best offers on Allahabad Bank Personal Loan, as listed follows:

  • Loan Amount - Allahabad Bank offers loans between ₹ 50,000 and ₹ 7.50 Lakh and charges lower rates on higher loan amount and vice-versa, so apply accordingly.
  • Salary - Allahabad Bank offers personal loan to all customers with a net take home monthly salary of more than ₹ 20,000. The rate of interest is higher if you fall in the low salary bucket and lower if you fall in higher income bucket.
  • Employer Category - Allahabad Bank has clubbed the companies in a high to low category based on internal assessment of company’s size, reputation, profitability etc. When you apply for Allahabad Bank personal loan, the bank will decide on your interest rate based on the company category you fall in. MyLoanCare can also help you check which category of company you qualify in to help you get the best offer.
  • Relationship with the Bank - Allahabad Bank offers special rates to the existing customer of the bank, who have a high likelihood of getting loans at lowest interest rate starting at 9.05%
  • Credit Score - Allahabad Bank checks the CIBIL score of personal loan customers which has to be minimum of 650. Higher the CIBIL Score, higher is your chance of securing best offer.

Allahabad Bank Personal Loan Documents

You require the following documents to avail personal loan from Allahabad Bank

  • Filled up loan application form or an online form, if you are applying online
  • 2 Passport Size Photo
  • Identity Proof – One of the following: Driving License, PAN, Passport, Voter ID, Aadhaar Card
  • Residential Address Proof – One of the following: Registered Rent Agreement, Passport, Leave and License, Utility Bill of last three months
  • Income Documents – Copy of Form 16 of last 2 years, 3 month pay slip, 3 months bank statement showing salary credit and any EMI debit

How to Apply for Allahabad Bank Personal Loan?

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

  • Visit the official website of Allahabad Bank Or contact your nearest Allahabad Bank branch.
  • 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.

You can also apply for Allahabad Bank personal loans by visiting their branch or by calling their customer care centre.Offline mode are 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 Allahabad 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 Allahabad Bank Personal Loan 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) 9.26% to 13.86%
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: 9.05% to 13.65%
  • Processing Fee payable to: Upto ₹ 1,060
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 2,078 for 60 Months ₹ 1,00,000 loan at 9.05% (lowest rate, longest time period) to ₹ 8,962 for 12 Months ₹ 1,00,000 loan at 13.65% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 9.26% to 13.86%
  • Total cost payable over loan tenure: ₹ 1,06,030 for 12 Months loan to ₹ 1,25,756 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 should I take a personal loan from Allahabad Bank ?

Below-mentioned is the reason why you must avail a personal loan from Allahabad Bank.

  • Quick approval of personal loan
  • Fast track loan processing
  • Less Documentation

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

Personal loan interest rates in Allahabad Bank are 9.05% to 13.65%. 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 ₹ 2,078 which corresponds to lowest interest rate of 9.05% and longest tenure of 60 years.

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

Allahabad Bank personal loan has a minimum tenure of12 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

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

Yes, you can add the income of your spouse to increase your Personal Loan Eligibility andto get a higher loan amount from Allahabad Bank . In this case, the bank will check the CIBIL score of your spouse and ask for all income and bank statements of your spouse for the purpose of processing your application

How can I get Allahabad Bank personal loan?

You can get a personal loan from Allahabad Bankby directly visiting the nearest branch or can apply online at their website. While these two are the traditional methods of applying, you can easily apply for the loan at MyLoanCare website where you can do a thorough comparison of all loan details, rates and charges before deciding to proceed with Allahabad Bank’s application process.

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 are unable to track your application online, you can get Allahabad Bank loan assistance at Allahabad Bank loan customer care centre 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?

Yes, as a customer, you should negotiate for a rate discount when you apply. You may end up getting a better rate from the bank if you have applied for a high loan amount and are in a high income range working with a reputed company.

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.Allahabad Bank also provides you the facility to pay your Personal Loan EMI online using net banking and mobile banking.


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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.
*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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