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Personal Loan Balance transfer to Allahabad Bank

Refinance Allahabad Bank Personal Loan

Last Updated 07th Jun 2021

Interest Rate 12.15%
Processing Fee 1.06%, Min Rs. 1068
Lowest EMI per lakh ₹ 2,232
Loan Tenure 5 years
  • Allahabad Bank Personal loan balance transfer is the process of transferring the outstanding balance from an existing bank to Allahabad Bank.
  • Avail top up from Allahabad Bank at the time of loan balance transfer to fulfil additional fund requirements.
  • Now apply for Allahabad Bank personal loan balance transfer at 12.15%.
  • Allahabad Bank offers attractive interest rates, top up facility and many more benefits on balance transfer.
  • Compare Allahabad Bank Personal Loan Balance Transfer offers with different banks to choose the right option..
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

Allahabad Bank Personal Loan Balance Transfer

Allahabad Bank Personal loan balance transfer is a situation where an individual transfers outstanding principal of personal loan from one account to Allahabad Bank to reap the benefits of better interest rates, extended loan tenure, augmented loan amount and various other features.

Balance transfer is also referred to as refinancing.The interest rates on Allahabad Bank balance transfer ranges from 12.15% to 12.65%, while the repayment tenure ranges between 12 Months to 60 Months.

Allahabad Bank Personal Loan Balance Transfer Calculator

The decision to transfer the personal loan to Allahabad Bank must be taken keeping in mind the interest rate of the current Bank and Allahabad Bank.Further, the balance transfer charges, EMI paid and the profit incurred due to the balance transfer must be considered. Individuals should proceed with the Allahabad Bank balance transfer only when the gains due to balance transfer are greater than the cost incurred due to the same.

Allahabad Bank Personal loan balance transfer calculator is the online calculator which helps borrowers to determine the savings on his or her EMI as well as interest payable. Borrowers are required to enter the information such as the entire loan amount, interest rate in current and potential bank, overall tenure of the loan and no. of EMIs already paid to the existing lender to calculate the savings on EMIs. You can also calculate balance transfer personal loan eligibility at MyLoanCare and identify offers with lower personal loan rates compared to your existing personal loan rates.

Benefits of transferring Personal Loan to Allahabad Bank

The benefits of transferring the Personal loan to Allahabad Bank are as follow:

  • Allahabad Bank offers a lower interest rate on personal loan balance transfer. Lower interest rates will help the borrower to reduce the interest burden.
  • Allahabad Bank Balance transfer provides the borrower the opportunity to negotiate the tenure of the loan according to their requirement. longer loan tenure will reduce the EMI burden whereas shorter long tenure will help to reduce the interest burden.
  • Balance transfers also provide the borrower the facility to avail the top up facility and fulfil their cash requirement.
  • There are chances that the borrower might not be satisfied by the services offered by their existing bank in that case they can transfer their personal loans to the Allahabad Bank and avail better facilities.
  • Allahabad Bank offers additional features like waiver of last EMI, zero processing fees, lower interest rates, etc depending on past repayment history and income dynamics.

Allahabad Bank Eligibility Criteria and Documents required

Eligibility criterion of the Allahabad Bank is mainly dependent upon the repayment history , CIBIL Score and income dynamics. Some basic Eligibility criterion of the Allahabad Bank Personal loan balance transfer are mentioned below:

  • Any salaried and self employed above the age of 21 years.
  • Maximum age of the borrower must not exceed 65 years.
  • Individuals should have a personal loan in another bank.
  • Individuals must have a work experience of at least 2 years.
  • CIBIL score must be at least greater than 700.

Documents required for Allahabad Bank Personal loan balance transfer are as follow:

Salaried Individuals
  • Identity proof : Aadhar, Driving license, Passport
  • Address proof : Electricity bill, Aadhar, Voter ID
  • PAN Card
  • Salary slips for past 6 months
Self Employed
  • Last 3 years balance sheet
  • P and L account statements
  • TAN Card
  • Last 6 months current account statements
  • Applicant’s savings account statements

Compare Allahabad Bank Personal Loan Balance Transfer with Other Banks

Comparison on the basis of interest charged on personal loan balance transfer of the different banks is given below:

Bank Name Minimum Rate Maximum Rate Processing Fees
ICICI Bank 10.75% Nil Upto 2.25% of Loan Amount
SBI 9.60% Nil 1.00%
Axis Bank 10.40% Nil Upto 1.75%,Min Rs.4,999
Kotak Bank 10.45% Nil Starting from Rs.999
Standard Chartered Bank 11.50% Nil 1.00%
Bajaj Finserv 12.99% Nil Starting from 1.50%, Up to 3%
Bank of Baroda 10.50% Nil 2%, Min Rs. 250
Yes Bank 10.70% Nil Upto 2.50%
IDFC First Bank 10.49% Nil Upto 2.00%

Compare Allahabad Bank Personal Loan with Other Banks

FAQs

How can I transfer my personal loan to Allahabad Bank?

Steps for the personal loan balance transfer to Allahabad Bank are mentioned below:

  • Apply for the foreclosure letter and No Objection Certificate (NOC) from the existing lender.
  • Start the Allahabad Bank personal loan balance transfer process and submit all the relevant documents and repayment history of the loan.
  • After getting the sanctioned letter from the Allahabad Bank start the loan agreement with the bank.
  • Take a disbursement of the outstanding loan amount from the Allahabad Bank in favour of the earlier lender.
  • Once the previous lender receives the outstanding loan amount, it will cancel all the cheques and close your personal loan account.

Which bank is best for personal loan balance transfer?

The decision to transfer the personal loan should be based on the current interest rate on your personal loan, the cost involved in the balance transfer, interest rate on the loan of the bank to be transfered the personal loan and saving due to balance transfer. Currently, Allahabad Bank charges lowest interest rate on personal loan balance transfer.

How do I check my Allahabad Bank personal loan balance?

You can check your personal loan balance of Allahabad Bank by below mentioned ways:

  • By visiting the Allahabad Bank branch.
  • By calling the customer care of the Allahabad Bank.
  • By logging on into the Allahabad Bank mobile application and checking the personal loan status.
  • Via internet banking.

How do I know my Allahabad Bank loan application?

You can get update about Allahabad Bank loan application via the ways mentioned below:

  • Net banking : You are required to login into Allahabad Bank net banking and visit the loan status segment. The loan status segment will update about the loan application.
  • Visiting the Allahabad Bank : You can also visit the Allahabad Bank branch to track your loan application process. The bank will ask for some basic documents before disclosing the loan application details.

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Allahabad Bank Personal Loan News - Jun 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, 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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