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Allahabad Bank Personal Loan Interest Rate

Current Allahabad Bank Personal Loan Interest Rate

Last Updated 15th Jul 2021

Interest Rate 9.05% - 13.65%
Tenure Upto 60 months
Processing Fee 1.06%, Min Rs. 1068
Loan Amount ₹ 50,000 to ₹ 7.50 Lakh
Minimum Income ₹ 20,000
Eligible Age 25 to 58 years
Part Prepayment Charges Allowed after paying 0 EMIs with charges ranging from, 2.25% of the outstanding loan amount.
Foreclosure Charges Allowed with charges ranging from, 2.25% of the outstanding loan amount.
  • Today’s Allahabad Bank personal loan interest rate starts at 9.05%.
  • Allahabad Bank offers the lowest personal loan rate of 9.05% to borrowers who are existing customers of the bank or are working with top corporations.

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 Rates and Charges

  • Allahabad Bank offers personal loans to salaried individuals at a minimum rate of 9.05%.
  • Apart from the interest rate, the bank also charges processing fees and penalty fees for pre-payment, foreclosure, and late payment as Allahabad Bank personal loan rates and charges. As listed below:
Allahabad Bank Personal Loan Rates and Charges
Interest Rate 9.05% to 13.65%
Part Prepayment Charges Allowed after paying 0 with charges ranging from, 2.25% of the outstanding loan amount.
Foreclosure Charges Allowed with charges ranging from, 2.25% of the outstanding loan amount.
Processing Fees 1.06%, Min Rs. 1068

Interest rates on Allahabad Bank Personal Loans Schemes

As on today, Allahabad BankPersonal loan interest rates are in the range of 9.05% to 13.65%, 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. The lowest rate on Allahabad Bank personal loan remains unchanged at 9.05% as on 07 Jun, 2021. The last revision on Allahabad Bank Personal Loan was announced on 07 Jun, 2021 when the rate was 9.05%. Allahabad Bank also runs special schemes in which it offers lower rates 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 Personal Loan Rate Comparison with Other Banks

Here is a comparison of Allahabad Bank Personal Loan with top lenders based on interest rate, loan tenure, amount, processing fee, and other charges. It is always better to compare various personal loan lenders before proceeding with the personal loan process.

Particulars Allahabad Bank HDFC Bank SBI
Rate of Interest Starting from 9.05% Starting from 10.25% Starting from 9.60%
Loan Tenure 12 - 60 months 12 - 60 months 6 - 72 months
Minimum Age 25 years 21 years 21 years
Processing Fee 1.06%, Min Rs. 1068 Upto 2.50% Min ₹ 999 1.00%
Maximum Loan Amount ₹ 7.50 Lakh ₹ 75 Lakh ₹ 15 Lakh
Prepayment charges Allowed after 0 EMI's, 2.25% Allowed after 12 EMI's, 2-4% Not allowed
Pre closure charges Allowed after 0 EMI's, 2.25% Allowed after 12 EMI's, 2 - 4% Allowed after 6 EMI's, 3%

Allahabad Bank Personal Loan Balance Transfer Interest Rates

Allahabad Bank personal loan balance transfer facility is ideal for existing personal loan customers, who are paying high interest to their existing lender. Through this facility, you can transfer your existing of personal loan with Allahabad Bank at a lower rate of interest, without closing the account. However, you do need to check the foreclosure charges that you have to pay to your existing lender. Currently Allahabad Bank offers the lowest personal loan balance transfer rate of Nil.

How to Get Low Interest Rates on Allahabad Bank Personal Loan?

You can get the lowest Allahabad Bank personal loan rate, by ensuring the below-mentioned things:

  • Ensure that you are aware of the Allahabad Bank personal loan eligibility and documentation requirements beforehand so that you do not end up paying a higher rate as compensation for lack of any document.
  • Ensure that you maintain a good credit score of 650. The higher the credit score, the higher is your chance of getting a low-interest rate.
  • Always check if you are eligible for a pre-approved offer from Allahabad Bank as that allows you to get instant loans at the best rates.
  • Compare lenders to get competitive interest rates. Further keep tracking the loan rates trends, Allahabad Bank may offer lower interest rates in the festive season.
  • If you are a high salary earning employee and work in a reputed firm, then leverage it. Allahabad Bank offers lower rates to employees working in top firms drawing high salaries.

FAQs

What is Allahabad Bank personal Loan interest rate?

Today, the lowest interest rate on Allahabad Bank Personal Loan is 9.05%. Borrowers with high income and CIBIL score are eligible for the lowest interest rate.

How can I reduce my interest in Allahabad Bank personal loan?

You can reduce the interest to be paid on Allahabad Bank personal loan by any of the below-mentioned ways:

  • By maintaining a good CIBIL score
  • By showing all proofs of income
  • By maintaining a good debt to credit ratio
  • By applying at peak time when Allahabad Bank provides discounted personal loan offers

Is Allahabad Bank personal a floating rate loan or fixed-rate loan?

Allahabad Bankis offered at both fixed and floating rate. In the case of the fixed rate, the interest remains the same whereas in the case of the floating rate the personal loan rates keep varying according to the market.

Did Allahabad Bank personal loan rate drop in 2021?

Presently, Allahabad Bank offers personal loans at an interest rate starting at 9.05%. There has been no change in personal loan rates of Allahabad Bank for a long time and continue to stand at 9.05%.

How do I check my eligibility to get a personal loan at a low rate from Allahabad Bank?

The lowest rate on Allahabad Bank is mostly offered to individuals with high CIBIL and high income. You can check the eligibility for the personal loan at Allahabad Bank official website. Apart from that you can also use MyLoanCare Personal Loan Eligibility Calculator.

What is the lowest personal loan rate in Allahabad Bank?

The lowest personal rate offered by Allahabad Bank on a personal loan is 9.05%.

What is the interest rate 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.

Can I ask for a reduction in the Allahabad Bank personal loan interest rate?

You can ask for a reduction in your Allahabad Bank personal loan interest rate. However, it depends upon the policy of the bank, whether it allows negotiation or not. Good credit score, high income, and existing relationship with the bank are some of the points which can contribute to the talks going your way.

Is there any need for security or collateral while availing Personal loan from Allahabad Bank?

No, there is no need for any collateral or security while availing a personal loan from Allahabad Bank. Allahabad Bank personal loan is an unsecured loan; thus, it does not require pledging of any asset as security to avail the loan.

How can I close my Personal Loan from Allahabad Bank early?

If you want to prepay your entire personal loan from Allahabad Bank, then you can do so by making a lump sum payment. However, you should also inquire about the prepayment and foreclosure charges based on the Allahabad Bank personal loan scheme availed by you, before making any decision.

How does Allahabad Bank calculate the interest on a personal loan?

The interest for Allahabad Bank personal loan is calculated based on the following methods:

  • Flat rate method:   Under this method, Allahabad Bank personal loan rate is estimated on the original loan amount throughout the original loan tenure. Thereby, the principal amount for calculation remains the same. This method is also called the fixed method of Allahabad Bank personal loan interest calculation.
  • Reducing rate method:  As per the Allahabad Bank personal loan reducing balance method the interest rate is calculated on the outstanding loan amount. Therefore, the principal component that is paid during the monthly EMI is not chargeable for interest calculation. In this case, the outstanding balance and the interest reduces with time, and the interest is charged only on the remaining principal amount.

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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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