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Allahabad Bank Personal Loan Closure

Allahabad Bank Foreclosure Charges

Last Updated 15th Nov 2021

  • Allahabad Bank Personal loan pre-closure refers to a situation where the borrower pays back the loan before the end of a personal loan agreement either fully or partially.
  • Partial payment of Allahabad Bank Personal loan is called Part payment, whereas closing the loan completely is called foreclosure.
  • You can foreclose your personal loan by contacting the Allahabad Bank branch where you availed the loan.
  • Ensure collecting NOC and loan statements of your last paid EMIs once you prepay or part pay your personal loan.
Part Payment Fee Allowed Nil
Foreclosure Fee Allowed Nil
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Allahabad Bank Personal Loan Pre-Closure

You can avail foreclosure of Allahabad Bank personal loan if you pay back the personal loan completely before the end of the loan agreement. In case of foreclosing the loan, you will have to pay the current month's EMI, any outstanding dues if there are and the foreclosure fees.Allahabad Bank allows part payment of personal loan after 0 Month at 2.25%

Steps of Allahabad Bank personal loan preclosure are as follow:

  • Visit the Allahabad Bank branch and carry all the necessary documents like identity proof, last EMI payment, and loan account number to the Allahabad Bank.
  • Pay the outstanding loan amount as well as the Allahabad Bank foreclosure charges.
  • Once all the documents are checked and the amount made, the bank will check to provide the acknowledgement. The acknowledgement will clarify that you have paid the loan amount and there are no further outstanding dues left.

Allahabad Bank Personal Loan Part-Payment

Apart from foreclosing Allahabad Bank Personal Loan, you may also prepay your personal loan partially. This is called personal loan part payment. Allahabad Bank allows part payment after 0 Month at 2.25%

Fees and Charges of Allahabad Bank Personal Loan Closure

Fees and charges associated with preclosure of Allahabad Bank Personal Loan are listed as follows:

  • Part payment is Allowed at 2.25%
  • Foreclosure is Allowed at 2.25%

Allahabad Bank Personal Loan Regular Closure

You can pay back your HDFC Bank Personal loan via regular closure, which involves repaying the last EMI of the loan as per the pre-decided personal loan part payment schedule. The steps for closing Allahabad Bank Personal loan are as follow:

  • Pay the last instalment of the Allahabad Bank loan and contact the bank for closing the loan.
  • Provide all the relevant documents like identity proof, last EMI payment, and loan account number to the Allahabad Bank branch where you opted for the loan.
  • On checking all the documents and their authenticity, the bank will provide the NOC or No Objection Certificate. No objection certificate is proof that you have paid all the EMIs and there is no outstanding due.

However, in order to make the loan less expensive, you may opt for a Allahabad Bank Personal loan part payment. To reduce the interest burden, you can opt for Allahabad Bank foreclosure or part payment of the loan.

Required Documents for Allahabad Bank Personal Loan Closure

The documents required for Personal loan foreclosure from Allahabad Bank are:

  • Loan statements
  • Identity and address proofs such as Aadhar, Voter ID, Passport
  • Cheque or demand draft

After the loan has been closed, it is important that you collect the acknowledgement slip, NOC certificates and payment receipts from Allahabad Bank.

Check Prepayment Charges of Other Banks

FAQs

What is the Allahabad Bank pre-closure fee for a personal loan?

Pre-closure fee or foreclosure charges is a penalty levied when you prepay the personal loan before the end of the tenure. Allahabad Bank allows part payment of personal loan after 0 Month at 2.25%.

Can we close personal loans online for Allahabad Bank?

No, you cannot close the personal loans online for Allahabad Bank. Individuals are required to visit the Allahabad Bank Branch to close the personal loan. Below are the steps to close the Allahabad Bank personal loan:

  • Visit the nearest Allahabad Bank branch.
  • Carry necessary documents like identity proof, address proof and bank statements mentioning the final clearance of the last EMI.
  • Once all the documents are successfully checked, the Allahabad Bank will give the acknowledgement letter and NOC.

Does foreclosure of Allahabad Bank personal loan affect CIBIL?

Foreclosure of Allahabad Bank personal loan may not directly affect your CIBIL score. However, your chances of creating a good credit history, which will result in an improved score, will be affected.

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Allahabad Bank Personal Loan News - Nov 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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