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Allahabad Bank Two wheeler Loan Interest Rate

Current Allahabad Bank Bike Loan Interest Rate 2021

Last Updated 15th Jul 2021

Interest Rates 10.35%
Maximum Loan Amount Eligibility 85% of On Road Price
Maximum Loan Tenure 5 years
Lowest EMI per ₹ Ten Thousand Loan Amount ₹ 214
Processing Fee Nil
Prepayment Charges 2.25% of Outstanding Balance in case of Loan Takeover
Interest Calculation EMI on a monthly reducing balance
Age Between 21 years and 60 years
Apply for Two Wheeler Loan @ 11.60%*

Allahabad Bank Two wheeler Loan

Allahabad Bank Bike Loan Interest Rates

Allahabad Bank bike loan Interest rate calculator works on various inputs like:

  • Salary - Higher salary bracket individuals are offered loans at lower interest rates. Allahabad Bank auto loan rate varies with your net monthly income.
  • Employer category – Employer category of the borrower is a major deciding factor in order to determine his/her rate of interest. Allahabad Bank has a list of company categories of salaried individuals to which they avail two wheeler loans. So, higher company category leads to low rate of interest.
  • Type of two wheeler - Allahabad Bank interest rate depends upon the type of bike you want to buy. If you have applied loan for a high value two wheeler, then the bank offer low interest rate on your two wheeler.
  • Relationship with the Bank – Allahabad Bank offers special rates, offers and charges to the salary account holders of the bank. Those who have managed their accounts low Allahabad Bank 2 wheeler interest rate.

Allahabad Bank Two wheeler Loan Eligibility

Eligibility of 2 wheeler loan in Allahabad Bank relies upon different factors but the most important factor is your ability to repay the loan. Two wheeler loan calculator calculates eligibility of an applicant depending upon various factors like

  • Age: Age plays an important role to know your eligibility and repayment capacity. Allahabad Bank offers two wheeler loan to individuals who are atleast 21 years old at the time of loan approval and maximum 60 years at the time of loan maturity.
  • Income: Allahabad Bank bike loan calculator calculates your eligibility based upon your income. Usually bank set minimum levels of income to apply for two wheeler loan. Allahabad Bank asks for net monthly income of ₹ 15,000 from salaried professionals.
  • CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has direct impact on your two wheeler loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your two wheeler loan eligibility.

Allahabad Bank Two wheeler Loan EMI

Two wheeler Loan EMI of Allahabad Bank is a fixed amount that you pay each month towards the repayment of your bike loan till the end of tenure. Lowest EMI offered by Allahabad Bank is ₹ 214 per ten thousand loan amount at lowest two wheeler loan interest rate of 10.35%. Allahabad Bank bike loan EMI calculator depends on factors like:

  • Auto Loan Allahabad Bank interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
  • Loan tenure matters equally as longer tenure reduces your monthly EMI per lakh
  • Your EMI depends upon the amount of loan you are going to borrow. Loan EMI will be high if you apply for a high loan amount
  • Two wheeler loan EMI calculation varies from bank to bank depending upon the method of calculation

Allahabad Bank 2 Wheeler Loan Apply

Allahabad Bank gives the facility of bike loan to the people who want to fulfil their dream of having their own 2 wheeler. There are some features and benefits of taking auto loan from Allahabad Bank:

  • Minimum documentation
  • Affordable interest rates
  • Speedy approval

Documents Required for Allahabad Bank 2 wheeler Loan

Two wheeler loan Allahabad Bank documents for salaried employees

  • Signed loan application form
  • Photographs
  • Income Tax PAN Copy
  • Identity Proof – Driving License/ PAN/ Passport/ Voter ID
  • Address Proof - Registered Rent Agreement/ Passport/ Leave and License/ Utility Bill
  • Income Documents – Form 16, last 3 months pay slip, bank statement of 3 months showing salary credit and any EMI debit

Two wheeler loan Allahabad Bank documents for Self-Employed

  • Signed loan application form
  • Photographs
  • Income Tax PAN Copy
  • Identity Proof - Driving License/ PAN/ Passport/ Voter ID
  • Address Proof - Registered Rent Agreement/ Passport/ Leave and License/ Utility Bill
  • Income Documents – Last 2 years ITR
  • Business existence proof such as VAT/ service tax registration, business address proof, incorporation details in case of companies

FAQs

How much interest is charged by Allahabad Bank on two wheeler loan?

Allahabad Bank bike loan interest rates today are 10.35% to 10.50%.

What is the lowest EMI for ten thousand amount on Allahabad Bank two wheeler loan?

If you apply for a 2 wheeler loan from Allahabad Bank, your lowest EMI for ten thousand amount will be ₹ 214.

What is the maximum tenure of Allahabad Bank bike loan?

You can repay your bike loan from Allahabad Bank in a flexible period of maximum 5 years.

How much auto loan I can borrow from Allahabad Bank?

Allahabad Bank offers you 85% of On Road Price of two wheeler as loan.

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

Allahabad Bank charge a processing fee of Nil with applicable service tax.

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

Yes, age is an important eligibility factor to get Allahabad Bank two wheeler loan as you should be at least 21 years old at loan approval time and 60 years old at loan maturity time.

Are there any prepayment charges on Allahabad Bank two wheeler loan?

You can foreclose your two wheeler loan from Allahabad Bank with 2.25% of Outstanding Balance in case of Loan Takeover.


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Allahabad Bank Two Wheeler 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.
*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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