The Allahabad bank introduced a new type of personal loans that were based on the MCLR interest rates. These loans came into effect from 1st April 2016. The interest of MCLR was fixed at 9.60%. This interest is applicable on all the personal loans along with the bank’s mark-up rate. Let us view the new interest rates:
Allahabad Bank offers personal loans to its existing borrowers at the Base Rate system. This Base Rate is set and revised by RBI every year. It is the minimum threshold rate for the banks on loans to charge its customers. The Allahabad Bank Base Rate (BR) and the Benchmark Prime Lending Rate (BPLR) is 9.70% and 13.95% respectively.
The regular customers of Allahabad Bank get to apply for personal loans on the Base Rate interests. The interest rate can change as per the change in the Base Rate.
Also, note the MCLR rates given above as applicable from 1st April 2016. While applying, do contact the bank to know the latest interest rates applicable on personal loans. Since there is no prior notice about changes in the interest rates due to change in the Base Rate, it is important to stay updated about the bank’s personal loan interest rates.
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