Allahabad Bank has several options for customers who wish to avail Personal Loan. The interest rates are among the best, and flexibility of personal loan plans make the bank one of the most desired for funding purposes. There is a general personal loan plan and special ones for pensioners and doctors. At loanbaba.com, we inform you about every Allahabad Bank Personal Loan schemes.
|Allahabad Bank Personal Loan Details Updated on 21st November 2019|
|Loan Amount||Rs.50,000 to Rs.75,00,00|
|Loan Tenure||5 Years|
|Interest Rate||8.95% to 14.45%|
Loanbaba.com provides all the information about Allahabad Bank Personal Loan: New Saral Loan, Pension Loan, and Doctor’s Loan.
The New Saral Loan
The purpose of the New Saral Loan is to let customers purchase consumer durable stuff, tangible items, two-wheeler, or anything required to meet religious, social, domestic or any other exigency expense. However, the utilisation for latter shouldn’t exceed 50% of the total loan amount.
The amount of loan offered is 24 x current gross monthly salary. However, the minimum and maximum limit of the loan are Rs 50,000 and Rs 7.5 lakhs respectively. This amount of loan is assessed in a way that home take away salary after EMI deductions of loan is not less than 40% of the gross monthly salary.
The current base interest rate is 9.95%.
The repayment of loan is allowed with maximum 60 EMIs. Further, the amount should be repaid one year prior the retirement of the borrower.
The purpose of personal loan for pensioners is to help them meet their domestic and personal requirements. These loans are apparently not for speculative purposes.
The amount of credit offered is 10 x monthly pension. The maximum limit for pensioners up to 65 years of age is 2 lakhs. For pensioners aged over 65 years, the maximum loan limit is 1 lakh. The minimum applicable loan amount is Rs 25,000. The instalment of the loan shouldn’t exceed 50% of a month’s pension.
The base interest rate applicable is 9.95%.
A person can take a maximum of 48 months to repay the loan.
Personal Loan to doctors
The purpose of personal loan to doctors is to help them meet their professional requirements.
The amount of credit granted is either 5 lakhs or salary, whatever is lower. The annual income of the doctor shall be accepted as per the income of the Tax Return given to the IT department.
The base interest rate on these loans is 9.95%.
The repayment should mandatorily be done in 60 months. The individuals are expected to pay their EMIs with post-dated cheques.
Loanbaba provides comprehensive information about personal loan schemes by Allahabad bank. Keep a note of this page to stay updated with recent information on this bank loan scheme. You can also quickly apply for Allahabad Bank Personal Loan online on the bank's official website without having to visit the bank branch. It is simple and easy, and you can upload all the required documents online. Disbursal is done at the soonest, and you can keep a track of your loan application on the website.
Personal Loan Allahabad Bank base interest rate is 9.95% annually. Keep a check on this page to note the updated interest rate for Allahabad bank personal loan.
Allahabad Bank Personal Loan Eligibility
There are three major types of personal loans by Allahabad Bank, which are discussed above: New Saral Loan, Personal Loan for Doctors, and Personal Loan for Pensioners.
Below provided are important questions about personal loan Allahabad Bank.
A margin of 10% is calculated based on the total assets owned or to be bought by the borrower.
There is no margin applicable to such a loan.
There is no margin.
The loan amount is secured with collateral. A guarantee of the spouse is important. In the case of unmarried applicant, the parents act as guarantors.
No primary security is required in this case. Collateral again isn’t a mandate.
A guarantee of personal needs is mandatory. Also, the individual should have liquid security to cover this loan amount.
The customers get a Group Personal Accident Insurance policy that is worth Rs 2 lakh no matter how much of loan amount is available to cover the accidental death.
Disclaimer: Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of Allahabad Bank.