Allahabad Bank Personal Loan

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Loan Details

Personal Details


Allahabad Bank Personal Loan Details

Allahabad Bank star star star star star 3.75 / 5.04 users

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, we inform you about every  Allahabad Bank Personal Loan schemes.

Allahabad Bank Personal Loan Details Updated on 24th February 2020
Loan Amount Rs.50,000 to Rs.75,00,00
Loan Tenure 5 Years
Interest Rate 8.95% to 14.45%

Why Choose Allahabad Bank Personal Loan?

  • The advantage of this loan is its same interest throughout the duration.
  • Simple documentation is needed and the personal loan in Allahabad bank then gets processed faster.
  • The customers can pay off the loan in easy instalments every month and can repay it via auto debit or PDC or ECS.
  • You can check out Allahabad bank personal loan eligibility and Allahabad bank personal loan EMI calculator at

Features and Benefits of Allahabad Bank Personal Loan provides all the information about Allahabad Bank Personal Loan: New Saral Loan, Pension Loan, and Doctor’s Loan.

The New Saral Loan

  • Purpose

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.

  • 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.

  • Base interest rate

The current base interest rate is 9.95%.

  • Repayment

The repayment of loan is allowed with maximum 60 EMIs. Further, the amount should be repaid one year prior the retirement of the borrower.

Personal Loan for Pensioners

  • Purpose

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.

  • Loan amount

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.

  • Base interest rate

The base interest rate applicable is 9.95%.

  • Repayment

A person can take a maximum of 48 months to repay the loan.

Personal Loan to doctors

  • Purpose

The purpose of personal loan to doctors is to help them meet their professional requirements.

  • Loan amount

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.

  • Base interest rate

The base interest rate on these loans is 9.95%.

  • Repayment

The repayment should mandatorily be done in 60 months. The individuals are expected to pay their EMIs with post-dated cheques. 

Why Apply for Allahabad Bank Personal Loan?

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.

Allahabad Bank Personal Loan Interest Rates

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

  • Eligibility Criteria for New Saral Loan: The gross monthly salary of the borrower should at least be Rs 20,000. Else, he or she should be a permanent employee having served for at least 2 years in the organisation. However, in such a case, the organisation should have strength of at least 20 employees.
  • Personal Loan Eligibility for Pensioners: The central government employees, state government employees, teachers should get their monthly pension credited to their bank account sustained with Allahabad Bank.
  • Eligibility Criteria for Personal Loan for Doctor: Only the medical practitioners and individual doctors are eligible to apply for this loan. Their maximum age on the sanction date is 65 years.
  • He/she meet the requirement for credit score and should not be under too many debts.
  • Personal loan eligibility may differ from one candidate to another. You can also check Allahabad Bank personal loan eligibility calculator at

Types of Allahabad Bank Personal Loan

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.

Allahabad Bank Personal Loan FAQs

  • addFAQs

    Below provided are important questions about personal loan Allahabad Bank.

    1. What is the margin for different personal loans by Allahabad Bank?
      • Margin for New Saral Loan

      A margin of 10% is calculated based on the total assets owned or to be bought by the borrower.

      • Margin for Personal Loan for Pensioners

      There is no margin applicable to such a loan.

      • Margin for Personal Loan for Doctors

      There is no margin.

    2. What is the required security for Personal Loans offered by Allahabad Bank?
      • Security for New Saral Loan

      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.

      • Security for Doctor’s Loan

      No primary security is required in this case. Collateral again isn’t a mandate.

      • Security for Pensioner Loan

      A guarantee of personal needs is mandatory. Also, the individual should have liquid security to cover this loan amount.

    3. Is there any added benefit on personal loan for pensioners?

    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.

Allahabad Bank Personal Loan Review

Personal Loan
star star star star star 12.0/5
Personal loan by Allahabad Bank bank was perfect, but the turnaround time is something they can work upon.
Mumbai February 22, 2020
Personal Loan
star star star star star 15.0/5
I had applied my personal loan in Mumbai at Allahabad Bank bank. I was in dire need of funds and fortunately got the loan amount soon.
Mumbai February 22, 2020
Personal Loan
star star star star star 15.0/5
Taking personal loan in Gujrat by Allahabad Bank bank through online portal of loanbaba was after all not a bad idea. This way I could communicate with the Allahabad Bank without having to come over to their branch. All by documentation was sorted and I got the loan in decent time.
Mumbai February 20, 2020
Personal Loan
star star star star star 13.0/5
The Allahabad Bank bank has disbursed the loan amount required and I am satisfied with it. The interest rate and the charges are average.
Mumbai February 19, 2020

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