How To Apply Allahabad Bank Personal Loan @10.65%

Allahabad Bank Personal Loan:- The Allahabad Bank is an Indian nationalized Bank with 3230 branches spread all over India that serves various financial products and services to its customers. The Allahabad Bank also provides different schemes for a personal loan, suitable for applicants with different incomes and professions.

Allahabad Bank Personal Loan

How To Apply Allahabad Bank Personal Loan

Features of Allahabad Bank personal loan:

The personal loan provided by Allahabad bank has the following features:

  • Various schemes: The Allahabad Bank offers various schemes for a personal loans based on the requirements of the applicant.
  • Minimum documentation: The Allahabad Bank requires only a few documents like ID proof, address proof, and income proof for its approval.
  • Quick processing: For the personal loan, the procedure of loan approval is faster with quick disbursement.
  • Online application: By completing the KYC and submitting the required documents you can easily apply for a personal loan.
  • Zero processing charges for applicants eligible for allbank suvidha schemes.
  • Maximum repay tenure: The Allahabad bank offers max repay tenure up to 60 months.

Allahabad Bank Personal Loan Interest Rate

Product Type Interest Rates (p.a.)
Allahabad Bank New Saral Loan Starts from 12.15%
Overdraft Facility in SB Acc 11.55%
Loan Scheme for AllBank Doctor Plus Starts from 10.65%
Loan Against NSC/KVP As offered by the bank
AllBank Suvidha As offered by the bank

Details of personal loan:

The interesting feature about this personal loan is that it has less documentation with faster processing and disbursal. The bank also has provided the facility of online applications with easier processing. The maximum period for repayment of this loan is about 60 months.

The schemes of personal loans at Allahabad Bank are as follows,

Allahabad new Saral loan

This personal loan has a feature of quick processing that helps to meet your requirements earlier.

This personal loan is for the employee of the organization that is a client of the Allahabad Bank. For this loan, the applicant should have a minimum of 2 years of experience in the same organization. The interest rate for this loan is around 13.70% per annum.

Overdraft facility in SB account
The overdraft facility is provided for the business expenses and the maximum loan amount is limited to 40000 rupees.
Loan against NSC/KVP
This personal loan is available for the applicant having a national saving certificate or Kisan Vikas Patra. This loan can be used to meet personal or business expenses.
All bank doctor plus
This scheme is provided for the doctors to meet their personal expenses. the maximum loan amount in this system is limited to 20 lakh.
All bank suvidha
This scheme is offered to the existing account holders and to the employees of the bank. The amount of the loan and depends on the profile of the applicant.

Fees and charges:

To avail the personal loan from Allahabad Bank, the applicant has to pay extra charges as follows.

Processing fees
The processing charges are considered as 1.22% of the loan value with the minimum limit of Rs. 614. The processing charges are the same for both salaried and self-employed personals.
Foreclosure charges
The Allahabad Bank charges a forclosure penalty of 2.28 % of the outstanding amount.
Defaulting monthly installment
For the missing payment, the applicant has to pay the penalty that is 2% of the loan amount.

Eligibility criteria:

The eligibility criteria for the personal loan are different as per the schemes.

For new Saral loan:
  • Minimum income of 20000
  • 2 years experience in the current organization
  • Age limit: 21 to 65 years
  • your working organization should be disbursing payments of their employees through Allahabad Bank.
  • guarantor: Spouse or parents
Overdraft facility in saving bank account:
This facility is available only for the employees of organizations that disburse the salaries in the savings bank account of Allahabad Bank.
Loan against NSC/KVP:
The applicant should have Kisan Vikas Patra or a national saving certificate for applying under this scheme.
All bank doctor plus:
  • The applicant should be a registered doctor
  • Work location: India
  • Age limit: 21 to 65 years
  • A minimum credit score of 700
Allbank suvidha:
The applicant should be an individual account holder or he should be an existing or a retired employee of the Allahabad Bank.

Documents required for a personal loan:

The documents required to apply for the personal loan in Allahabad Bank are listed below.

  • Photo id and age proof: For photo ID proof, the applicant can provide one of the following documents: PAN card, driving license, Aadhar card, voter ID card, etc.
  • Residence/address proof: Any one of the following documents can be used as address proof: passport, aadhaar card, telephone bill, electricity bill, driving license, ration card, etc.
  • Kisan Vikas Patra or national saving certificate (for loan against NSC/KVP)
  • Salary proof (for salaried applicants), 6-month bank statement, Salary slip of last 3 months, Form 16/ IT return.
  • income proof (for self-employed applicants): Bank statement of last 6 months, Last three years IT returns with the income computation, CA certified or audited balance sheet, profit and loss account for last 3 years.

Allahabad Bank Customer Care :-

Allahabad Bank, Head Office, 2 Netaji Subhash Road , Kolkata -700001

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How can I check my personal loan eligibility in Allahabad Bank?
The personal loan eligibility criteria vary as per the schemes of personal loan but general eligibility requirements for applying for a personal loan are, The age should be within 21 – 65 years. the salaried person should have 2 years of experience. Organization, where you works, should disburse their payments with Allahabad Bank. A minimum credit score of 700
What is the rate of interest for a personal loan in Allahabad Bank?
The rate of interest is different for the different schemes of personal loans. The base rate for a personal loan at Allahabad Bank is 8.95%. For a new saral loan, the interest rate is 13.95% per annum while for allbank doctors scheme, the rate of interest is 14.95% per annum but the actual rates may vary from these numbers.
Is preclosure of personal loan has penalty at Allahabad Bank?
The foreclosure of the loan before the completion of the tenure period has a penalty. For that, the applicant has to pay an extra amount which is in the percentage of the outstanding amount. The charges are around 2.28 % of the total outstanding amount.
What extra charges do I have to pay for a personal loan at Allahabad Bank?
Other than loan interest, the extra charges and penalties charged by bank are given below. a) Processing charges: The bank deducts the processing charges during the loan disbursal. The processing charges are 1.22 % of the total loan amount. b) Foreclosure penalty: For the earlier closing of the loan, the borrower has to pay an extra amount as a penalty.
Disclaimer :- This article is for informational purposes only. If you want to take a loan then you go to the official website.

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