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Allahabad Bank Personal Loan

(Updated on 08.05.2019) Allahabad Bank Personal Loan – Apply & Get Personal Loan from Allahabad Bank with Lowest Interest Rates, Eligibility, Documents & EMI Calculator.

Allahabad Bank Personal Loan – Quick, Easy & Instant Approval Online

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Allahabad Bank Personal Loan

Allahabad Bank Personal Loan is also known as Allahabad Bank New Saral Loan can be availed for employees of reputed public sector / private institutions/organisations whose salaries are disbursed through Allahabad Bank. Allahabad Bank also provides personal loan products such as personal loan for pensioners & personal loan for doctors at competitive rates of interest and with lots of benefits to offer you. Check your Personal loan Eligibility with the Personal Loan Calculator and avail the preferred Personal loan at your earliest.

Allahabad Bank also provides Home loan at attractive rates of interest with pre-approve facility.

Allahabad Bank Personal Loan Interest Rate

Interest Rate 13.10%
Processing fee range 1.22% (one-time fee)
Loan Amount Rs 50,000 to Rs 7.5L
Tenure 1-5 years

Allahabad set Marginal Cost Based Lending Rate (MCLR) at 8.60% for 1 year.           

SCHEME MCLR based Interest Rates
All Bank New Saral Loan Scheme MCLR+4.50%
Personal Loan Scheme For Pensioner MCLR+3.50%
Personal Loan Scheme For Doctors MCLR+5.00%

Allahabad Bank Personal Loan EMI Calculator

Allahabad Bank Personal Loan EMI Calculator

Fill Loan Amount, Interest rate & Tenure in Fields & get Instant Calculation for Home loan emi within seconds.
Loan Amount
Interest Rate (Reducing) % Per Annum
Loan Tenure (in Months)
Monthly EMI
Total Amount with Interest
Flat Interest Rate PA
Flat Interest Rate PM
Total Interest Amount
Yearly Interest Amount

Allahabad Bank Personal Loan Schemes

1) Personal Loan for Pensioners

1. Loan for all state and central governments’  teachers and Allahabad bank’s employee pensioners whose monthly pensions are credited in the accounts maintained by them with the bank branches.
2. Loan can be availed for personal / domestic requirement but not for speculative purpose.
The pensioner’s age should not exceed 73 years as on the date of disbursement of loan and loan should be fully repaid before attaining the age of 75.
Quantum of loans
a. Pensioners up to 65 years of age – Rs 2.00 Lacs.
b. Pensioners above 65 years of age – Rs 1.00 Lacs.
c. Minimum Loan amount is Rs. 50,000/-
d. Processing fee: 1.22% of loan amount or min. Rs. 614.
e. Maximum repayment period is 48 months.
f. Personal guarantee & under taking from family pensioner to repay the loan in case of death of pensioner is required as a security.

2) Personal Loan Scheme for Doctors/Medical Practitioners.

1. Personal loan for Individual Doctors & Medical Practitioners.
2. Loan can be availed for any personal purpose or for meeting expenses of professional      requirement.
3. Maximum age of the applicant should not be more than 65 years at the time of loan disbursement.
4. Loan amount is equivalent to annual income or Rs. 5.00 lacs, whichever is less.
5. Repayment period is 60 months.
6. Processing fee is Nil.
7. No collateral or security is required.
8. Personal guarantee of the Doctors required.

Allahabad Bank Personal Loan Eligibility

1. The minimum gross monthly salary of the borrower must be Rs.20,000 and he or she must be a permanent employee with a minimum of two years of service in the organisation.
2. The organisation must have a strength of minimum 20 eligible employees.
Eligibility criteria for Personal Loan for pensioners
1. All the state government, central government, teachers must have their monthly pension credited to the account maintained by Allahabad Bank branch.
2. Loan amount can be availed up to 2 lakhs.
3. Loan repayment period is 48 years
Eligibility criteria for Personal Loan for Doctors
1. Individual doctors and medical practitioners can apply for this loan.
2. The maximum age to apply is 65 years on the date of sanctioning the loan.
3. Loan tenure: Max. 60 months
4. Loan amount equivalent to annual income or Rs. 5.00 lacs, whichever is less.

Allahabad Bank Personal Loan Processing Fees

The processing fee varies according to the personal loan schemes offer by the Allahabad Bank. A list has been given below:

Personal Loan Scheme Processing Fee
All Bank New Saral Scheme 1.22% of loan amount or min. Rs.1228
Personal Loan for Doctors 1.22% of loan amount or min. Rs. 614
Personal Loan for Pensioners NIL

Allahabad Bank Personal Loan Documents Required

For Salaried Individuals
1. Photo ID and age proof.
2. Signed application form with photograph
3. Residence proof.
4. Last 6 months bank statement.
5. Last 3 months salary – slips.
6. From 16 or Income Tax Returns

For Self-employed individuals
1. Photo ID and age proof.
2. Signed application form with photograph
3. Residence proof.
4. Last 6 months bank statement.
5. Last 3 years Income Tax Returns with computation of Income.
6. Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account.

Allahabad Bank Personal Loan Prepayments
The bank charges prepayment fee if the borrower wishes to pay the whole amount before the loan maturity period. The bank does not allow any kind of prepayment within the 6 months of loan disbursement. Personal loan pre-payment facility is available after 6 EMIs. The charges a prepayment fee of 2.5% of the outstanding amount only in case of loan take over.