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Allahabad Bank Car Loan


Loan Name Interest Rate Processing Fee Loan Amount Tenure
Allahabad Bank Car Loan 9.10%, Floating 1.00% of loan amount Three time Net Annual Salary 84 months
Details
Documents Required

  • Duly filled in application form along with 3 recent passports sized photographs
  • Proof of Identification (Any One): Passport/ PAN/ Election ID Card/ Driver’s License
  • Identity Card of Employer
  • Proof of Income: Recent 3 months salary slip or Salary Certificate from the currently employed organization.
  • Proof of Residence or Address (Any One): Aadhar Card/ Driving License/ Utility Bills including water bill, electricity bill, LPG bill, telephone bill/ Passport
  • Copies of documents related to the car / four wheeler vehicle that has been finalized for purchase
  • For Business Owners/ Self-Employed Persons: IT Returns, Profit & Loss Account, Audited Balance Sheets, Assessment orders, advance tax challans (for both company as well as firm and personal account) for the previous three years.
Benefits

  • Lower Interest Rates
  • No Hidden Charges
  • Easy equated monthly instalments which are easy on the borrower's pockets
  • Tenure of loan for individuals is spread over a long period of 84 months.
  • In the case of firm/companies, the maximum tenure of the loan period is 60 months
  • For pre-owned vehicles, the maximum period of loan repayment is 60 months or residual life of the vehicle (whichever is lower).
Eligibility

  • The applicant should be a resident Indian
  • In case of a salaried individual, the minimum gross monthly income should be Rs 25,000 and he/she should repay the loan before the retirement age.
  • In case of professional and self-employed or businessmen who are an income tax assessee, the income tax assessment order or IT return will be waived and they should repay the loan before attaining 70 years of age.
  • In the case of retired individuals, one should be drawing a minimum monthly pension of Rs 15,000 and more.
  • For Agriculturist, one should have a minimum of 5 acres of irrigated land holdings
  • For firms or companies, net profit should be sufficient to meet the repayment of the car loan.
  • The firms or companies should be existent at least for 2 years to secure a car loan.
Other Details

  • The margin for new vehicles is 15% of the on-road cost.
  • The margin for pre-owned vehicles is 85% of the agreed purchase price as valued by an approved automobile valuer or 60% of the valuation of the vehicle (whichever is lower).
  • Maximum limit of loan is 3 times of net annual salary or net annual income.
  • For calculating the net annual income applicant can even club their respective income along with the income of their spouse/ father/ mother/ son/ unmarried daughter.
Dream Car 1YMCLR+0.25% - 1YMCLR+3.00% 0 maximum of up to 3 times net annual salary up to 84 months
Details
Documents Required

  • Duly filled in application form along with 3 recent passports sized photographs
  • Proof of Identification (Any One): Passport/ PAN/ Election ID Card/ Driver’s License
  • Identity Card of Employer
  • Proof of Income: Recent 3 months salary slip or Salary Certificate from the currently employed organization.
  • Proof of Residence or Address (Any One): Aadhar Card/ Driving License/ Utility Bills including water bill, electricity bill, LPG bill, telephone bill/ Passport
  • Copies of documents related to the car / four wheeler vehicle that has been finalized for purchase
  • For Business Owners/ Self-Employed Persons: IT Returns, Profit & Loss Account, Audited Balance Sheets, Assessment orders, advance tax challans (for both company as well as firm and personal account) for the previous three years.
Benefits

  • Lower Interest Rates
  • No Hidden Charges
  • Easy equated monthly instalments which are easy on the borrower's pockets
  • Tenure of loan for individuals is spread over a long period of 84 months for individuals.
  • In the case of firm/companies, the maximum tenure of the loan period is 60 months
  • For pre-owned vehicles, the maximum period of loan repayment is 60 months or residual life of the vehicle (whichever is lower).
Eligibility

  • The applicant should be an Indian resident
  • The monthly minimum gross salary in case of a salaried individual should be Rs 25,000
  • In the case of Agriculturist, one should have a minimum of 5 acres of irrigated land holding.
  • In case of professionals and self-employed or businessmen, one should be an income tax assessee, IT assessment order or IT return may be waived
  • The salaried individuals should repay the loan at least three months before the date of retirement from their service.
  • In the case of retired individuals, one should be drawing a minimum pension of Rs 15000 and above.
  • In the case of firms or companies, the net profit increased therewith should be sufficient enough to meet the repayment of the car loan.
  • The firms or companies should be existent for at least 2 years
  • In case of other than salaried applicants, the loan should be repaid before attaining 70 years of age.
Other Details

  • The maximum loan limit is 3 times the net annual income or net annual salary
  • For new vehicles, the margin is 15% of the cost of the on road price of the vehicle
  • In the case of pre-owned vehicles, 85% of agreed purchase price as valued by the approved automobile valuer or 60% if the valuation of the vehicle (whichever is lower) will be considered as margin.
  • The purchased vehicle will be hypothecated as a part of security.

FAQs 

Q: For which vehicles does Allahabad Bank provide car loan?

A: Allahabad Bank offers loans for mostly all types of vehicles such as Jeep, Van, Car and Multi Utility Vehicles.

Q: Does Allahabad bank provide car loan for pensioners and retired individuals?

A: Yes, Allahabad offers car loans to retired individuals who are earning or drawing a pension of at least Rs.20,000 per month.

Pensioners of Allahabad Bank will not be charged processing fees.

Q: Are there any documentation charges for a car loan in Allahabad Bank?

A: No, Allahabad Bank does not collect any documentation charges and also Allahabad does not charge any amount for inspection of the car for loan approvals.

Q: How the CIBIL score effect on Car Loans?

A: CIBIL scores play an important role in loan approvals. CIBIL scores will help you get better terms and interest rates from any bank. If you have a score of 750 or above, banks will give quick approval.

Q: What are the margin requirements of Allahabad Bank Vehicle Loan?

A: Allahabad Bank requires 15% of the on-road price of the vehicle to be set aside as margin. The on-road price includes the registration charges, road tax and insurance charges. For pre-owned cars, 85% of the Agreed Purchase Price will be set aside as margin if the vehicle is valued by Approved Automobile Valuer. In other cases, 60% of the Valuation of the Vehicle is the required margin.

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