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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.
All Bank Vahan Loan 0 0 20 Lakh and above 7 years
Details
Documents Required

  • FOR SALARIED EMPLOYEES
  • Signed loan application form.
  • 2 passport size photographs
  • Proof of identity- Aadhar card, PAN card, Driving license, Voter ID card.
  • Proof of residence- Copy of utility bills, Passport, Voter Id card.
  • Copy of salary slip and bank statement for the last 6 months.
  • The loan documents should be attached jointly by the student and the parent(s).
  •  FOR NON-SALARIED /BUSINESSMAN:-
  • TDS Certificate (Form 16A if applicable)
  • Certificate of eligibility (For C.A, Doctor and other professionals)
  • Business address proof
  • IT returns for last 3 years.
  • Business license details (or equivalent)
  • Profit & Loss account and Balance Sheet for the last 3 years.
  • The loan documents should be attached jointly by the student and the parent(s).
Benefits

  • This is a personal loan which provides benefits to those applicants who are willing to purchase new vehicles for as per their needs.
  • The term vahan includes Car, Van, Jeep and Multi Utility Vehicles.
  • Get premium facility to purchase pre-owned luxury and high-class vehicles of minimum 1800cc which is not more than 5 years old for personal or official use.
  • Purchase of new vehicle should not be more than 3 years old.
Eligibility

  • Existing employees and corporate customers can avail this loan
  • Full-time permanent employee of the government sector with a minimum salary of Rs 25,000/- can avail this loan.
  • Agriculturalist must have 5 acres of land property.
  • The salaried person must repay their loan amount before 3 months of the retirement date.
  • For businessman and others repaid must be done before an age of 70 years.
  • Firm/Companies employees must be a permanent employee for minimum of 2 years.
  • Retired applicants drawing monthly pension of Rs 15,000 or above.
Other Details

  • Loan limit depends on a maximum of 3 times of net annual income/net annual salary.
  • Income prove is required in case you are adding your spouse/father/son/ mother as the co-borrower.
  • Margin- 15% of the cost of the vehicle on road (for new vehicle only)
  • For pre-owned vehicle- 60% of the value of the vehicle/ 85% of the “Agreed Acquisition Price” as valued by approved automobile valuer.
  • Security is required as the primary mortgage of the vehicle.
  • For loan, up to Rs 20 lakhs spouse should be a co-borrower as per his/her eligibility
  • For loan, above Rs 20 lakhs- Guarantee of one person with collateral security in the form of NSC, KVP, FDR pr mortgage of existing house/flat is required.
  • For individuals- Maximum 84 months
  • For pre-owned vehicles- Maximum 60 months
  • For firm/companies- Maximum 60 months
AB Mobike Loan 11.70 PA 534 1 lakh 4 years
Details
Documents Required

  • FOR SALARIED EMPLOYEES
  • Signed loan application form.
  • 2 passport size photographs
  • Proof of identity- Aadhar card, PAN card, Driving license, Voter ID card.
  • Proof of residence- Copy of utility bills, Passport, Voter Id card.
  • Copy of salary slip and bank statement for the last 6 months.
  • The loan documents should be attached jointly by the student and the parent(s).
  •  FOR NON-SALARIED /BUSINESSMAN:-
  • TDS Certificate (Form 16A if applicable)
  • Certificate of eligibility (For C.A, Doctor and other professionals)
  • Business address proof
  • IT returns for last 3 years.
  • Business license details (or equivalent)
  • Profit & Loss account and Balance Sheet for the last 3 years.
  • The loan documents should be attached jointly by the student and the parent(s).
Benefits

  • Maximum loan amount- Rs 1 lakh
  • 15% margin of total cost on the road.
  • Repayment period is 48 months through EMI.
  • Pre-payment charges 2.25% of outstanding balance only in case of takeover.
Eligibility

  • The applicant must have a minimum salary of Rs 15,000 pm or ITR Of Rs 180000
  • Loan eligibility of 6 months salary or half of ITR amount of Rs 1 lakh
  • Resident type- Must be an Indian.
  • A minimum age should be 21 years to a maximum of 60 years.
  • Loan amount must be repaid before the date of retirement.
  • The guarantor for the loan can be the applicant's spouse or any with a satisfactory eligibility.
Other Details

  • With Ab Mobike Loan facility applicant can purchase new 2 wheeler bikes with affordable interest rates and tenure.
  • Processing charges- Rs 534
  • Documentation charges- NIL
  • Mortgage charges- NIL
  • Inspection/ Supervision charges- NIL
  • Interest rate- 11.70% PA.
AB Commercial Vehicle Finance Scheme MCLR 4.50 0.36 200 lakhs Up to 5 years
Details
Documents Required

  • FOR SALARIED EMPLOYEES
  • Signed loan application form.
  • 2 passport size photographs
  • Proof of identity- Aadhar card, PAN card, Driving license, Voter ID card.
  • Proof of residence- Copy of utility bills, Passport, Voter Id card.
  • Copy of salary slip and bank statement for the last 6 months.
  • The loan documents should be attached jointly by the student and the parent(s).
  • Insurance and RC copy of the vehicle.
  • Existing vehicle details and valuation report
  •  FOR NON-SALARIED /BUSINESSMAN:-
  • TDS Certificate (Form 16A if applicable)
  • Certificate of eligibility (For C.A, Doctor and other professionals)
  • Business address proof
  • IT returns for last 3 years.
  • Business license details (or equivalent)
  • Profit & Loss account and Balance Sheet for the last 3 years.
  • The loan documents should be attached jointly by the student and the parent(s).
  • Insurance and RC copy of the vehicle.
  • Existing vehicle details and valuation report
Benefits

  • Maximum loan amount Rs 200 LAKH
  • No need for credit score.
  • Minimum documentation
  • Easy processing
  • Flexible tenure
  • Margin for loan up to 5 lakhs- 10% of the project cost
  • Margin for loans above 5 lakhs- 20% of the project cost
  • Security required as the primary mortgage of the vehicle.
  • Suitable collateral security
  • Moratorium period- Up to 3 months
  • Pre-payment penalty cost 1.98% of the outstanding balance of term loan only in case of take over.
  • Over-draft- on demand
  • Term loan up to 5 years including moratorium period (7 years in case of heavy commercial vehicle)
Eligibility

  • Resident type- Must be an Indian.
  • Age limit must be a minimum of 21 years old to Maximum of 65 years old.
  • Applicant must have a minimum residential identity of 2 years in companies, firms or associations.
Other Details

  • Applicants who are engaged in the transportation business can avail this loan facility. This loan is used for commercial or business purposes. An applicant can avail this loan to purchase buses, tankers and other small commercial vehicles with minimum documentation and hassle-free processing of the loan.
  • Documentation and mortgage charges- Minimum Rs 890 to maximum Rs 13350 depends on the loan amount.
  • Inspection and supervision charges- Minimum Rs 445 to Maximum 1335 depends on the loan amount.
  • Interest rate- MCLR 0.50% to MCLR 4.50%
  • 0.50% concession in the interest rate for loans above 10 lakhs will be provided if the loan is fully secured with tangible collateral 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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