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Allahabad Bank Personal Loan


Loan Name Interest Rate Processing Fee Loan Amount Tenure
House Furnishing Scheme 1YMCLR+1.50% - 1YMCLR+3.00% 0 up to Rs 5,00,000 up to 10 years
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
  • 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
  • Fewer Penalty Charges
  • Lengthier repayment period maximum of up to 10 years
Eligibility

  • The applicant should be a resident Indian
  • Existing borrower's who have availed loans under housing finance scheme.
  • Applicants should have a regular source of income
  • Individuals who are owning flats/ houses from all encumbrances.
Other Details

  • Interest rates are BR+2.00%
  • The maximum loan amount is Rs 5,00,000
  • Moratorium period is nil
  • Individuals who are looking forward to renovating their house with new furniture or for repairing of existing house structure or new flats or house can avail this loan.
Housing for Furnishing BR + 2.00% per annum 0 up to Rs 5,00,000 up to 10 years
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
  • 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
  • Minimal Processing Fee
  • Easy EMI on the borrower's pockets
  • Moratorium Period is Nil
Eligibility

  • The applicant should be an Indian citizen
  • The existing borrower's of Allahabad Bank housing finance scheme will have an upper edge to get a loan over others
  • The loan amount is based on applicants take-home pay
  • Persons who own a flat or house free from all other encumbrances
  • Applicants should have a regular source of income to repay the loan amount
Other Details

  • The maximum loan amount is Rs 5,00,000
  • Furnishing loan will be disbursed only after full disbursement of housing loan
  • Interest rate is BR + 2.00% per annum
  • Maximum period for loan repayment is 10 years
Home Appliances Finance Scheme 1YMCLR+1.50% - 1YMCLR+3.00% 1% of loan amount max of up to Rs 2,00,000 36 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
  • 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
  • Less Penalty Charges
  • Lengthier repayment period maximum of up to 36 months
Eligibility

  • The minimum age of the applicant should be 18 years
  • The applicant should be a salaried individual who is working either as a full-time government employee or is employed in quasi-
  • government or is employed in public sector corporations or in institutes and so on.
  • In the case of IT assessee, one should have an annual income of Rs 3,00,000.
  • The applicant should have a minimum of 2 years of experience working in any organizations.
  • The minimum salary of the applicant should be equal to or more than Rs 25,000 per month.
  • The applicant should not have more than 2 years of service before retirement.
Other Details

  • The minimum amount of loan amount is Rs 25,000.
  • The maximum amount of loan amount is Rs 2,00,000.
  • Margin stands at 20% of the cost.
  • The processing fee is 1.00% of the loan amount or minimum of Rs 500.

FAQs

Q: What interest rate does Allahabad bank provides for personal loan borrowers?

A: Allahabad bank offers an attractive interest rate of 13.00% for personal borrowers.

Q: What are the penalty charges for defaulting a monthly instalment?

A: You have to pay 2% of the loan amount as a penalty fee for missing a payment due date in case of personal loan.

Q: What is the minimum salary requirement to avail a personal loan from Allahabad bank?

A: The minimum monthly income required for Allahabad Bank personal loan is Rs.

50,000 per month.

Q: Can I add a co-applicant while applying for a Personal loan with Allahabad Bank?

A: Yes, you can opt for a co-applicant to take a personal loan from Allahabad Bank that will increase your personal loan eligibility as the income of the co-applicant is also taken into account.

Q: How does Allahabad bank personal loan repayment happen?

A: The repayment of a personal loan happens in the form of an EMI (Equated Monthly Installment) through the customer's bank account. The customer is required to present a few post-dated cheques and sign an ECS mandate in favour of the bank at the time of loan disbursal.

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