Allahabad Bank offers customized personal loan schemes to different segments of the society. These schemes help an individual to fulfil both personal as well as business needs without any inconvenience. The loan amount, tenure and interest rate offered under these schemes varies from individual to individual. The process to apply for these Allahabad Bank personal loan schemes is easy and offers quick disbursal of loan amount.
Table of Contents
Features of Allahabad Bank Personal Loan
- Loan amount: Starting from Rs. 15,000, the loan amount offered by Allahabad Bank under various schemes varies from individual to individual
- Multiple schemes: Personal loan schemes like AllBank Vidya, Home Appliances Finance Scheme, New Saral Loan, All Bank Rent Loan, etc. are offered by Allahabad Bank to target specific needs of different individuals
- Online application: You can complete and submit your Allahabad Bank Personal Loan application online quickly and without any hassle
- Minimum documentation: Allahabad Bank asks you to submit only a few documents so that your loan application processes quickly and the amount gets disbursed instantly
Allahabad Bank Personal Loan Interest Rates
| 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 |
Types of Allahabad Bank Personal Loan
1. Allahabad Bank New Saral Loan
If you are a salaried employee having a salary account in Allahabad Bank, you can avail Allahabad Bank New Saral Loan for purchasing a consumer durable item, two wheeler or other tangible items that can be validly hypothecated to the Bank. Also, the loan can be availed to meet social, domestic, religious and other expenses. The loan can be availed for up to Rs. 7.50 lakh and repaid maximum by 60 months (has to be fully repaid 1 year before the retirement).
Quantum of Loan | |
| For employees having salary of Rs. 15,000 and above and upto Rs.20,000 per month and minimum loan limit of Rs.50,000 | 12 times of present gross monthly salary |
| For employees having salary of Rs.20,000 and above and minimum loan limit of Rs.50,000 | 24 times of present gross monthly salary, subject to maximum loan limit of Rs.7.50 Lakh |
2. Overdraft Facility in SB Acc
The loan is offered to an individual to meet emergency expenses. A maximum loan amount of either Rs. 40,000 or one month’s net salary (whichever is less) can be availed and can be repaid within 1 year.
3. Loan Against NSC/KVP
The loan is offered to meet personal as well as business needs but not for speculative purpose. The loan amount starts from Rs. 10,000 subject to the following mentioned margin according to the age of NSC/KVP along with no upper limit.
| Age of NSC/KVP | Loan amount | Margin |
| More than 3 years | 100% of face value | NIL |
| More than 2 years but less than 3 years | 90% of face value | 10% |
| Less than 2 years | 75% of face value | 25% |
4. Loan Scheme For AllBank Doctor Plus
The loan is offered to doctors to meet their personal expenses like medical expenses, purchase of household items, setting up of clinic, purchase of medical equipment, etc. The loan amount of AllBank Doctor Plus goes upto Rs. 20 lakh. The loan can be repaid maximum by 84 months.
5. AllBank Suvidha
This type of loan is offered to existing account holders including the Bank’s employees (Existing,VRS/Retired employee) to meet personal as well as business needs without any inconvenience. The minimum loan amount offered is Rs. 10,000 and the maximum loan amount offered depends on an individual’s profile.
Eligibility Criteria
1. Allahabad Bank New Saral Loan
- You should be an employee of the organization whose salaries are being disbursed through Allahabad Bank
- Your minimum monthly income should be Rs. 15,000
- You should have completed at least 2 years in your current organization
- You should be at least 21 years old
- You will either have to provide guarantee from spouse or parents (in case you are unmarried)
2. Overdraft Facility in SB Acc
All employees of Allahabad’s Bank’s Corporate Clients, whose salaries are disbursed through Saving Bank accounts in Bank.
3. Loan Against NSC/KVP
You must have National Savings Certificate / Kisan Vikas Patra in own name
4. Loan Scheme for AllBank Doctor Plus
- You must be at least 21 years old and your maximum age should be 65 years
- You should be a registered doctor and medical practitioner in any stream (Medicine, Homeopathy, Ayurvedic, Veterinary etc.)
- You should be working in India
- Your minimum credit score should be at least 700
5. AllBank Suvidha
- You should be at least 18 years old
- You should either be an existing individual account holder or bank’s employee (Existing, VRS/Retired employee)
Documents Required for Loan Application
The documents to apply for Allahabad Bank Personal Loan will vary as per the scheme you select. However, the basic documents that would be required are as follows:
1. Photo identity proof (any one document): Passport, Pan Card, Voter Identity Card, Driving License, Aadhaar Card
2. Address proof (any one document): Ration Card, Bank Account Statement, Passport, Driving License, Electricity Bill, Telephone Bill, Sale Deed/Property purchase agreement (for owned properties), Aadhaar Card
3. Salary proof: Last 3 months/6 months’ bank statement (dependent on scheme) showing salary credits, Latest Salary Slip
How to Apply for Allahabad Bank Personal Loan with Paisabazaar?
- Fill a form asking your personal details like occupation, monthly income, required loan amount, current city, company details and phone number and click on ‘proceed’
- You will get personal loan offers from various lenders as per the chances of approval
- You can select an offer as per the chances of approval and click on ‘apply’
- Your personal loan application will be sent to the chosen lender and the customer care team will call you for further assistance
Personal Loan Verification Process
- After the lender receives your personal loan application from Paisabazaar, you get a call from lender’s representative
- The representative verified your details and schedules document pickup
- After your documents are approved, you get another call from the bank information you about the final loan agreement
- Once you agree on the terms and conditions offered by the bank, loan disbursal is initiated
Check Allahabad Bank Personal Loan Application Status
- Open Allahabad Bank page online
- Enter your User ID and Password
- Enter Captcha
- Click on ‘Login’
Fees and other Charges
1. Allahabad Bank New Saral Loan
| Prepayment Penalty | 2.25% of Outstanding Balance only in case of takeover |
2. Loan Scheme for AllBank Doctor Plus
| Processing Fee | 1.06% of loan amount minimum of Rs.534 + Taxes and Maximum Rs.10,000 |
3. AllBank Suvidha
| Processing Fee | NIL |
How to Login on Allahabad Bank Portal?
- Open Allahabad Bank website
- Enter your User ID and Password
- Enter Captcha
- Click on ‘Login’
Allahabad Bank Personal Loan Statement
- Open Allahabad Bank statement page
- Enter your User ID and Password
- Enter Captcha
- Click on ‘Login’
EMI Calculation
The following personal loan EMI calculation is an illustration of how the monthly EMI of a Allahabad PL changes based on loan tenure, loan principal and interest rate.
| Loan principal @ interest | Tenure | ||||
| 1 year | 2 years | 3 years | 4 years | 5 years | |
| 1 lakh @ 10.65% | Rs. 8,821 | Rs. 4,644 | Rs. 3,257 | Rs. 2,567 | Rs. 2,156 |
| 5 lakh @ 11.25 % | Rs. 26,514 | Rs. 13,982 | Rs. 9,821 | Rs. 7,753 | Rs. 6,522 |
| 6 lakh @ 11.5% | Rs. 53,169 | Rs. 28,104 | Rs. 19,785 | Rs. 15,653 | Rs. 13,195 |
| 9 lakh @ 11.87% | Rs. 79,911 | Rs. 42,313 | Rs. 29,839 | Rs. 23,645 | Rs. 19,963 |
Comparison of Allahabad Bank PL VS Other Lenders
| Particulars | Allahabad Bank | HDFC Bank | Citi Bank | Axis Bank | ICICI Bank | Bajaj Finserv |
| Interest Rate | Starting from 10.65% | 11.25% to 21.50% | Starting from 10.99% | 11.49% to 17.49% | 11.50% to 19.25% | Starting from 12.99% |
| Tenure | Upto 84 months | 12 to 60 months | 12 to 60 months | 12 to 60 months | 12 to 60 months | 12 to 60 months |
| Loan amount | Starts from Rs. 15,000 | Upto Rs. 40 lakh | Upto Rs. 30 lakh | Rs. 50,000 to Rs. 15 lakh | Upto Rs. 20 lakh | Upto Rs. 25 lakh |
| Processing Fee | 1.06% of loan amount minimum of Rs.534 + Taxes and Maximum Rs.10,000 | Upto 2.50% of the loan amount | Upto 3% of the loan amount | 2% of loan amount plus GST | Upto 2.25% of loan amount plus GST | Up to 3.99% of the loan amount |
Allahabad Bank Customer Care
- You can call on 1800-5722-000
- You can send a mail on cgrc@allahabadbank.in
- You can write a letter to Allahabad Bank, Head Office, 2 Netaji Subhash Road , Kolkata -700001
Also Read: Allahabad bank Personal Loan Customer care
Benefits of Applying for Personal Loan at Paisabazaar
- Convenient: You can easily apply for a personal loan at Paisabazaar from the comfort of your home or office. The online process involves filling only a few forms to initiate the loan application and can be completed within minutes
- Quick processing: When you finish filling the necessary forms, Paisabazaar instantly processes your personal loan application by sending it to the chosen bank
- Compare and choose: Paisabazaar is an online platform that allows you to compare interest rates offered by various lenders. This way, you get to choose the bank offering the lowest interest rate to make your EMIs affordable
- End- to- end assistance: At Paisabazaar, you get an end-to-end assistance from the customer care team so that your application process is convenient
Important Aspects
- Check your credit score: A good credit score comes with a lot of benefits including getting a personal loan at a lower interest rate. Therefore, it is important to pay all your credit card bills and loans on time to have a decent credit score
- Evaluate your ability to repay: The quickest and the most convenient way to check your ability to repay a personal loan is by using Paisabazaar’s Personal Loan EMI Calculator. With the help of the calculator, you can try different combinations of loan amount, tenure and interest rate and then choose a desired combination as per your repayment ability
- Know all fees and charges: Interest rates, processing fee, late payment charge, foreclosure charge, etc. are some fees and charges that are associated with a personal loan. Therefore, it is important to know all the fees and charges to have an estimate of the total sum that you would be repaying
- Compare interest rate: When you compare interest rates offered by various lenders on financial platforms like Paisabazaar, you get to select a personal loan with lower interest rate that makes your EMIs affordable
FAQs
Q1. How can I apply for Allahabad Bank personal loan offline?
You can either call customer care or can visit the nearest branch.
Q2. What should be the minimum credit score if you wish to apply for Loan Scheme for AllBank Doctor Plus?
Your minimum credit score to avail Loan Scheme for AllBank Doctor Plus should be 700.
Q3. How can I submit a complaint at Allahabad Bank?
You can submit a complaint at Allahabad Bank online and submit it by filling the required details.