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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.
Allahabad Bank Trade Loan 11.15% 229 5 Crore 7 YEARS
Details
Documents Required

  • Signed loan application form.
  • 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.
  • Income tax returns
  • Business license
  • Authorize certificate of business
  • Statement of financials must be certified by a C.A(Chartered Accountant)
Benefits

  • No hidden charges
  • Low processing fee
  • Low-interest rates
  • Low pre-payment penalty charges
  • Over 3245 branches are located in India where you can avail this service as per your location.
  • Types of trade loan offered by Allahabad bank- LC (Letter of credit)/ Guarantee, Term loan, Clean term loan and Working capital.
Eligibility

  • Traders having license/registration as available under local laws are applicable for the loan.
  • The applicant must be engaged in the business for at least 1 year and must have an Income Tax report of the same.
  • Statement of the financial result must be authorized by Chartered Accountants.
  • Minimum credit score should be – 700 and above
  • Age limit should be a minimum of 25 years to 65 years.
Other Details

  • Allahabad bank provides advantages to those applicants who want to meet their day to day business needs. All business have investment requirement and also sometimes a large amount of cash required to purchase assets. This loan covers all those needs with valuable interest rate and easy loan terms.
  • Applicant avail this loan who wants to purchase the business campus, furniture, lighting, upgrade machinery or to modernize the existing business.
  • Pre-payment penalty- 2.25% of the outstanding balance of term loan in case of take over.

    Interest rates- Minimum 11.15% to a maximum of Rs 15.60%

    Documentation and other charges- Depends on your credit limit

    Processing fees- Minimum of Rs 229 to a maximum of 22,928/- with applicable tax.

  • Margin- 25% on stocks.

    20% for bank guarantee/LC

    25% on term loan sanctioned for purchasing equipments, computer hardwares, furnitures, tools.

    30% on receivables(up to 90 days)

    50% loan amount sanctioned for accomplish of go-downs, construction of premises.

  • The minimum loan amount is Rs 1 lakh and maximum loan amount is up to 5 crore.

    Tenure- Minimum 12 months to maximum 7 years including moratorium.

Allahabad Bank Skill Loan Scheme 0 0 150000 7
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.
  • Educational documents of student
  • 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.
  • Educational documents of student
  • The loan documents should be attached jointly by the student and the parent(s).
Benefits

  • Skill Loan Scheme aims to those parents whose children's are going to school.
  • Skill Loan scheme facility is given by the bank to upgrade the skills of the children's studying from Nursery to 12th standard. As per the loan eligibility criteria, parents can avail this loan for the decent future of their children's.
Eligibility

  • Students who are granted admission in IIT, Polytechnics, Central/State board or in govt affiliated university.
  • Students who are granted admission under training institute affiliated to NSDC (National Skill Development Corporation)/ Sector skill council, State skill mission, State skill corporation preferably leading degree/diploma are also eligible.
  • Courses offered by above-mentioned organizations as per NSQF (National Skill Eligibility Framework) are eligible for the skill loan scheme.
  • There is no restriction on the age of the student.
  • Letter of permission/ratification is required in case the student is minor
Other Details

  • A minimum amount of finance is Rs 5000/- and Max Rs 150,000/-
  • Rs 4 lakh or above- security varies from third party guarantee.
  • Up to Rs 4 lakh- no collateral security.
  • Processing fee- 0
  • Moratorium period- 6 months to 12 months.
  • Margin- 10% of the loan amount (maximum)
  • 1.50% interest concession if the interest amount is paid within the period.
  • Repayment period- Loan amount up to Rs 50,000- Up to 3 years
  • Repayment period- Loan amount Rs 50,000 up to Rs lakh- Up to 5 years
  • Repayment period- Loan above Rs 1 lakh- Up to 7 years

 

Allahabad Bank Reverse Mortgage Scheme 3.00 0 0 0
Details
Documents Required

  • Proof of identity- Aadhar card, PAN card, Driving license, Voter ID card.
  • Proof of residence- Copy of utility bills, Passport, Voter Id card.
  • Signed loan application form.
Benefits

  • Mode of payment- By monthly instalments in the shape of pension.
  • One time 40% disbursal for the repair of the house, medical expenses or any other expenses.
  • Valuation of the property is done by the bank recognized valuer.
  • Penalty charges- 2.25% of the outstanding balance in case of take over.
  • The loan shall be distributed in the form of monthly pension.Margin- 40% in all cases.Margin- 40% in all cases.
    House value must be of Rs 100 crore (maximum) as per the existing market value.
Eligibility

  • Senior citizens who have their own residential property.
  • Newly married couples are eligible as joint borrowers only.
  • The property must be self-acquired with a satisfactory condition.
  • Existing property should be of min 20 years and should not be given in rent to anyone.
  • Applicant must have a minimum age of 60 years and the spouse must be a minimum age of 55 years.
Other Details

  • It is a special type of loan provided only to the senior citizen's Borrowers didn't have to pay any monthly mortgage payments It is called reverse mortgage because the applicant is making payment to the borrower.
  • Burrower has to pay extra expenses like home insurance premiums and property taxes.
  • This loan is form those customers who want to meet their day to day requirements and other needs.
  • Processing fees- NIL
  • Existing mortgage charges
  • Interest rates- 3.00%-5.00%
Allahabad Bank Loan Against KVP(Kisan Vikas Patra) & NSC(National Saving Certificate) 8 0 0 0
Details
Documents Required

  • Proof of identity- Aadhar card, PAN card, Driving license, Voter ID card.
  • Proof of residence- Copy of utility bills, Passport, Voter Id card.
  • Form A application with duly filled.
Benefits

  • KVP
  • Rural people who don't have a bank account are eligible for KVP scheme.
  • Any Indian citizen can avail this scheme
  • Applicant's minimum age should be 18 years old or above.
  • Minors are also eligible for the scheme.
  • It is a good scheme to avoid risk in the future
  • Guaranteed return- Get guaranteed double benefit of an amount as per your tenure.
  • Capital protection- Earn the investment and gains when the tenure ends with no market risks. It is the best investment scheme with safe mode protection.
  • Interest rate- It depends on your period of investment. Current interest rate is 7.6%
  • In addition of the interest, you will get more returns on your deposits.
  • TDS is charged after the maturity period at the time of withdrawals.
  • You can invest a minimum amount of Rs 10,000/- to a maximum of Rs 50,000/-
  • You can use your KVP certificate as security to avail loans.
  • You can get KVP certificate instantly if the payment is done through cash. Or you have to wait till the amount is given to the post office (in case the payment done through cheque, demand draft or money order)
  • NSC
  • NSC is one of the best saving scheme for those applicants who want to do safe investment, with guaranteed interest and fixed return and it also comes with capital protection. As the government has made NSC easily accessible you can access NSC in your nearest post office also.
  • Get guaranteed returns with 8% annual interest.
  • You can invest up to 1.5 lakh to claim the benefits of tax deductions.
  • You can invest a minimum of Rs 100/-
  • The applicant can also add a family member as a nominee.
  • At the time of maturity, you will get all the maturity value as there is no deduction of TDS
  • The tenure period is- 5 years and 10 years
  • Interest rate- 7.9%
  • You can use your NSC certificate as security to avail loans.
Eligibility

  • Applicant should have KVP/NSC in his/her own identity
Other Details

  • This is the small saving schemes for personal or business purpose.
    WHAT IS KISAN VIKAS PATRA?
  • KVP was introduced by Indian post as a small saving scheme in 1988. It doubles the one-time investment amount in a period of 9 years and 10 months. The farmers get advantage to save for a long term basis. It is a low-risk saving scheme where you can safely invest your money for a certain period of time.
  • FAQs:
  • How can I buy KVP?
  • You can purchase your certificate at any nearest post office.
  •  
    What is the minimum lock-in period of KVP?
  • The minimum lock-in period for KVP is 6 months.
  •  
    It is good to invest in KVP?
  • Yes interest earned under KVP is taxable. KVP double your investment in 112 months
  •  
    Is KVP maturity amount is taxable?
  • Yes interest earned on KVP is taxable as per your tax slab.
  • NSC (National Saving Certificate)
  • As the scheme is provided by the Indian government the risk of investment is zero. This scheme is for those applicants who want to make small and medium savings. This scheme comes with 2 maturity period of 5 years and 10 years. There is no maximum limit on the purchase of NSC. The certificate earns a fixed interest with a maturity period of 5 years and an interest rate of 8% per annum.
  • FAQ's
  • Is there a lock-in period in NSC?
  • Yes, there is a maturity period of the certificate but the amount can be reddened earlier on some terms and conditions.

  • A nominee can be changed or cancelled?
  • Yes by using Form 3 a nominee can be changed or cancelled.
  •  
    How can I withdraw my NSC?
  • Download the Form NC 32 from post office portal
  • Provide your all details including nominee name (if any)
  • Submit this form with duly signed in the nearest post office along with a photocopy of NSC and your ID proof.
  • This transfer will take 2-3 months to complete.
  •  
    How many NSC one can buy?
  • It depends on your investment. If you want to invest Rs 30,000 then you have to buy 3 certificates of Rs 10,000 each.

  • How can I transfer my NSC to another?
  • Download and duly fill the NC 34 form.
  • Sign the form along with the transferee sign as well.
  • Give the form in post office along with original NSC certificate to proceed further.
Allahabad Bank Mortgage Loan 14.5 0.53 500 lakhs Up to 9 years
Details
Documents Required

  • Signed loan application form.
  • 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 3 months.
Benefits

  • Salaried applicant or individuals(single or joint) can avail this loan.
  • Loan to HUF (Hindu undivided family) is not be considered for a mortgage loan
  • Overdraft is only considered for Business propose only.
  • The minimum loan amount is - Rs 10 lakh
  • The maximum loan amount is- Rs 500 lakhs
  • For agriculturist- 3 times of the annual income.
  • For others- 3 times of the net cash generation.
  • For the salaried applicant- 36 times of monthly salary.
  • Margin- 50% of the valuation of the property.
Eligibility

  • Resident type- Must be an Indian.
  • Minimum age should be 21 years to a maximum of 65 years.
  • The loan must be pay off before 70 years of age.
  • In case of corporation/companies/society, it should be existence for the past 3 years.
  • Minimum income should be Rs 8 lakhs per annum.
  • For salaried applicant minimum income should be 5 lakhs per annum are eligible.
  • In case of firm/companies, personal incomes the minimum income should be Rs 8 lakhs per annum.
  • The loan shouldn't be extended against property that has been developed or in under construction period for the purpose of sale.
  • The loan shouldn't be extended against the partition deed.
  • The loan shouldn't be extended against Agricultural property.
Other Details

  • An applicant who want to meet his/her growing business needs, personal needs or any medical expenses no matter what may be. Finance them easily with Allahabad bank mortgage loan. Mortgage loans are well known for the size of the loan, maturity of the loan, interest rate, method of paying and others.
  • In case of firm/ company/ society personal guarantee of proprietor/ individual partners/ promoter directors, office bearer or authorized registrar to be obtained.
  • Equitable mortgage of the property against which loan is granted.
  • Repayment starts from next month of the date of loan sanctioned.
  • Net monthly income or take-home salary should not be below than 40% of the monthly gross amount.
  • Maximum repayment period 120 months in case of term loan.
  • Maximum overdraft limit is 120 months.
  • Tenure- Up to 9 years.
  • Interest rate- 14.15% onwards
  • Processing fees- Up to 0.53%
Allahabad Bank Fleet Finance Scheme 4.50% 1.06 500 lakh 7
Details
Documents Required

  • Proof of identity- Aadhar card, PAN card, Driving license, Voter ID card.
  • Proof of residence- Copy of utility bills, Passport, Voter Id card.
Benefits

  • Existing fleet operators (for passengers and good transport) can avail this scheme.
  • Individuals working in companies, firms, society, institutions etc can also avail this scheme.
  • Primary mortgage of vehicles.
  • Repayment security varies from case to case and fully waived in some cases.
Eligibility

  • Resident type- Must be an Indian.
  • Minimum age should be 18 years to a maximum of 60 years old.
  • Firms, companies, associations, society, institutions of persons should have in identity for at least 3 years.
  • Surface transport operators must have owned 10 vehicles and having 3 years of experience in the same field.
  • Transport operators must have a national state route permit and license approval.
Other Details

  • Allahabad bank fleet finance scheme provides loan to finance new vehicles (all commercial, passengers vehicles, trailer, tanker vehicles etc). The term loan and working capital is the nature facility of fleet finance scheme.
  • The minimum loan limit is Rs 200 lakhs to a maximum of 500 lakhs
  • Margin: Working capital- Minimum 25%
  • Road tax and insurance- Min 10% of the cost
  • Term loan for chassis- Min 20% of the cost
  • Truck entities building- Min 30% of the cost
  • Moratorium period up to 3 months
  • Cash credit on demand.
  • The maximum term loan is 7 years.
  • Interest rate- 2.80% - 4.50%
Allahabad Bank New Saral Loan 13 0 750000 5
Details
Documents Required

  • 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.
  • Passport size photographs
Benefits

  • Minimum documentation
  • No mortgage charges
  • No supervision charges.
  • The maximum loan amount is 7,50,000/- (Salary must be 20,000 and above)
  • The minimum loan amount is 50000/- (Salary must be 15,000 to 20,000 per month)
Eligibility

  • The minimum monthly income should be Rs 15,000/-
  • Must be a permanent employee of the same organization for 2 years.
  • The minimum age of the applicant should be 21 years.
  • Applicant must repay at least 1 year before his/her retirement service.
  • Approval of guardian/parents in case of unmarried applicants.
Other Details

  • New Saral loan provides benefits to those customers who want to meet there emergency expenses like automobile gadgets, electronic products or any tangible item which can be validly mortgage to the bank and to meet social or domestic religious.
  • However, the loan amount should not exceed 50% of the loan amount for meeting social and domestic funds.
  • Moratorium- 1month
  • Pre-payment penalty- 2.25% of the outstanding balance in case of take over.
  • Repayment period- Maximum 60 monthly EMIs
  • Applicant must repay the loan before 1year of his/her retirement.
  • Margin- 10% (to be calculated based on total assets purchased by the borrower)
Allahabad Bank Gyan Dipika Scheme 12.90 0 1 lakh 15
Details
Documents Required

  • FOR SALARIED EMPLOYEES & PENSIONERS.
  • Signed loan application form.
  • 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.
  •  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.
Benefits

  • To avail this loan tution fees is to be paid in advance as per the criteria.
  • Provides approval fees including building fund, servicing fees, caution money and other deposits which are refundable.
  • Provides yearly fees including hostel charges, computer fees, uniforms, books, examination fees, development fees and other basic charges which is required at the time of admission.
  • Personal guarantee of the parents/guardian.
  • No tangible security is required.
  • An agreement of 100 basis points would be allowed for 100% security cover of the loan amount on the part of immovable property /other liquid security
Eligibility

  • Resident type- Must be an Indian.
  • CBSE/ICSE/State Board Student must approve their courses by the respective zonal office of the bank.
  • Student must have secured authorization to a Affiliated school, High School, College.
Other Details

  • This loan scheme is for those parents or guardian whose children's attend school for education from Nursery to 12th standard.
  • Maximum limit Rs 1 lakh including all types of expenses mentioned above.
  • Net combined income of parents/guardians should be minimum of 40% or above of gross income after giving the EMI of the loan.
  • Need finance subject to the repaying capacity of the parents.
    First payment must be due in the next month, after the last payment.
  • The loan must be repayable in 3 years by 36 equal monthly installments to be paid through PDCs (Post dated cheques)
  • If the loan taken on quarterly/half yearly basis, the repayment period would be adjusted in line with the periodicity of the expenses.
  • No margin
Allahabad Bank Rent Loan 0 1.06 200 crore 10 years
Details
Documents Required

  • FOR SALARIED EMPLOYEES & PENSIONERS.
  • 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.
  •  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.
Benefits

  • 100% value of NSC/Bank's own deposits.
  • If it is not possible to mortgage the relative property another property in the shape of land also be accepted as security.
  • Issuance of future cash flow/receivables including lease rentals, service charges, agency commission, Minimum guaranteed amount etc.
  • If the equitable mortgage of relative immovable property is not possible for any reason the mortgage of any other property as security with market value not less than 150% of the proposed loan will be granted.
  • Open land as collateral security under this scheme will be accepted only for the given condition like the land should not be agricultural land. Further land is identifiable, situated in a residential or commercial area and easily marketable only when land is rented for factories, where temporary design is created.
Eligibility

  • Owner of the property who rented out their bounds to Allahabad bank are also eligible.
  • Owner of the property who let out their premises to reputed companies/ shops/ industrial, MNCs companies/ Bank,PSUs, Government organization, financial institutions, insurance companies for their tenure and also providing services in the form of office framework with or without manpower etc(Plug and Play model) and have future cash flows/receivables including lease rentals , service charges, Agency commission assuring the minimum guaranteed amount as per agreed items.
Other Details

  • This loan is for those applicants who want to meet personal and business need but not for tentative purpose.
  • The minimum loan amount is Rs 1 lakh
  • The maximum loan amount is Rs 200.00 crores as per the limit or the requirement of the applicant.
  • The loan amount will be fixed in such a way that it is repaid within the enduring lease period or maximum of 120 months.
  • Margin- 10%
  • Monthly instalments stepped up as EMIs in the agreement of rent as per escalation provision period- 120 months or unexpired period of lease or agreement.
  • Maximum 108 months (equated monthly instalments)
  • Processing fees- Up to Rs 25 lakhs- 1.06%
  •                             Min Rs 25 lakhs to Rs 150 lakhs 0.60%
  •                             Above Rs 150 lakhs 0.27%
  • Pre-penalty charges- 1.98% of the outstanding balance only in case of takeover.

  • Interest rate- 10.50% onwards

Allahabad Bank Overdraft Facility In SB account 0 0 40000 1 YEAR
Details
Documents Required

  • Proof of identity- Aadhar card, PAN card, Driving license, Voter ID card.
  • Proof of residence- Copy of utility bills, Passport, Voter Id card.
Benefits

  • Overdraft account is availed by the customer who is maintaining any bank account.
  • Both salaried and saving accounts holder can avail this loan facility from any private banks.
  • The repayment tenure is decided by the bank.
  • Repayment is allowed for a fixed period of time.
  • You can also repay the amount in the form of EMI.
  • Money extension is granted as per the customer's credit score and account value.
  • As per RBI guidelines, cash credit accounts and cash account are eligible for a maximum of Rs 50.000/- in a week
  • This loan facility is availed with minimum documentation and easily repay feature.
Eligibility

  • All employees of the Allahabad bank, whose salaries are expended through saving account in the bank are eligible.
Other Details

  • Allahabad Bank offers an overdraft facility to protect you from troublesome situations. Overdraft facility is the only way to overcome the emergency situation by choosing a particular asset. This is a short term loan facility which allows account holders to withdraw the amount from their existing saving accounts.
  • An authorized overdraft limit is granted by the bank as per the customer relation and credit profile with the bank. The customer can withdraw the money within the limit. No interest is charged by the bank to withdraw money in the form of overdraft. Some banks also provide overdraft as FD but the interest rates and approved limit is higher than the FD rate.
  • TYPES OF OVERDRAFTS:
  • Overdraft against salary
  • Overdraft against equity
  • Overdraft against FD
  • Overdraft against the insurance policy
  • Overdraft against the house.
  • A maximum loan amount of Rs 40,000/- or one-month net salary can be availed by the applicant within 1month.
  • Margin- NIL
  • The repayment is done in 1 month by the amount of the salary credit in the SB account.
Allahabad Bank Doctor Plus Loan 1 year MCLR+3.00% 1.06% 10 lakh 7 year
Details
Documents Required

  • Signed loan application form.
  • 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 3 months.
Benefits

  • In case of medical applicants and doctors who are working under government departments can get loan amount equivalent to 1-year income or maximum up to Rs 2 lakhs.
  • In case of collateral security, you can avail amount equivalent to last 2 years of income or Rs 10 lakhs whichever suits you. Annual income can only be accepted as per IT return from a recognized IT department.
  • You can get amount equivalent to an average of 2-year income or Rs 5 lakh.
  • Get up to 84 equated monthly instalments.
  • Overdraft is done through Internet banking or cheque.
  • ECS (Electronic Clearing House)/NACH (National Automated Clearing House) is mandatory in all the cases.
Eligibility

  • Age- Minimum of 21 years off to Max- 65 years.
  • The loan must be pay off before 70 years old.
  • Applicant must be a doctor or a Medical specialist in any stream.
  • Resident type- Must be an Indian
  • Minimum credit score should be – 700
Other Details

  • Doctor plus loan provides household features, government-aided facilities, medical expenses and also provides loan for business purposes such as setting of medical shop or clinics.
  • 1year MCLR+2.00% for doctor and medical specialist working under government department.
  • Borrower offering collateral security to cover more than 50% of the loan amount @ 1year MCLR+2.00%.
  • 1 year MCLR+1.00% in case of loan is fully secured.
  • Personal guarantee of the doctors is mandatory.
  • 1.06% of the loan amount of Min Rs 534/- to Max Rs 10,000/- with available taxes.
  • No inspection,supervision and mortgage charges are applicable.
Allahabad Bank Suvidha Loan 0 0 No maximum limit 0
Details
Documents Required

  • FOR SALARIED EMPLOYEES & PENSIONERS.
  • 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.
  •  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.
Benefits

  • All individual applicant and bank employees can avail this loan.
  • Must have a minimum age of 18 years old.
  • This loan can be used to meet business benefits, personal needs and all kind of costs.
  • Claims can be done overbank deposits.
Eligibility

  • All individual applicants can avail this loan benefits at branches or through online banking.
  • Joint individuals can avail this loan benefits at branches only.
Other Details

  • 1% of the deposit rate(0.50% of the over deposit rate for the bank employees only)
  • Processing fee- NIL
  • Margin-10%
  • No maximum limit
  • Minimum overdraft loan amount Rs 10,000/-
All Bank Vidya 2.00 0 75 lakh 15 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.
  • Educational documents of student
  • The loan documents should be attached jointly by the student and the parent(s).
  • Completely filled loan application form
  • Statement of cost of study
  • Letter of admission from respective college/institution
  • The loan should be attached jointly by parents and the student as a joint borrower.
  •  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.
  • Educational documents of student
  • The loan documents should be attached jointly by the student and the parent(s).
  • 2 passport size photographs
  • Completely filled loan application form
  • Statement of cost of study
  • Letter of admission from respective college/institution
  • The loan should be attached jointly by parents and the student as a joint borrower.
Benefits

  • Loan amount up to Rs 75 lakh
  • A spouse should be a co-borrower as per the eligibility criteria.
  • Up to Rs 4 lakh – no collateral security required
  • Above Rs 4 lakh- Security varies from third party guarantee, co-obligation of parents, full collateral security(depending on course and institute)
Eligibility

  • Eligibility is based on the marks secured in qualifying examinations and the cut off mark for loan eligibility is 50%
  • Students had taken admission under below given management quota are eligible for the loan.
  • Approved courses recognized by UFC/ AIBMS/ ICMR/ Govt (student in India)
  • For job oriented professionals/ technical courses offered by the reputed university.
  • Courses are eligible which are conducted by NIFT, IITs, IIMs, NID etc.
  • Academic courses like CA, CFA, ICWAI etc are also eligible.
  • Students are eligible who are doing regular degree, Master degree or diploma courses.
  • Students want to pursue course which are conducted by CPA in USA, CIMA in London etc are also eligible to avail this loan.
Other Details

  • This loan provides financial support for those students who want to pursue higher education in India and abroad.
  • Repayment up to 15 years
  • Interest rate- 1Year MCLR+1.50% PER ANNUM to MCLR 2.00% per annum
  • Expenses considered for loan:-
  • Purchase of books and other college equipments.
  • Fees for exam, library and laboratory
  • College fees and hostel rent fees.
  • Purchase of computer if required.

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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