A simple guide to Allahabad bank personal loan

If you are facing an unpredictable financial situation, then getting out of it, getting an instant personal loan is the best choice you will make. However, when you decide to apply for the loan, the next question is which lender to choose?

This is an essential question because a lender will help you in making the right decision. A lender may offer a pleasant or bad experience. This is why choosing a responsible lender is a tough decision.

So, today we are presenting you Allahabad bank personal loan, an excellent instant loan product. Whether you need a personal loan in Kolkata, Delhi, or Banaras, Allahabad is there for you. Before you apply for the loan, knowing the features, the eligibility criteria and other details are essential. Let’s check them out.

Features of Allahabad bank personal loan

• The bank offers a lower rate of interest for the loan.
• There is no need for security or collateral to get the loan.
• The repayment tenures are flexible.
• If the borrower has a pension account with Allahabad bank, there will be a particular interest rate.
• The borrower is independent of using the loan amount for any purpose.

Now, we will look at the personal loan details.

• Allahabad Bank offers instant personal loans up to ₹7.5 lakhs.
• The rate of interest depends upon the borrower’s profession. It begins at 13%; for pensioners, it starts at 11.60%, and for the doctor, it is 13.60% onwards.
• The personal loan tenure is from 1 year to 5 years.
• The loan processing fee is 1% of the loan amount.
• The pre-payment charge is 2.25% of the outstanding loan amount.

Types of Allahabad bank personal loan

1. Allahabad Bank new Saral loan
2. Overdraft facility in SB account
3. Loan against KVP/NSC
4. Loan scheme for AllaBank doctor plus
5. AllBankSuvidha

Eligibility criteria for Allahabad bank personal loan

• The borrower should be an employee of Pubic/private/ organization/ institute whose salary is disbursed via Allahabad bank.
• The age of the borrower should be a minimum of 21 years. The loan should be repaid before one year of retirement.
• The borrower should be working in the same organization for a minimum of 2 years.
• The borrower should have a minimum salary of ₹15,000 per month.

Documents required by Allahabad bank

• For Salaried individuals

1. Photo ID
2. Proof of Identity ( Aadhar card, PAN Card, Passport)
3. Residence proof ( Electricity bill, rent agreement)
4. Bank statement for the last 6 months
5. Salary slips of the last 3 months
6. Income tax returns or Form 16

• For Self-employed

1. Proof of Identity ( Aadhar card, Passport, PAN Card)
2. Loan application form
3. Proof of address
4. Bank statement for the last 6 months
5. Income tax returns for the last 3 years
6. Audited balance sheet and profit and loss account for the last 3 years.

So, this is everything you needed to know about Allahabad bank personal loan. You could apply for it online or visit the nearest branch. Contact us if you need assistance.