Eligibility Criteria: Allahabad Bank Personal Loan

All the state Govt., Central Govt., teachers’ pensioners & family pensioners drawing monthly pension through Allahabad Bank branches or from Post Office/Other Banks.

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Definition: Pension means basic pension plus dearness relief at the time of sanction of credit facility.

Age: Must not exceed 70 years (Seventy years) as on the date of disbursement of loan.

Purpose: For any purpose.

Loan amount: Allahabad Bank Personal Loan

Up to 10 months’ pension.

  1. Maximum - Rs.75, 000/-
  2. Minimum Rs.15, 000 /-

Margin: Nil

Repayment Period: Maximum 36 months

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Insurance: Group Personal Accident Insurance Policy of Rs.75, 000/- covering accidental death for the pensioners availing loan under Personal Loan Scheme for Pensioners.

Disbursement: By credit to his / her (Principal Borrower) S/B account

Collateral Security: Allahabad Bank Personal Loan

In case of the borrower drawing pension from our Bank and family pensioner is alive:

Personal Guarantee of the family pensioner as mentioned in the PPO

For others:

  1. Pledge of NSC / KVP / FDR etc. covering 50% of loan amount.
  2. In case the above security/ies stand/s in the name of third party/parties personal guarantee from him/her/them.
  3. Guarantee from working son / spouse / daughter or from third person with net worth of Rs 50,000/- or more.

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