Allahabad Bank Car Loan

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Buy your dream Car

Rates as low as 7.35%*
Up to 100% Funding
Doorstep Service
Hassle-free Disbursal
Unbiased Experts Advice

Allahabad Bank Car Loan Key Features – Jan 2021

Allahabad Bank Car Loan Interest Rate 7.35%* per annum
Min Loan Amount ₹ 100,000
Max Loan Amount
(Loan to Value)
Loan up to 85% of On Road Price
or 100% of Ex-showroom Price
Loan Tenure 1 year to 7 years
Lowest EMI / Lac ₹ 1,604
Minimum Net Monthly Income ₹ 15,000
Minimum ITR for Self Employed ₹ 300,000
Age Criteria Salaried: 21 years to 60 years
Self Employed: 21 years to 65 years
Types of Cars For All New Passenger Cars, Multi Utility Vehicles (MUVs), and Sport Utility Vehicle (SUVs).
Processing Fee 0.40% of the principal amount
Foreclosure Charges Nil
Basic Documentation ID Proof, Address Proof, Salary Slip, Bank Statement, and Car Quotation

About Allahabad Bank Car Loan

Allahabad Bank was a nationalized bank with its headquarters in Kolkata, India. Until its merger with the Indian Bank, it was the oldest joint stock bank in India.

Allahabad Bank provides Car Loans at attractive rates of interest to the consumer for buying their dream car whether new or secondhand. It is an easily available loan that can be procured by anyone even by ones who have a slightly low credit/CIBIL score.

Advantages of Allahabad Bank Car Loan

Allahabad Bank Car Loan

Allahabad Bank Car Loan Eligibility

Salaried Individual
  • Age – 21-60 years of age
  • Net Monthly Income – should be a minimum ₹ 15000
  • Employment Duration – Minimum 1 year
  • Income Eligibility – Depends on Form 16 and Salary Slip
Self-Employed Individuals
  • Age – 21-65 years of age
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • Income Eligibility – Depends on the latest Income Tax Returns
Self-Employed Non-Individuals (Company/Partnership)
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • The applicant has to present IT returns and audited financials of 2 years with Calculated Income.
Priority Customers
  • Applicant should have a vintage of at least 6 months
  • Average Quarterly Balance – Minimum Rs.1 lakh for last 2 quarters
  • Maximum Loan Amount – 3 X Average Quarterly Balance of Last 2 quarters

Allahabad Bank Car Loan Interest Rate, Fees and Charges

Charges New Car Loan Used Car Loan
Interest Rate 7.35% p.a. to 11.30% p.a. 14.80% p.a. to 16.80% p.a.
Processing fee 0.40% of the loan amount 1% of the loan amount or Rs.6,000, whichever is lower
Issuance of Duplicate Repayment Schedule Charges Rs.500 per instance Rs.500 per instance
Foreclosure Charges nil 5% of the principal outstanding
Penal Interest 2% per month 2% per month
Part Payment charges 5% of the paid amount 5% of the paid amount
Cheque/Instrument Swap Charge Rs.500 per instance Rs.500 per instance
Documentation Charge Rs.500 per instance Rs.500 per instance
Issuance of Duplicate No Dues Certificate Charges Rs.500 per instance Rs.500 per instance
Registration Certification Collection Charge Rs.200 per instance Rs.200 per instance
Cheque Bounce/Instrument Return Charges Rs.500 per instance Rs.500 per instance
Issuance of Duplicate Statement Charges Rs.500 per instance Rs.500 per instance
Loan Cancellation/Re-booking Charges Rs.2,500 per instance Rs.2,500 per instance
Issuance of Credit Report Rs.50 per instance Rs.50 per instance

Allahabad Bank Car Loan Documents Required

Salaried Individual

Category Documents Required
Identity Proof

(Any 1)

Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof

(Any 1)

Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof

(Any 1)

Birth Certificate
Passport
Driving Licence
PAN
Signature Proof

(Any 1)

Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last 3 months
Employment Continuity Proof Work Experience Certificate
ITR of Form 16
Salary Slip with Joining Date
Appointment Letter
Letter of Relieving

Self-Employed Individuals

Category Documents Required
Identity Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof (Any 1) Birth Certificate
Passport
Driving Licence
PAN
Signature Proof (Any 1) Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last 3 months
Employment Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Business Proof Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills

Self-Employed Non-Individuals:

1. Partnership Firms/Societies

Category Documents Required
Identity Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Bank statement of last 3 months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents Authority Letter/PAN cards

2. Private Limited/Limited Companies

Category Documents Required
Identity Proof Copy of Latest MOA
Copy of Incorporation
Copy of Latest AOA
Address Proof (Any 1)
Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Bank statement of last 3 months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents
List of Directors and Shareholding Partners
PAN Card
Board Resolution
Certificate of Commencement of Business for Ltd. Co.

Allahabad Bank Car Loan EMI Calculator

The applicant has the option to know the EMI’s before availing a Car Loan. Thus, you can easily check through the link below:

Car Loan EMI Calculator

Allahabad Bank Car Loan Types

Allahabad Bank offers different types of car loans to its customers. You have the option of choosing the offer which suits your need the best. It offers the following types of Car Loans:

  1. New Car Loan –  Those who wish to buy a new car, this is the scheme for you. You can take Allahabad Bank Car Loan for a minimum of Rs. 1 lakh and a minimum tenure of 7 years.
  2. Used Car Loan – If you wish to buy a used car then you can choose this scheme which offers a minimum loan of Rs. 1 lakh and a minimum tenure of 5 years.
  3. Loan Against Car – You can opt for this scheme if you are in need of urgent funds where you can keep your cars as collateral with the bank where you can get Rs. 10 lakh or up to 50% of your car’s value.

Allahabad Bank Car Loan Pre Calculated EMI

How to Apply for Allahabad Bank Car Loan?

  1. Visit Dialabank and fill a form.
  2. Wait for a call from our Relationship Manager who will guide you throughout the process.
  3. You can compare different offers from banks and choose the one which suits your needs.
  4. Thus, easily apply for a Car Loan through Dialabank and enjoy best offers.

Allahabad Bank Car Loan for Top Selling Cars

Other Available Products from Allahabad Bank

Allahabad Bank Personal Loan Allahabad Bank Car loan Allahabad Bank Home Loan
Allahabad Bank Credit Card Allahabad Bank Two Wheeler Loan Allahabad Bank Education Loan

FAQs for Allahabad Bank Car Loan

What is the Allahabad Bank Car loan?

Car loan refers to the various financial products which allow someone to acquire a car, including car finances and leases.

✅ How can I get a car loan from Allahabad Bank?

You can easily avail of a car loan from Allahabad Bank if you meet the eligibility criteria which is: permanent employees of reputed organizations, professionals, self-employed persons, entrepreneurs, and agriculturists. They should have a minimum age of 21 and a maximum age of 65.

✅ How does the Allahabad Bank Car loan work?

The amount that you are qualified for election to receive depends on your income. For most new cars-  can sanction up to 25 times the total monthly income or 85% of the price of the car. This includes road tax, insurance, etc. For used cars-  can sanction up to 60% of the cost of the vehicle.

✅ How to Check Car Loan status in Allahabad Bank?

You can check your car loan status in Allahabad Bank by visiting the nearest branch or by checking the bank’s website.

✅ What is the Canara Bank Car Loan Customer Care Number?

The customer care number of Canara Bank for car loan queries is  9878981144.

✅ What is the loan tenure of the Allahabad Bank Car loan?

It offers a loan tenure of 6 years.

✅ Can I get a 100% Car loan from Allahabad Bank? 

You can avail of up to 40% of the price of the vehicle as the loan amount under the car loan which is offered by Allahabad Bank.

✅ Can you prepay your Allahabad Bank Car Loan?

You can prepay/foreclose your Allahabad Bank Car Loan at a charge of 5% of the outstanding principal amount.

✅ Does Allahabad Bank Car Loan charge any Processing Fees?

Allahabad Bank charges a processing fee of 0.40% of the loan amount.

✅ Can I get an Allahabad Bank Car Loan if I have a low Credit score? 

Allahabad Bank Car Loan requires you to have a good credit score of 700 or above. However, in some cases, the loan application may be approved in case the credit score is below 700.

✅ What can you keep as Security with Allahabad Bank to get a Car Loan?

You do not need any other security other than the car itself to get Allahabad Bank Car Loan.

What is the Allahabad Bank Car Loan closure procedure?

  • Just go to the bank with the documents.
  • Write a letter for pre-closure of the Allahabad Bank Car Loan account.
  • Pay the pre-closure charges as per Allahabad Bank Car Loan.

✅ What are the Allahabad Bank Car Loan preclosure charges?

Allahabad Bank Car Loan Car Loan preclosure charges are zero.

✅ What is the Allahabad Bank Car Loan maximum tenure?

The Allahabad Bank Car Loan maximum tenure is 7 years.

✅ What is the Allahabad Bank Car Loan minimum tenure?

The Allahabad Bank Car Loan minimum tenure is 1 year.

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