Allahabad Bank Personal Loan Interest Rate

⋆ Interest Rate 9.99% ⋆

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      Allahabad Bank Personal Loan Interest Rate

      Allahabad Bank Personal Loan Interest Rate Key features

      Particulars Salaried Self-Employed
      Interest rate MCLR + 4.0% = 13.00% p.a. MCLR + 5.0% = 14.45% p.a.
      Loan Amount 24 times of current Gross Monthly Salary The amount equivalent to annual income as per last Income Tax Returns or Rs.5 lakh, whichever lower
      Minimum: Rs.50,000
      Maximum: Rs.7.5 lakh
      Loan Tenure Maximum: 60 months. Maximum: 60 months.
      Lowest EMI Per Lakh Rs.1,149.20 per month (calculated for the lowest amount taken for the longest tenure on offer at the lowest rate of interest). NA
      Processing Fee 1.22% of the loan amount, subject to a minimum of Rs.614. 1.22% of the loan amount, subject to a minimum of Rs.614.
      Age Minimum age: 21 years. Maximum age: 65 years on the date loan is sanctioned.
      Maximum age by which loan is to be repaid: 1 year before the official retirement age.
      Prepayment/Foreclosure Charges 2.28% of outstanding balance only in case of foreclosure. 2.28% of outstanding balance only in case of foreclosure.
      Minimum Credit Score No less than 750 No less than 750

      Advantages of Allahabad Bank Personal Loan Scheme

      • Allahabad Bank Personal Loan interest rate varies for different personal loans.
      • The Base rate at Allahabad Bank is 8.95% and it is used to calculate the different interest rates.Allahabad Bank Personal Loan Interest Rate
      • Specifically for pensioners, Interest rates are among the lowest in personal loans offered by the bank which is at 12.95% per annum.
      • An interest rate of 14.95% per annum is charged to doctors who opt for the personal loan scheme.
      • Personal Loan does not require any co-applicant or nominee.
      • There is no need to deposit any sort of mortgage or collateral security to the bank/NBFC.
      • A personal loan is a multi-purpose offer loan. 
      • The amount of a personal loan completely depends upon the repayment capacity of individual income.

      Factors affecting Allahabad Bank Personal Loan Interest Rate

      Multiple factors can affect Allahabad Bank’s personal loan interest rates, some of which are mentioned below.

      • Loan tenure – The personal loan tenure has a bearing on the interest rates, short tenure loans attract a higher interest rate compared to longer-term tenures.
      • Relationship with Allahabad Bank – Maintaining a good relationship with Allahabad Bank is in the best interest of an individual as it might help in lowering their interest rates, owing to their past actions and personal standing. Banks can reduce interest rates for valued customers and for those who have displayed great commitment to their payments in the past.
      • Employment Profile – The profession is also a very important aspect as it has a bearing on interest rates, as is visible in the rates charged by Allahabad Bank for different people. Pensioners have a lower interest rate as they are not active in working fields and depend on their pension to make ends meet. Similarly, a doctor’s interest rate will vary compared to interest rates for borrowers from other professions.
      • Age – Young Borrowers may have a higher interest rate charged compared to other borrowers, owing to their fast-paced lifestyle.
      • Repayment capability – An Individual’s repayment capacity plays an important role, one who can repay a greater sum ends up paying less interest compared to one who pays smaller sums. 

      Note: Interest rates charged by Allahabad Bank are at their sole discretion and are subject to change.

      Allahabad Bank Personal Loan Interest Rate, Fees, and Charges

      Particulars Charges
      Allahabad Bank Personal Loan Interest Rate 8.95%(Base Rate)
      Allahabad Bank Personal Loan Processing Charges 1% of Loan Amount
      Prepayment Charges NIL
      Stamp Duty As per state laws
      Cheque Bounce Charges As per bank terms

      Interest Rate for Different Types of Allahabad Bank Personal Loan

      The bank is currently not categorizing its personal loan offers based on either end-use or type of applicant. Thus, in all cases, Allahabad Bank’s personal loan interest rate starts at 10.75% p.a.

      Allahabad Bank Personal Loan Interest Rate Amortization Table

      Year Principal paid (Rs) Interest paid (Rs) Balance amount (Rs)
      Year 1 20379 11814 79621
      Year 2 23192 9001 56429
      Year 3 26393 5800 30036
      Year 4 30036 2157 0

      Allahabad Bank Personal Loan Eligibility Criteria 

      The Personal loan eligibility criteria differ as per requirements accordingly:

      Salaried Applicants:

      1. An applicant applying for the Personal Loan should have a good CIBIL score.
      2. Age requirements are 21 to 60 years.
      3. The applicant is required to submit his bank statement for the last three months and salary slips for the last 6 months.
      4. Should have worked for at least 3 years.
      5. An applicant living in a metropolitan city should have a minimum income of Rs 18,000. And for a person living in a non-metropolitan city, the minimum salary should be Rs 12,000.

      Self-Employed Applicants:

      1. The applicant should not be below 25 years of age.
      2. 750+ credit scores will be approved loan.
      3. The minimum amount should be Rs. 2.5 lakhs per annum at least.
      4. Operational business from 3 years is essential.
      5. The whole documentation process is simple and easy; the applicant has to submit his financial records and his bank statement for the last three months.

      Allahabad Bank Reducing vs. Flat Balance Method of Interest Calculation

      The Flat Balance interest calculation method implies that interest during the entire tenure of the loan is calculated on the full loan principal amount. Diminishing/reducing the calculation of balance interest, on the other hand, implies that interest is calculated every month only on the outstanding loan amount. Therefore, as the outstanding amount of the loan decreases each month, the accrued interest also decreases. Thus, in the case of reducing the balance method, the total interest payout is lower compared to the flat balance method of interest calculation. The lower interest rate is used by Allahabad Bank to calculate the interest payable on personal loans. As a consequence, as the outstanding loan amount declines every month, the interest amount decreases.

      Allahabad Bank Personal Loan Balance Transfer

      Personal Loan Balance Transfer is the process of transferring your existing personal loan with another bank to a new lender for lower rates of interest and better loan terms. You can apply for Allahabad Bank’s personal loan balance transfer to lower your financial burden. By completing a balance transfer, borrowers have the option to transfer their existing personal loan to another bank to Allahabad Bank at a lower interest rate. The Allahabad Bank’s balance transfer interest rate starts at as low as 10.50 percent p.a.

      EMI Calculation Using the Reducing Balance Method of Interest Calculation

      The following table shows the monthly EMIs calculated using the Interest Calculation Reduction Balance Method for different Loan Tenures and Interest Rates:

      Loan Amount (Rs.) and Interest Rate

      Monthly EMI Payout

      1-year loan tenure 2-year loan tenure 3-year loan tenure 4-year loan tenure 5-year loan tenure
      1 lakh @ 11% p.a. Rs. 8,838 Rs. 4,661 Rs.3,274 Rs. 2,585 Rs.  2,174
      5 lakh @ 13% p.a. Rs. 44,659 Rs. 23,771 Rs. 16,847 Rs. 13,414 Rs. 11,377

      EMI Calculation Using Flat Balance Method of Interest Calculation

      The following table shows the monthly EMIs calculated for different loan tenures and interest rates using the flat balance method of interest calculation:

      Loan Amount (Rs.) and Interest Rate

      Monthly EMI Payout

      1-year loan tenure 2-year loan tenure 3-year loan tenure 4-year loan tenure 5-year loan tenure
      1 lakh @ 11% p.a. Rs. 9,250 Rs. 5,083 Rs. 3,694 Rs. 3,000 Rs. 2,583
      5 lakh @ 13% p.a. Rs. 47,083 Rs. 26,250 Rs. 19,306 Rs. 15,833 Rs. 13,750

      Allahabad Bank Personal Loan Interest Rate Calculation

      The Allahabad Bank personal loan interest rate begins at 10.50 percent p.a. A sample of the gross interest charges, the total amount repaid and the percentage of interest in the total amount repaid for the various debt amounts, interest rates, and tenures are given in the following table:

      Loan Amount (Rs.) Tenure (years) Total Interest Payout (Rs.) Total Amount Repaid (Rs.) Proportion of Interest in Total Amount Repaid
      1 lakh @ 12% 1 6,619 1,06,619 6%
      10 lakh @ 15% 3 2,47,952 12,47,952 20%
      20 lakh @ 20 % 5 11,79,266 31,79,266 37%

      Interest Rate Comparison of Allahabad Bank Personal Loan with Others 

      The below is a comparison of the main characteristics of an Allahabad Bank personal loan with other top lenders in India:

      Particulars Allahabad Bank Citi Bank Axis Bank ICICI Bank State Bank of India
      Interest Rate 10.50% p.a. onwards Starting from 9.99% p.a. 10.49% p.a. onwards 10.50% p.a. onwards From 9.60% onwards
      Tenure 12 to 60 months 12 to 60 months 12 to 60 months 12 to 60 months 12 to 72 months
      Loan amount Up to Rs. 40 lakh Up to Rs. 30 lakh Rs. 50,000 to Rs. 15 lakh Up to Rs. 25 lakh Up to Rs. 20 lakh
      Processing Fee Up to 2.50% of the loan amount Up to 3% of the loan amount Up to 2% of the loan amount Up to  2.25% of the loan amount Up to 1.5% of the loan amount

      For more information on personal loan interest , click the following: Personal loan interest rate .

      How to Get a Lower Allahabad Bank Personal Loan Interest Rate?

      The following tips could help you benefit from a lower interest rate on your personal loan from the Allahabad Bank:

      • Ensure that at the time of loan payment you have minimal debt.
      • On-time, always pay your credit card bills and loan EMIs.
      • Apply to the new banker for loan (e.g. the bank where you have deposit current account).
      • Be permanent government worker or work in respectable company to keep consistent record of employment.
      • Try to retain 750 or better credit score.

      Allahabad Bank Personal Loan Top Up Loan

      Allahabad Bank’s personal loan top-up is a facility through which you can avail of additional funds under the same existing personal loan without having to apply for a fresh loan. You avail of this feature if you have paid a minimum of nine regular EMIs without any payment break. You can get a top-up with a minimum of ₹50,000 and a maximum of your already sanctioned loan amount.

      Dialabank helps you choose the best personal loan offers available for you.

      Allahabad Bank Personal Loan Interest Rate FAQs

      ✅ How to apply for Allahabad Bank Personal Loan?

      Apply for a personal loan with Allahabad Bank by visiting your nearby branch of Allahabad Bank or by submitting a simple form with Dialabank. With us, you can get the benefit when you apply from anywhere and approve your personal loan faster.

      ✅ What is the Allahabad Personal Loan Interest Rate?

      Allahabad Personal Loan Interest Rate is charged at 8.95% per annum.

      ✅ What is the minimum age for getting a Personal Loan from Allahabad Bank?

      You must be 21 years old to apply for a personal loan through Allahabad Bank.

      ✅ What is the maximum age for getting a Personal Loan from Allahabad Bank?

      The maximum age for getting a personal loan from Allahabad Bank is 60 years.

      ✅ What is the minimum loan amount for Allahabad Bank Personal Loan?

      You can take a minimum loan amount of Rs. 50,000 from Allahabad Bank for Personal Loan.

      ✅ What is the maximum loan amount for Allahabad Bank Personal Loan?

      You can avail of a maximum loan amount for your personal loan of Rs. 10 lakh from Allahabad Bank.

      ✅ What are the documents required for Allahabad Bank Personal Loan?

      You will require an Aadhaar card/Voter ID, PAN card, salary slips/ITR, and two recently clicked photographs that are required for a personal loan for Allahabad Bank.

      ✅ What is the Processing Fee for Allahabad Bank Personal Loan?

      The processing fee charged by Allahabad Bank for a personal loan is 1% of the Loan Amount.

      ✅ How to get Allahabad Bank Personal Loan for Self Employed?

      Allahabad Bank offers personal loans for Self Employed to help them financially. You must have the ITR files for the last two financial years.

      ✅ What is the Maximum Loan Tenure for Allahabad Bank Personal Loan?

      The maximum loan tenure duration in Allahabad Bank for a personal loan is 60 months.

      ✅ What should be the CIBIL Score for Allahabad Bank Personal Loan?

      You can avail of a personal loan from Allahabad Bank if you have a CIBIL score of 700 and above.

      ✅ Do I have a pre-approved offer for Allahabad Bank Personal Loan?

      You can examine your pre-approved personal loan offers from Allahabad Bank through Dialabank. You have to fill a form, and the bank will check out the best offer and present it to you.

      ✅ How to calculate EMI for Allahabad Bank Personal Loan?

      You can calculate your personal loan EMI for Allahabad Bank by using the EMI calculator.

      ✅ How to pay Allahabad Bank Personal Loan EMI?

      Your personal loan EMIs from Allahabad Bank are automatically subtracted from your bank account. You can also use internet banking for the payments of your personal loan.

      ✅ How to close Allahabad Bank Personal Loan?

      If you want to close your personal loan from Allahabad Bank, make sure you have paid the outstanding personal loan amount and receive no dues certificate from the Allahabad bank branch.

      ✅ How to check Allahabad Bank Personal Loan Status?

      You must visit the Allahabad Bank branch to know about your personal loan status. On the other hand, visit Dialabank and fill a form.

      ✅ How to close Allahabad Bank Personal Loan Online?

      The following steps are to be followed for a closing personal loan from Allahabad Bank:

      • Visit the net-banking page of Allahabad Bank.
      • Login using your details.
      • Pay for your personal loan and save the transaction receipt.

      ✅ How to pay Allahabad Bank Personal Loan EMI Online?

      You can pay your personal loan EMI through the net-banking service of Allahabad Bank. Dialabank will compare offers and deals of different banks to opt for the right choice. You have to fill a form, and the bank will work for you.

      ✅ How to check Personal Loan Balance in Allahabad Bank?

      You have to need to come in contact with the customer care number of Allahabad Bank for checking your personal loan balance. If you are searching for low-interest personal loans, visit Dialabank and fill a form for Personal Loan Balance Transfer and the bank will do the best work for you.

      ✅ How to download Allahabad Bank Personal Loan Statement?

      Using the Allahabad bank mobile banking app for downloading your personal loan statement of Allahabad Bank. Also, visit the online portal of Dialabank and fill a form, and know about the personal loan offers for you.

      ✅ How to Top Up Personal Loan in Allahabad Bank?

      If you want to top-up your personal loan from Allahabad bank, you have to visit the bank branch and come in contact with the loan officer. You can fill a simple form with Dialabank to avail of Personal Loan Top Up.

      ✅ What happens if I don’t pay my Allahabad Bank Personal Loan EMIs?

      If you are unable to pay your personal loan EMIs, then Allahabad Bank will charge a penal interest. You can transfer your balance using Dialabank to get low-interest personal loans.

      ✅ How to find the Allahabad Bank Personal Loan account number?

      You will require to contact your Allahabad bank loan branch to know your personal loan account number. You may also fill out the form available at Dialabank and we will do all the work for you.

      ✅ How to Get in touch with Dialabank for a personal loan?

      You can simply contact us by dialing +919878981166 or by visiting us online at Dialabank.

       

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