To purchase your dream car, Allahabad Bank offers you a loan at simple terms and conditions along with attractive benefits. Secure a car loan to get the car you need for personal use or official use. Loans are offered on pre-owned cars that are not more than 3 years old. You can avail of up to 3 times your net annual income or salary. There is no restriction on the maximum number of cars that you can secure finance for from Allahabad Bank. Get repayment periods of a maximum of 84 months for individuals and 60 months for firms. You can purchase a car, van, jeep, or MUVs with a loan from Allahabad Bank.
The Allahabad Bank Car Loan is available to a wide range of people. Allahabad Bank focuses on existing corporate customers, their employees and directors. The loan is also available to salaried persons, self-employed and professionals, businessmen, firms, companies, and agriculturists. Allahabad Bank also extends its loans to pensioners of the State and Central Government and pensioners of Allahabad Bank who can show regular income to be able to repay the loan.
Salaried individuals - You need a minimum monthly income of Rs. 25,000. The loan should be repaid at least three months before you reach the date of retirement from your service or job.
Professionals/Self-employed/Businessman - You need an IT assesse. If the loan is taken on full collateral, the IT returns or IT assessment order might be waived. You need to repay the loan before you attain the age of 70.
Firms and companies - Your net profit should be sufficient to repay the car loan. The company should be in existence for at least 2 years.
Agriculturists - You need to be holding at least 5 acres of irrigated land. The maximum age at the end of the loan tenure is 70 years.
Retired/pensioners - You should be drawing a pension of at least Rs. 15,000. You must complete repaying the loan by the age of 70 years.
You eligibility depends on a few factors that most banks take into consideration before they approve you for a car loan.
Income - You should meet the minimum income required in order to be approved for a loan. Allahabad requires salary individuals to earn at least Rs. 25,000 a month. Pensioners need an income of Rs. 15,000. For others, the income depends on the loan amount. The bank needs to know you can cope with the loan and repay it.
Age - Banks usually don’t approve car loans for individuals under the age of 21. But more importantly, the maximum age really matters. By the end of your loan tenure, Allahabad Bank requires you to be a certain age. For salaried individuals, you must complete the loan three months before the date of retirement. For all others, you should not be more than 70 years when you complete the loan.
Profession - Banks need to know that you have a steady job and a stable income that will carry you through the tenure of the loan. Sporadic employment does not play in your favor.
Debt-to-income ratio - If you currently hold other debt in the form of credit cards, personal loans or similar, this factors into the loan amount you are eligible for. The amount of debt you can hold from the income you earn is limited. Banks will let you hold only so much debt that they know you can pay back.
CIBIL scores play an important role when you apply for a loan. After your application, banks enquire into your CIBIL score to check if you are a trustworthy customer or not. CIBIL scores depict your credit history. Your history is recorded by the Credit Information Bureau India Limited. They keep a track of every individual's credit behaviour and patterns. Defaults on credit card and loan payments can reduce your credit score. On the other hand, good behaviour of on-time payments are rewarded with a good score. CIBIL score can be quite complicated and can be negatively affected for a number of reasons. When banks find out you have a good score, they are happy to approve you for a loan. When you have a low score, the banks are unsure of whether you would be a valuable customer and whether you will be able to repay the loan.
To get an Allahabad car loan easily, there are ways to increase your eligibility. Knowing the factors that can ruin your chances at an Allahabad Bank Car Loan will help you overcome them and make the necessary fixes.
Improve your CIBIL score - You can buy you CIBIL score on the CIBIL official website. Check to see why your score is not as good. And you can take measures to fix it.
Reduce your current debt - Try your best to pay off all other debt that you have. This will increase your eligible loan amount.
Stable employment - Secure a stable job which will give you regular income which will assure banks that you can repay the loan all the way till the end of the tenure.
Co-applicant - You can get your spouse or immediate family to take the loan as a co-applicant. You can include their income to the total earnings which will increase your eligibility. Your immediate family includes your father, mother, son, and unmarried daughter.
In the world of banking today, we have the benefit of eligibility and Car Loan Eligibility Calculator to find out if you qualify for a car loan.
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