The city of Allahabad is the seventh most populous city in the state of Uttar Pradesh. The city is home to Allahabad district administrative quarters. With a total population of 1.1 million people living in the city and 1.21 million living in the metropolitan region, the city is ranked the world’s 130th fastest growing city in the world.
About Car Finance: Personal Car Finance is a complete subsector of personal finance, with numerous different products available. These include a straightforward car loan, hire purchase, personal contract hire (car leasing) and Personal Contract Purchase. Therefore car finance includes but is not limited to vehicle leasing. These different types of car finance are possible because of the high residual value of cars and the second-hand car market, which enables other forms of financing beyond pure unsecured loans.
At least 21 years old
Less than 67 years old
Salaried / Self – Employed
with regular income
Earn more than the minimum
Minimum income required Rs.2,40,000 per annum
Loan capped @
85% Ex-Showroom price
EMIs of other loans lower
Pay off your credit card bills
Choose longer tenure loan up to 5 years
|Interest Rate (Monthly reducing balance)||9% p.a|
|Loan Tenure||1 year to 7 years|
|Pre-closure Charges||2% of Outstanding Balance only in case of takeover|
|Guarantor Requirement||Guarantor required|
Allahabad Bank offers a range of loans and other financial products at interest rates you cannot turn down. Get quick car loans for brand new or pre-owned cars. Choose between car, JEEP, Multi Utility Vehicles (MUVs) and van. So make your dream of owning your very own car come true with the Allahabad Bank Dream Car loan.
Allahabad bank’s car loan offer to finance your car is so appealing, you will never look elsewhere to finance a car ever again. Enjoy flexibleloan tenures and hassle-free EMI deals.
No matter which profession you are in, it is easy to get yourself a car loan from Allahabad Bank. Everyone from the bank’s existing corporate customers to their directors/employees, a car loan is easily available. Salaried persons, self-employed, businessmen, companies, firms and agriculturists are eligible. As well as pensioners of the state government. and Allahabad Bank, as long as you have a regular income to liquidate the loans.
Loan Limit :
Bankbazaar.com assembles a large number of products and options of car loans for you to choose from and get approval directly. It is a simple task to compare the pros and cons in one go according to your specifications. When you apply for an Allahabad bank car loan through Bankbazaar.com, you can use the EMI calculator to check your loan eligibility, find how much you will be spending as EMI and further decide upon the loan amount and tenure. You can look out for special discounts and schemes you can avail thanks to bankbazaar.com’s association with various banks.
If you have Full Collateral security, the interest rate is the base rate which is 9.95%. In all other cases it is the base rate plus 0.50%.
MCLR is the new lending rate applicable on all loan products offered by banks. The Marginal Cost Based Lending Rate or MCLR Rate that is taken into consideration while assigning the Allahabad Bank car loan interest rate for new borrowers.For new vehicle, it is MCLR + 0.50% p.a. For pre-owned vehicle, it is MCLR + 1.50% p.a.
Allahabad Bank Marginal Cost Based Lending Rate (MCLR) for New Borrowers is:
|MCLR Benchmark Tenure||1 year|
|Benchmark MCLR rate||9.60%|
|Rate of interest||9.85%|
Existing Allahabad Bank car loan borrowers have the option to continue with the interest based on the Base Rate or to migrate to the new MCLR lending rate system.
Note: MCLR rates are subject to change from the next reset date, as per RBI regulations.
The eligibility criteria may differ according to the type of employment of the applicant:
Service Period of Applicant/ Repayment Age/Age of Firm & Company:
What is the purpose of an Allahabad Bank car loan?
The borrower can use the loan amount to purchase a new car for personal or official use. Allahabad used car loans can be used to purchase second-hand cars that are not more than 3 years old.
What type of vehicles can be purchased using an Allahabad Bank auto loan?
From car and van to jeep and multi-utility vehicles (MUVs), a borrower can purchase any type of vehicle using an auto loan from Allahabad bank.
Who are eligible for an Allahabad Bank car loan?
The bank caters to existing corporate customers, their directors, and employees, salaried persons, self-employed persons, professionals, businessmen, companies, firms, agriculturist, and pensioners of central and state governments.
You can quickly and easily calculate your proposed car loan EMI using the Allahabad Bank Car Loan Calculator. This tool will help you plan the loan by determining the monthly installment amount.
You can apply for an Allahabad Bank Car Loan through BankBazaar.com in just a few steps. Simply provide minimal details on the site and get a variety of options tailor made for your needs. Avail the best deals on EMI’s and attractive benefits when you apply via BankBazaar’s interactive portal.
BankBazaar provides absolutely free end to end service. From when you apply till you get the loan, you can keep a track of what is going on with your status with the real time application status tracking and paperwork assistance.
Applying for a loan through Bankbazaar means you get the best dedicated service out there. A unique number is generated on the system to track the status of your application as soon as you apply for a loan. As a customer you will receive this number via text message and e mail.
BankBazaar representatives will forward the application to the bank, track real-time status and keep you updated on the progress of your application. Call the customer service for more assistance at +91 44 66511800.
The pre-owned car cannot be more than 3 years old.
Car loans are offered to Individuals, Partnership Firms and Companies who have regular income to repay the loan. Salaried persons, Businessmen, Professionals & Self-Employed, Companies, and Firms can apply. Agriculturist and Pensioners of State or Central Government and Allahabad Bank can also apply.
Salaried individuals should be earning at least Rs.25,000 gross income per month.
Self-employed, professionals and businessmen need to provide an IT assessment. If collateral security is offered, IT assessment or returns may be waived.
For firms and companies, the net profit needs to be enough to meet the loan repayment schedule.
Retired folk should have a pension or income of Rs.20,000 minimum.
You need to visit any Allahabad Bank Branch to find out about car loan applications. If you have an account with Allahabad Bank, kindly visit your branch.. To find the nearest bank branch in your locality, use the ‘Branch Locator’ tool that is available on the Allahabad Bank website.
There is no minimum limit cap on car loan amounts from Allahabad Bank.
Loan limits are set at 3 times the net annual income or salary of the borrowers.
Yes, you can include the income of your spouse and immediate family members that include your father, mother, son and unmarried daughter. The person will become a co-borrower of the loan.
There is no minimum repayment tenure for Allahabad Bank Car Loans.
For car loans taken by individuals, the maximum loan tenure is 84 months. For firms and companies, the maximum loan tenure is 60 months.
There are no restrictions set on the maximum number of cars that can be financed through Allahabad Bank.
The current interest rate is 9% p.a.
For new vehicle, it is MCLR + 0.50% p.a.
For pre-owned vehicle, it is MCLR + 1.50% p.a.
Yes, 0.50% of the loan amount, subject to a maximum of Rs.8,696 is charged as a processing fee. The processing fee is waived off for car loans under All Bank Utsav till 31 March 2018. Furthermore, the processing fee is waived off for serving and retired Allahabad Bank employees.
Yes, you are allowed to preclose your car loan. You will be charged a fee in case of balance transfer or loan takeover.
Allahabad Bank imposes penalties only in the event that the loan is taken over by another bank or financial institution. 2.25% of the outstanding balance only in the case of a takeover of loan by another bank or financial institution.
Allahabad Bank does not have the facility to check your loan application status online. Please call the customer care or visit a bank branch to know the details of your loan status.
You can get a loan application form from any Allahabad Bank Branch.
Allahabad Bank provides loans to finance new and used vehicles. Used cars should not be over 3 years old. You can finance a car, jeep, van, or a multi utility vehicle (MUV).
Yes, Allahabad Bank offers loans to finance vehicles purchased for personal and official purposes. If you are looking to finance a commercial vehicle, the bank offers a separate scheme.
All banks follow the same procedure of loan approval. Once you have submitted the completed application form along with all the documents required, the bank will then start the process for verification and approval of loan. The loan will then be sanctioned and disbursed.
Allahabad Bank requires 15% of the on-road price of the vehicle to be set aside as margin. The on-road price includes the registration charges, road tax and insurance charges. For pre-owned cars, 85% of the Agreed Purchase Price will be set aside as margin if the vehicle is valued by Approved Automobile Valuer. In other cases, 60% of the Valuation of the Vehicle is the required margin. Whichever is lower will be considered.
The primary form of security required is the hypothecation of the vehicle.
For loans that are below Rs.20 lakhs, no collateral or guarantee is required. If your spouse or family member’s income is considered for eligibility, then they will be added as a co-borrower.
For loans above Rs. 20 lakhs, collateral in the form on NSC, KVP or FDR is required. Mortgage of house or apartment is also accepted. One person’s guarantee is required in addition to the security. Guarantee and collateral will be waived if the margin offered is more than 25%.
No. Once you have cleared your loan, you need to collect the following documents from Allahabad Bank and submit them at the Regional Transport Office (RTO).
No Objection Certificate (NOC) will be issued for the Regional Transport Office (RTO) and the Auto Insurance Company.
Original Form 35.
No Objection Certificate issued by Allahabad Bank.
All the customer care contacts are available on the Allahabad Bank website.
You can call the following numbers to reach the customer care.
033 2242 0851
033 2242 3373
033 2242 0863
033 2242 0915
033 2242 0869
033 2210 3777
033 2242 0900
033 2242 0883
033 2242 0912
You can also request for a call back on the website. On the homepage, click on “Contact Me”. Fill in your details and choose “Loan Application” as the product you are interested in. Submit this form to receive a response from Allahabad Bank.
You will need to submit the following documents when applying for an Allahabad Vehicle loan.
Recent passport photograph
Duly-filled Application form
Identity and age proof
Any other documents as specified by the bank.
CIBIL scores play an important role in loan approvals. If you have a score of 750 or above, banks are more relaxed with loan approvals. CIBIL scores will help you get better terms and interest rates from any bank. You can purchase your score on the CIBIL website for Rs.500.
Yes, for salaried individuals, the loan should be repaid three months before the date of retirement.
For others, the loan repayment should be completed before reaching 70 years of age.
For agriculturists, the eligibility requirement is 5 acres or more of irrigated land.
Yes, for firms and companies, it should be in existence for 2 years minimum to be eligible for a car loan.
The repayment schedule will be determined by the loan amount and the life left of the vehicle. The maximum loan tenure offered is 60 months or the residual life of the car, whichever is lesser.
Yes, Allahabad extends car loans to retired individuals who are earning or drawing a pension of at least Rs.20,000 per month. Pensioners of Allahabad Bank will not be charged processing fees.
No, Allahabad does not charge any amount for inspection of the car for loan approvals.
No, Allahabad Bank Car Loan Scheme does not carry any documentation charges.
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