Allahabad Bank, a renowned public sector bank in India, has a diverse range of loan products in its line-up. If you are looking forward to owning your dream car anytime soon, you may consider the car loan offered by Allahabad Bank. The bank offers car loans with flexible terms based on the requirements of its customers.
|Loan Type||Interest Rate||Loan Amount||Processing Fees|
|New car loan||8.80% - 11.05%||Up to 3 times monthly income/salary||0.50% (Max. Rs. 8696)|
|Pre-owned car loan (not more than 3 years old)||9.55% - 11.55%||Up to 3 times monthly salary||0.50% (Max. Rs. 8696)|
With Allahabad Bank, you can enjoy flexible loan tenures and hassle-free EMI deals.
The loan scheme is available for all kinds of customers irrespective of their professions. Some of the notable benefits of choosing Allahabad Bank are listed as follows:
The bank charges a prepayment penalty of 3% of the outstanding loan amount. Processing fee on a car loan is waived for employees of Allahabad Bank. The bank does not charge any documentation charges or inspection charges for car loans.
Eligibility for Allahabad Bank car loans
The car loan eligibility criteria may differ according to the type of employment of the applicant:
After the full payment of all car loan EMI dues, the car loan is considered to be closed. Once the payment is complete, you need to get the following things:
All these documents must be submitted to the Regional Transport Office (RTO) to remove the hypothecation on your vehicle.
The bank promises quick processing time for people subscribing to car loans. You can get your approval within a day or two. The loan amount will be disbursed within a week in most cases.
For loans under Rs.20 lakh, there is no need for a guarantor to obtain a car loan from Allahabad Bank. The value of the vehicle acts as security against the loan amount. If a non-earning spouse is taking the loan, his/her earning spouse must act as the co-borrower with the bank. However, if the loan amount is more than Rs.20 lakh, one person must act as a guarantor for the loan. Moreover, collateral security must be provided as per the bank norms.
Allahabad Bank offers multiple ways for customers to apply for a car loan. You may visit the official website of the bank at https://www.allahabadbank.in and apply for a car loan. You may also visit the branch office and apply for a loan.
No. Ownership transfer is done only after you complete the EMI payments and receive the no-objection certificate from the lender. Till you finish your loan payment, the vehicle will be hypothecated to the lender. Hence, it is not possible to sell your vehicle during the loan tenure.
If you miss one or two EMI payments during the loan tenure, you need to pay the outstanding amount with additional penalty charges as soon as possible. It is possible to get back on track in this case. However, if you have defaulted multiple times, the bank will repossess your vehicle and claim the outstanding loan amount.
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