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  • Allahabad Bank Car Loan

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  • Allahabad Bank offers one of the lowest car loan interest rates at 9.00% p.a. with zero processing fees and a repayment tenure as long as 7 years, making it one of the most value-for-money car loans there is. Get to know all about this car loan right here on BankBazaar and drive home your dream car as soon as possible.
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    We found 1 Allahabad Bank Car Loan
    Bank Name
    Interest Rate Range/Lease rental range
    Processing Fee Range
    Loan Amount
    Tenure Range
    8.80% - 11.05% Floating
    0.50% (Max. ₹8696)
    Up to 3 times monthly income/salary
    Up to 7 years
    What you'll love
    Documents
    Perks
    Think about
    Eligibility Criteria

    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.

    Compare Allahabad Bank car loans

    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)

    Why Choose Allahabad Bank Car Loan?

    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 loan quantum offered by the bank is determined by the annual salary of the borrower. This way, borrowers can get a loan amount within their repayment capability.
    • The bank offers financing for up to 85% of the on-road price of the vehicle. For used vehicles, the agreed purchase price or the vehicle’s market valuation is used as the factor for determining the loan quantum.
    • The flexible tenure offered by the bank stretches up to 84 months. Customers can choose the tenure based on their repayment ability.

    Fees and charges

    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:

    • A Salaried Person should have a minimum gross monthly income of Rs.25,000.
    • An agriculturist must have a minimum of 5 acres of irrigated land holding.
    • A businessman/professional and self-employed person must be an IT assessee. IT requirement can be waived if full collateral security is produced.
    • Retired individuals drawing a monthly pension of Rs.15,000 and above can apply for car loans from Allahabad Bank.
    • A firm or company must be in profit for the past 2 years and the net profit and cash generation should be sufficient to repay the car loan.
    • The applicant must be a permanent employee and the car loan should be repaid minimum 3 months before his or her date of retirement.
    • Non-salaried persons/retired individuals can repay the loan before reaching 70 years of age.
    • Firms and companies must be in existence for minimum 2 years.

    Documents Needed to Apply for an Allahabad Car Loan

    • Photo ID and age proof
    • Signed application form with photograph
    • Residence proof
    • Last 6 months bank statement
    • Documentation for salaried applicants:
    • Last 3 months’ salary – slips
    • Form 16 or Income Tax Returns
    • Documentation for self-employed applicants:
    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
    • Overview of Allahabad bank car loan

    FAQs

    1. How can I remove the hypothecation on my vehicle after the repayment of loans?

      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:

      • No-objection certificate from the lender
      • No-objection certificate from the insurer
      • Form 35 duly filled

      All these documents must be submitted to the Regional Transport Office (RTO) to remove the hypothecation on your vehicle.

    2. What is the processing time for car loans in Allahabad Bank?

      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.

    3. Do I need a guarantor to get a car loan from Allahabad Bank?

      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.

    4. How can I apply for a car loan with Allahabad Bank?

      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.

    5. Is it possible to sell my car before completing the loan payment?

      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.

    6. What happens if I don’t pay my EMIs on time?

      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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    Allahabad Bank Car Loan Reviews

    • Allahabad Bank Car Loan
      "Excellent car loan "
      0.5 5.0/5 "Blown Away!"
      Recently 2 years before i have taken my car loan from Allahabad bank and the application process was hassle free. The interest rate is less when i compared to other and i took the loan amount of Rs. 5 lakhs. They have sanctioned the loan in the same day.
      Was this review helpful? 3
      , new delhi
      Reviewed on Jul 24, 2019
    • Allahabad Bank
      Allahabad Bank Car Loan
      "Helpful Loan"
      0.5 5.0/5 "Blown Away!"
      Took my car loan from Allahabad bank because they have provided me a low interest rate. I bought the loan amount of Rs. 3.65 lakhs and they have approved the loan in 2 days and they have given me a cheque. I approximately paid the down payment 25% from the margin value. I'm making the EMI amount through online.
      Was this review helpful? 2
      , coimbatore
      Reviewed on Jul 18, 2019
    • Allahabad Bank Car Loan
      "One of the better banks"
      0.5 3.5/5 "Pretty good"
      I have got the car loan with the Allahabad bank and the response is good one too. Its very well known to me and I got the loan approval in a day of time. Everything is better one for me with them as such. There are not much interaction with them.
      Was this review helpful? 7
      , bangalore
      Reviewed on Jun 14, 2018
    • Allahabad Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      It has been a good experience i had with this car loan where i was happy with the loan amount and the services which they had provided me. It has taken very short time for getting the loan, and the process has been very good. The rate of interest has been good with them where compared with the market it was low.
      Was this review helpful? 3
      , ahmedabad
      Reviewed on May 25, 2018
    • Allahabad Bank Car Loan
      "Good to avail"
      0.5 4.0/5 "Great!"
      I took the car loan from Allahabad bank on 2014, they have sanctioned 90% of loan from ex showroom price. I have purchased Hyundai Eon, they helped to complete the process on time and also they gave me part payment, balance transfer and foreclosure option.
      Was this review helpful? 1
      , gurgaon
      Reviewed on Sep 21, 2017
    • Allahabad Bank Car Loan
      "Very Good service"
      0.5 5.0/5 "Blown Away!"
      When I applied for a car loan with Allahabad bank, it was very easy and smooth process and the documentation process was also very easy. The rate of interest is nominal with Allahabad, when compared to others. Totally, it is a very good service provided by the above mentioned bank.
      Was this review helpful? 4
      , ahmedabad
      Reviewed on May 04, 2017
    • Allahabad Bank Car Loan
      "Best "
      0.5 5.0/5 "Blown Away!"
      I have got the car loan with Allahabad bank and the interest rate is floating based, also all nationalized banks are providing interest rate on same manner. Within a week of time , the loan amount got disbursed. Customer service is fine with the Allahabad bank.
      Was this review helpful? 3
      , mumbai
      Reviewed on Feb 18, 2017
    • Allahabad Bank Car Loan
      "Excellent!!!"
      0.5 5.0/5 "Blown Away!"
      The service is Allahaba bank is good. Within one day they processed the car loan with the interest rate of 8.50% because being the employee of the bank . There was no processing fee. They approved the 85% of the loan for the public and 90% loan for the employee but i availed 65% of the loan.
      Was this review helpful? 4
      , mumbai
      Reviewed on Mar 10, 2016
    • Allahabad Bank Car Loan
      "Easily processed"
      0.5 5.0/5 "Blown Away!"
      I had availed a Car Loan from Allahabad Bank in January 2014. the tenure period of the loan was 1 year. They charged an interest rate of 10.15% which I feel was higher than other banks. But the processing was completely hassle free. I just visited the branch and since I a good connect with the manager they processed my loan within 2-3 hours.
      Was this review helpful? 6
      , gurgaon
      Reviewed on Sep 19, 2015
    • Allahabad Bank Car Loan
      "Good "
      0.5 4.0/5 "Great!"
      The service provided by Allahabad Bank was really good and they have offered a car loan within a day which is really god.The process was really easy to get the loan.The interest rate offered was around 9.75% which is a average rate. I will surely recommend this bank for the loan process.
      Was this review helpful? 2
      , muzaffarpur
      Reviewed on Jul 13, 2015
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