If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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    Allahabad Bank Car Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    9.8% Fixed
    0.50% (max. ₹5750)
    Max 3 years salary
    7 Years
    Response Time Within 30 minutes
    What you'll love
    Think about
    Fees & Charges
    Eligibility Criteria

    Allahabad Bank Car Loan is Rated as "Blown Away!" by 3 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service



    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.

    You’re probably eligible for an Allahabad Car Loan if you are

    Allahabad Car Loan Minimum Age

    At least 21 years old

    Allahabad Car Loan Maximum Age

    Less than 67 years old

    Allahabad Car Loan Eligible Employment Type

    Salaried / Self – Employed
    with regular income

    Allahabad Car Loan Minimum Income

    Earn more than the minimum
    income required

    Your Allahabad Car Loan amount eligibility is based on these factors

    Allahabad Car Loan Minimum Salary

    Minimum income required Rs.2,40,000 per annum

    Allahabad Car Loan Maximum Loan to Value

    Loan capped @
    85% Ex-Showroom price

    Allahabad Car Loan EMI

    EMIs of other loans lower
    your eligibility

    Increase your eligible Allahabad Car Loan amount by these steps

    Allahabad Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    Allahabad Car Loan Maximum Tenure

    Choose longer tenure loan up to 5 years

    Documentation needed to apply for an Allahabad Car Loan

    • 1. Photo ID and age proof
    • 2. Signed application form with photograph
    • 3. Residence proof
    • 4. Last 6 months bank statement
    • 5. Documentation for salaried applicants:
      • Last 3 months salary – slips
      • Form 16 or Income Tax Returns
    • 6. 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

    Allahabad Car Loan Interest RatesUpdated on 21 Oct 2016

    Allahabad Car Loan Details
    Interest Rate (Monthly reducing balance) 9.80%
    Processing Fees 0.50% of the loan amount, Maximum Rs. 5750
    Loan Tenure 1 year to 7 years
    Pre-closure Charges 2.28% outstanding balance incase of take over
    Guarantor Requirement No guarantor required

    Overview About Allahabad bank car loan

    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.

    Why choose Allahabad bank 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 flexible 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 State Govt. and Allahabad Bank, as long as you have a regular income to liquidate the loans.

    Features of Car Loans from Allahabad bank

    • The margin for new cars is 15% of the cost of vehicle on Road (i.e. First time Road tax & insurance charges + one time registration etc.) for new cars.
    • The margin for Pre-owned Vehicle is 85% of the "Agreed Purchase Price" as valued by Approved Automobile Valuer or 60% of the Valuation of the Vehicle, whichever is lower.

    The Loan Limit :

    • Maximum of 3 times of Net Annual Income / Net Annual Salary.
    • Club the salary of a loved one to become co-borrower, and be eligible for a higher amount of loan. The income of spouse / mother/ father/ son/ unmarried daughter can be clubbed with your own making them the co-borrower.

    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.

    Car Loan Interest Rate

    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.

    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. 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:


    • Salaried Person should have a minimum gross monthly income of Rs. 25,000/- to be eligible for the loan. An agriculturist must have a minimum of 5 acres of irrigated land holding. Businessman/ Professional & Self-Employed person: IT assesee. With full collateral security, IT assessment order / IT return may be waived.
    • Retired individuals are eligible as long as a monthly pension of Rs. 15,000/- and above is drawn.
    • As a Firm/ Company, the Net profit must be sufficient to meet repayment of Car Loan

    Service Period of Applicant/ Repayment Age/Age of Firm & Company:

    • For a salaried person, you are expected to repay the loan at least three months before the date of retirement from service.
    • If you are not a salaried person, you are expected to repay the loan before you are 70 years old.
    • As a Firm/ Company, it should be existent for at least 2 years.

    You can quickly and easily calculate the EMI using the Allahabad Bank Car Loan Calculator. This tool will help you plan the loan by determining the monthly installment amount.

    • Find the interest rate (%) and processing fee (%), simply insert the figures in the calculator to find your Car Loan EMI amount per month.
    • Gather the required information, freeze the “Loan Amount” and “Tenure” of the car loan by using the sliders. For convenience, the selected outputs will be displayed at the end of the slider scale.
    • In the third line after the sliders, type in the interest rate and processing fee (in percentages). Finally click the “Calculate” button to have the results displayed. You will also get the elaborate breakup of the EMI amount as well as the graphical representation of the loan amount, processing fee and interest payable. With an understanding of this data, it’s easier to make quick decisions on availing a car loan from Allahabad Bank.
    1. How can I apply for an Allahabad Bank car loan online?

      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.

    2. Are there charges for applying for an Allahabad Bank car loan from BankBazaar?

      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.

    3. How do I check the approval status of my Allahabad Bank car loan?

      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.

    4. How old can be a pre-owned car I want to purchase with the Allahabad Bank car loan?

      The preowned car cannot be more than three years.

    5. Who can apply for a car loan from Allahabad Bank?

      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.

    6. What is the income requirements for Allahabad Bank Car Loan?
      • 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. 15,000 minimum.

    7. How do I apply for an Allahabad Bank Car Loan?

      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.

    8. What is the minimum car loan amount I can get from Allahabad Bank?

      There is no minimum limit cap on car loan amounts from Allahabad Bank.

    9. What is the maximum car loan amount I can get from Allahabad Bank?

      Loan limits are set at 3 times the net annual income or salary of the borrowers.

    10. Can I include the income of my spouse to meet the eligibility criteria?

      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.

    11. What is the minimum loan tenure on an Allahabad Bank car loan?

      There is no minimum repayment tenure for Allahabad Bank Car Loans.

    12. What is the maximum loan tenure on an Allahabad Bank car loan?

      For car loans taken by individuals, the maximum loan tenure is 84 months. For firms and companies, the maximum loan tenure is 60 months.

    13. How many vehicles can I finance with car loans from Allahabad Bank?

      There are no restrictions set on the maximum number of cars that can be financed through Allahabad Bank.

    14. What is the interest rate on Allahabad Bank Car Loan?

      Currently the base rate is 9.70%. Interest on car loans are charged at Base rate + 0.25%. The current interest rate on new vehicle loans is 9.95%.

    15. Are there any processing fees on Allahabad Bank Car Loans?

      Yes, Allahabad Bank levies processing fees which amounts to 1.22% of the loan amount. A minimum of Rs. 612 will be charged. Allahabad Bank employees, serving and retired, are exempt from processing fees.

    16. Can I preclose my car loan?

      Yes, you are allowed to preclose your car loan. You will be charged a fee in case of balance transfer or loan takeover.

    17. What are the preclosure penalties?

      Allahabad Bank imposes penalties only in the event that the loan is taken over by another bank or financial institution. 2.28% of the amount outstanding will be charged as prepayment fees.

    18. Can I check the status of my loan application online?

      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.

    19. Where can I get a Car Loan Application form?

      You can get a loan application form from any Allahabad Bank Branch.

    20. For what kind of vehicles does Allahabad Bank provide car loans?

      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).

    21. Can I purchase a car for business purposes with an Allahabad Bank Car Loan?

      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.

    22. What is the process of Allahabad Bank loan verification?

      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.

    23. What are the margin requirements of Allahabad Bank Vehicle Loan?

      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, 15% of the Agreed Purchase Price will be set aside as margin if the vehicle is valued by Approved Automobile Valuer. In other cases, 40% of the Valuation of the Vehicle is the required margin. Whichever is lower will be considered.

    24. What security is acceptable to Allahabad Bank to get a car loan?
      • 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%.

    25. Will the hypothecation on the vehicle automatically lapse after the loan?

      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.

    26. How do I contact the Allahabad Bank Customer Care for car loan queries?

      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.

    27. What are the documents required for a Allahabad Bank car loan application?

      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

      • Address proof

      • Income proof

      • Any other documents as specified by the bank.

    28. Do I need my CIBIL score to apply for an Allahabad Bank Car Loan?

      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.

    29. Is there are repayment age limit on the car loans from Allahabad Bank?

      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.

    30. What is the income requirements for agriculturists or farmers?

      For agriculturists, the eligibility requirement is 5 acres or more of irrigated land.

    31. Is there an eligibility requirement of the number of years of the company’s existence?

      Yes, for firms and companies, it should be in existence for 2 years minimum to be eligible for a car loan.

    32. What is the repayment period for used vehicles?

      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.

    33. Is the car loan available to pensioners and retired individuals?

      Yes, Allahabad extends car loans to retired individuals who are earning or drawing a pension of at least Rs. 15,000 per month. Pensioners of Allahabad Bank will not be charged processing fees.

    34. Will I have to bear any inspection or supervision charges for the vehicle?

      No, Allahabad does not charge any amount for inspection of the car for loan approvals.

    35. Are there any documentation charges attached to the Allahabad Bank Car Loan?

      No, Allahabad Bank Car Loan Scheme does not carry any documentation charges.


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