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

    Allahabad Bank car loans offer one of the lowest 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.

    We found 1 Allahabad Bank Car Loan
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    9.00% Floating
    7 Years
    Response Time : Within 30 minutes
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    Allahabad Bank Car Loan is Rated as "Blown Away!" by 8 Users

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    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 26 Mar 2019

    Allahabad Car Loan Details
    Interest Rate (Monthly reducing balance) 9% p.a
    Processing Fees Nil
    Loan Tenure 1 year to 7 years
    Pre-closure Charges 2% of Outstanding Balance only in case of takeover
    Guarantor Requirement Guarantor required

    Overview of 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 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.

    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.

    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.

    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:


    • A Salaried Person should have a minimum gross monthly income of Rs.25,000 with a net take-home pay of minimum 40% after adjustment of the monthly installments of the proposed car loan.
    • An agriculturist must have a minimum of 5 acres of irrigated land holding with an income per acre per year of Rs.40,000 for calculating car loan eligibility. However, take-home pay of minimum 40% after adjustment of the monthly installments of the proposed car loan.
    • Businessman/Professional and Self-Employed person: An IT assessee with a gross annual income of Rs.3 lakh and above as per the latest IT returns is eligible for an Allahabad Bank car loan. However, take-home pay of minimum 40% after adjustment of the monthly installments of the proposed car loan.
    • Retired individuals are eligible as long as a monthly pension of Rs. 20,000/- and above is drawn.However, take-home pay of minimum 40% after adjustment of the monthly installments of proposed car loan.
    • 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.

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

    • The applicant must be a permanent employee and the car loan should be repaid minimum 3 months before his or her date of retirement. The repayment period may be extended up to 65 years of age for government employees who are eligible for pension and drawing salary from Allahabad Bank and ready to draw pension from the same bank, subject to a minimum take-home pay of 40% post retirement.
    • Retired individual pensioners up to the age of 65 years and drawing pension from Allahabad Bank have the option to repay their car loans till they reach 70 years of age.
    • 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.

    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.

    • 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 pre-owned car cannot be more than 3 years old.

    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.20,000 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.. To find the nearest bank branch in your locality, use the ‘Branch Locator’ tool that is available on the Allahabad Bank website.

    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?

      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.

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

      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.

    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. 2.25% of the outstanding balance only in the case of a takeover of loan by another bank or financial institution.

    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, 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.

    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 an 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.20,000 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.

    Allahabad Bank Car Loan Reviews

    • 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? 5
      , 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? 2
      , mumbai
      Reviewed on Feb 18, 2017
    • Allahabad Bank Car Loan
      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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