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  • Allahabad Bank Personal Loan Eligibility

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  • The eligibility to avail a personal loan from Allahabad Bank rests on a lot of factors such as income of the applicant, relationship with the bank, employment status, etc. The bank offers personal loans under 2 categories – Allbank Saral and Loan against NSC/KVP. The interest rates on these loans start from 13.05% p.a. and the maximum tenure of these loans is 60 months.

    Eligibility Criteria for Allahabad Bank Personal Loan

    Name of the Loan Eligibility Loan Amount
    Allbank Saral
    • Should be a permanent employee with at least 2 years in the same firm
    • The firm should have an employee strength of at least 20
    • The strength criteria will not be applicable to employees of state or central government
    • Minimum age of the applicant should be 21 years
    • Applicant should earn at least Rs.15,000 per month
    • Salary of the applicants should be disbursed through a branch of Allahabad Bank
    Up to Rs.7.5 lakh
    Loan Against NSC/KVP Anyone who owns a Kisan Vikas Patra (KVP) or National Savings Certificate (NSC) in his/her name Rs.10,000 onwards

    Factors Affecting Allahabad Bank Personal Loan Eligibility

    There are many factors that can affect your eligibility for a personal loan from Allahabad bank and we have listed the most important ones for you below:

    • Collateral or security – Providing collateral or security can enhance your eligibility of a personal loan from Allahabad Bank. The collateral could be in the form of KVPs, NSCs, or any vehicle or consumer durable item that the bank can hypothecate.
    • Continuity of job - While evaluating your eligibility, Allahabad Bank will require you to be employed with the same organisation for at least 2 years. So, if you wish for higher eligibility, you should not change jobs frequently to ensure a steady source of income.
    • Age - Lenders tend to associate your repayment capacity with your age and hence, prefer lending to people who are aged above 21 years and above. Allahabad Bank has the same age criteria and offers personal loans to applicants aged above 21. As for the maximum age, the bank requires the applicant to have at least one year of service left for retirement to pay the loan.
    • Income - A higher income means a higher repayment capacity to the lenders and hence, the eligibility of the applicant will also be higher. Allahabad Bank lends to applicants who earn at least Rs.15,000 per month. In addition, the bank may also require the applicant to have a low debt-to-income ratio.
    • Place of residence - Applicants living in metropolitan cities such as Delhi, Kolkata, Chennai, etc., tend to have higher eligibility when compared to applicants living in rural or semi-rural areas. This is simply because lenders get an impression that since you are able to afford to live in a metropolitan city, you can afford the repayments.

    How can I Increase my Eligibility for Allahabad Bank Personal Loan?

    Now that you are aware of the factors that affect the eligibility for a personal loan from Allahabad Bank, you can follow the measures given below to further enhance your eligibility:

    • Maintain a decent credit score – Your credit score can play a crucial role in enhancing or diminishing your eligibility because it indicates your past payment history. Most lenders look for a credit score of above 750 to lend to you and hence, if you wish to boost your eligibility for a personal loan, ensure that you maintain this score.
    • Do not apply for multiple loans at the same time – Doing so indicates to the lender of your low repayment capacity and make them hesitant to lend to you. Therefore, before you apply for a loan, make sure that you have cleared off your other loans. This will augment your eligibility.
    • Provide collateral – When you provide collateral or security, the risk associated with lending to you is lower and hence, it amplifies your eligibility. In case of you defaulting on your payments, lenders can sell/auction the collateral you provided to recover the outstanding loan. The collateral can be in the form of property, gold, financial securities, etc.

    FAQs on Allahabad Bank Personal Loan Eligibility

    1. How much loan amount am I eligible for when I apply for a personal loan from Allahabad Bank?
    2. The maximum loan amount that you are eligible for, if you do not hold an NSC or KVP in your name, will depend on your income in a manner that your net take-home salary after all deductions should not be less than 40% of your monthly gross salary. The maximum loan amount offered by Allahabad Bank is Rs.7.5 lakh.

    3. I work for a small private firm that employs 15 people. Am I eligible for Allahabad Bank personal loan?
    4. Unfortunately, no. If you are a salaried applicant, your firm should have an employee strength of at least 20 to make you eligible for a personal loan from Allahabad Bank.

    5. Will my eligibility be impacted if my credit score is low?
    6. Though Allahabad Bank has not specified any eligibility criteria with regards to credit score, they will prefer you to at least have a score of 750 to offer you a personal loan. You can also negotiate with the lender for lower interest rates if you have a score above 750. This, however, will lie at the discretion of the bank.

    7. Will I be eligible to make a prepayment of my loan?
    8. Yes, you can prepay your Allahabad Bank personal loan but you will be liable to pay 2.25% of the remaining principal as prepayment penalty.

    9. I have an NSC in my name. How much loan amount am I eligible for?
    10. The maximum loan amount in cases where you own a KVP or NSC will depend on the age of the NSC or KVP as depicted below:

      Age of NSC or KVP Loan Amount
      Over 3 years 100% of face value
      Over 2 years but less than 3 years 90% of face value
      Less than 2 years 75% of face value
        

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