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.
Effective 1 April 2020, Allahabad Bank has merged with Indian Bank. For now there are no changes in Account Number and IFSC Code.
|Name of the Loan||Eligibility||Loan Amount|
||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|
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:
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:
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.
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.
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.
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.
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|
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.