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.
|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|
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