Allahabad Bank was founded on April 24, 1865 by a group of Europeans at Allahabad. And became 150 years old in 2014, with a network of 2500 branches. Allahabad Bank offers 3 different personal loans to its customers for all kinds of unexpected or expected expenses like religious gatherings, remodelling of their home and more. The 3 Allahabad Bank Personal Loans available are – Saral Loan, Personal Loan for Pensioners, Loan Scheme for Doctors and Medical Practitioners.
Allahabad Bank Personal Loan Eligibility
The eligibility for the Allahabad Bank Personal Loans is bifurcated into the 3 types of Personal Loans:
Saral Loan: The monthly salary of the applicant should be Rs. 20, 000, and should be a permanent employee with the organisation for 2 years minimum. The organisation must have at least 20 eligible employees.
Personal Loan for Pensioners:This type of personal loan is for all State Government, Central Government, Teachers, and the Allahabad Bank employees whose monthly pensions are credited in the accounts of their branches.
Loan scheme for medical practitioners and Doctors: Any Doctor or medical practitioner below the age of 65 years on date of the sanction of the loan is eligible for this loan.
Factors affecting Allahabad Bank Personal Loan Eligibility.
There are many factors that can affect your eligibility to get an Allahabad Bank Personal Loan. Generally, banks would give preference to customers who have the capability to repay it. Some of those interesting factors are:
Type of residence: People living in metro cities are given more preference. If an applicant has their own home in compared to a rented one he gets further preference.
Age: Young clients are considered risky since the switch jobs easily. Banks hesitate to give them a loan, since there isn’t a stability in income.
Income: Your income level measures your repaying capability and also affects the loan amount that can get disbursed to you. Previous loans and EMIs are also taken into account.
Other loans: When you’ve already applied or have pre-existing loans and EMIs running for credit cards, housing loans, car loans etc. The chances of getting a loan are lower since your capability of repaying is questioned on the multiple EMIs.
How CIBIL score affects your Allahabad Bank Personal Loan Eligibility?
- Your CIBIL score is checked when you want to apply for a Allahabad Bank Personal Loan, this check is made so that the bank so the can have the confidence that you will repay the loan taken. Your CIBIL score can range from 300 - 900. Any score above 750 will ensure you get the loan.
- CIBIL also shows your loan borrowings throughout your lifetime, and the pattern formed shows the number of loans taken and the ratio of secured to unsecured loans as well.
- Your repayment history of your previous loans and credit cards, wherein Allahabad Bank gets the confidence that they’ll get repaid.
- Any settlements made with any other banks for loans or credit cards as you’re not able to keep up the installments. CIBIL keeps this in check as well.
How to increase Allahabad Bank Personal Loan Eligibility?
- Good credit history - Regular payments and keeping up deadlines helps you get a good credit history and increases your CIBIL score.
- Mixture of secured and unsecured loans- A mixture of both un secured and secured loans increases credibility and ability to handle the repayments.
- Prepayment - EMIs paid off via a prepayment option, gives you the options to clear the loan earlier, allowing you a to have a better disposable income to take on a loan. Therefore increasing your chances.
- Too many credit cards - Many credit cards will increase a risk on your credit favorability, and lowers the chances of getting a loan.
FAQs on Allahabad Bank Personal Loan Eligibility
Q. What is the minimum and maximum loan sanctioned by Allahabad Bank?
A. The amount sanctioned towards personal loan:
Saral loan: minimum Rs.50, 000 and the maximum amount is Rs.7, 50, 000 lakhs.
Personal Loan for Pensioners: minimum Rs.25, 000 and the maximum amount is Rs.2, 00, 000 lakhs for pensioners below the age of 65 and upto Rs. 1, 00, 000 for pensioners above the age of 65.
Loan scheme for medical practitioners and Doctors: amount equivalent to annual income or Rs. 5.00 lacs, whichever is less.
Q. Are there any additional charges or processing fees?
A.Yes, there are a processing fee is charged
Saral loan: 1.20% of loan amount, minimum Rs.1,200/-.
Personal Loan for Pensioners: No processing fee.
Loan scheme for medical practitioners and Doctors: 1.20% of loan amount, minimum Rs.600/-
Q. What is the interest rates charged by Allahabad Bank?
A. Saral loan: has a Base rate + 4.00%.
Personal Loan for Pensioners: Base rate + 3.00% (subject to change without prior notice)
Loan scheme for medical practitioners and Doctors: Base rate + 5.00% (subject to change without prior notice) with monthly rests.
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