Allahabad Bank offers personal loans to employees of those organisations whose salaries are disbursed through their bank branches. This is called ‘New Saral Loan’. Allahabad Bank also offers personal loan for pensioners and to doctors and medical practitioners.
New Saral Loan
Purpose:The loan can be utilized for purchasing consumer durable items or two wheeler or any other tangible items and for meeting the domestic, social, religious or other exigency expenses. Though the utilization of the loan must not exceed more than 50% of the loan amount for meeting the domestic, social, religious or other exigency expenses.
Loan amount:The amount given as loan is 24 times the present Gross Monthly Salary. The maximum limit of the loan is Rs.7.5 lakhs and the minimum loan limit is Rs.50,000. The loan amount is assessed in such a way that the net take home salary after all the deduction of the EMI of the loan is not below 40% of the monthly gross salary.
Base rate of Interest:The base rate of interest currently is 9.95%.
Margin:10% is to be calculated in the basis of the total assets owned or to be purchased by the borrower.
Repayment:The loan is to be paid in a maximum of 60 EMIs and should be repaid one year before the borrower’s retirement.
Security:Collateral is the product that is being financed or is existing with the borrower that covers the full value of the loan amount. if the applicant is unmarried, then guarantee of parents is required.
Personal Loan for Pensioners
Purpose: Pensioners are given a personal loan to meet the personal or domestic requirement but not for speculative purpose.
Loan amount: An amount equal to the 10 month’s pension is given as loan subject to the maximum limit as follows: Pensioners up to the age of 65 years can get a maximum loan of Rs.2 lakhs. Pensioners above the age of 65 can get a loan up to Rs.1 lakh. The minimum loan amount is Rs.25,000. The loan instalment should not exceed 50% of the monthly pension.
Base rate of Interest: The base rate of interest currently is 9.95%.
Margin: There is no margin.
Repayment: The repayment period is maximum of 48 months.
Insurance: The pensioners get a Group Personal Accident Insurance policy of Rs.2 lakhs irrespective of the loan amount to cover the accidental death.
Security: Personal guarantee needs to be given. Liquid security is also to be provided to cover the loan amount.
Personal Loan to Doctors
Purpose: To meet any personal purpose including the purpose for meeting the expenses of professional requirements.
Loan amount:The amount equal to the salary of Rs.5 lakhs, whichever is less. The annual income is accepted as per Income Tax Return submitted to the IT department.
Base rate of interest: The base rate of interest is 9.95%.
Margin: There is no margin.
Repayment:the maximum repayment period is 60 months. The EMIs are to be paid by post-dated cheques.
Security:No primary security is required, collateral is not mandatory.
|Processing Fees||1.22% of loan Amount, Minimum Rs.1228|
|Loan Tenure||5 years|
|Pre-closure Charges||2.25% of outstanding balance only in case of takeover|
|Guarantor Requirement||Guarantor Required|
To help individuals meet various needs, Allahabad Bank offers different kinds of personal loans, namely New Saral Loan, Personal Loan to Pensioners and Personal Loan to Doctors. For all new customers, the bank will provide personal loans on the new MCLR based interest rate, while for all existing customers, the personal loans will continue to be available under the Base Rate based interest rate.
Allahabad Bank MCLR (Marginal Cost of funds based Lending Rate) - For new borrowers
The Reserve Bank of India has recently announced a new interest rate system for all new loan borrowers. The new MCLR (marginal cost of funds based lending rate) came into effect from April 1st, 2016 and takes into consideration components like marginal cost of funds, tenor premium, operating costs and negative carry on account of cash reserve ratio (CRR). The following table denotes the MCLR set by the bank with effect from April 1, 2016.
|Tenor||MCLR (in percentage)|
|1 month MCLR||9.35%|
|3 months MCLR||9.40%|
|6 months MCLR||9.50%|
|1 year MCLR||9.60%|
Interest Rates (MCLR)
|Loan||MCLR Based Interest Rate|
|New Saral Loan||MCLR + 4.00 % (a rebate of 0.50% will be provided if the equitable mortgage or liquid collateral of the building or land offered is equal to the amount of the loan)|
|Pensioner’s Personal Loan||MCLR + 3.00 %|
|Doctor’s Personal Loan||MCLR + 5.00 %|
For taking New Saral Loan:
It is important to plan out your finances after taking a loan as then you will also be paying a certain amount towards the EMI. Through our personal loan EMI calculator, you can choose the tenure that is best suitable for you where you can pay the' EMI without having to compromise on the other financial requirements. It will tell you how much EMI you will be paying for a period you have chosen.
The longer the tenure is, the lower is the EMI amount. BankBazaar gives you a breakup of the loan, amortization, repayment details, interest and principal components etc. making it simple for you to understand.
Allahabad Bank was founded on April 24, 1865 by a group of Europeans at Allahabad. It is the oldest Joint Stock Bank in the Country. Their main aim was to ensure that the customers of the bank are offered banking services at any time and with access to state-of-the-art technology and to provide them a customer centric service and to emerge as a world-class provider of financial services by making efficient use of their human resource and product innovation.
Allahabad Bank offers personal loans only for salaried individuals earning more than the minimum stipulated amount per month depending on the city of their residence. The minimum monthly income required for Allahabad Bank personal loan is Rs. 50,000 per month. If you fall into this group, you can definitely apply for a Allahabad Bank personal loan.
You can repay the loan in Equated Monthly Installments (EMI's) using the ECS facility or through post-dated cheques.
Allahabad Bank offers personal loans as high as Rs. 75,0000 for successful applicants depending on their financial record and repayment history.
Allahabad Bank offers personal loan with a tenure period ranging from 12 months to 60 months making it suitable for all loan seekers.
Yes you are, but there are a couple of eligibility criteria’s that you have to meet as a permanent confirmed employee to apply for a personal loan from Bank of Baroda. This includes:
The rate is generally 4.5% but for:
Yes, you can as long as you have proof of experience or service as any one of the following professionals listed here:
Yes, you are. But under the following circumstances:
The general minimum amount that can be borrowed is Rs. 20,000 from Bank of Baroda for personal finance.
The maximum amount that can be loaned is generally Rs.2 lakhs but is subject to conditions such as the profession of the individual. For instance: The max. Limit is Rs. 1 lakh for Civil Pensioners, whereas its Rs. 2 lakhs for Defence Pensioners and Rs. 5 lakhs for Earnest Money Deposit (EMD).
You can take a maximum of up to 36 months to repay your loan amount.
You have to pay 2% of the loan amount as penalty fee for missing a payment due date for their personal loan.
No, you can make prepayments without any extra charges towards the personal loan from this bank.
*This article is provided only for consumer information on an as is where is basis and BankBazaar does not claim or represent to be connected with Allahabad Bank Limited. For further information about any of the products mentioned above please contact Allahabad Bank.
|Allahabad Bank New Saral Loan||Allahabad Bank Trade Loan|
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