• Allahabad Bank Personal Loan

    Note: Effective 1 April 2020, Allahabad Bank has merged with Indian Bank.

    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.

    Details of Allahabad Bank personal loan

    Interest Rate 13.00%
    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.

    New Saral Loan - Allahabad Bank personal loan


    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%.


    10% is to be calculated in the basis of the total assets owned or to be purchased by the borrower.


    The loan is to be paid in a maximum of 60 EMIs and should be repaid one year before the borrower’s retirement.


    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


    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%.


    There is no margin.


    The repayment period is maximum of 48 months.


    The pensioners get a Group Personal Accident Insurance policy of Rs.2 lakhs irrespective of the loan amount to cover the accidental death.


    Personal guarantee needs to be given. Liquid security is also to be provided to cover the loan amount.

    Personal Loan to Doctors


    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%.


    There is no margin.


    The maximum repayment period is 60 months. The EMIs are to be paid by post-dated cheques.


    No primary security is required, collateral is not mandatory.

    Interest Rate Details

    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)
    Overnight MCLR 9.30%
    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 %

    Eligibility criteria for Allahabad Bank personal loan

    For taking New Saral Loan:

    • The minimum gross monthly salary of the borrower must be Rs.15,000 and he or she must be a permanent employee with a minimum of two years of service in the organisation.
    • The organisation must have a strength of minimum 20 eligible employees.

    For pensioners:

    • All the state government, central government, teachers must have their monthly pension credited to the account maintained with Allahabad Bank branch.

    For doctors:

    • Individual doctors and medical practitioners can apply for the loan.
    • The maximum age to apply is 65 years on the date of sanctioning the loan.

    Documents required

    • Photo ID and age proof.
    • Application form duly signed and attached with your photograph.
    • Proof of residence
    • Your last 6 months’ bank statement.
    • If you are employed, 3 months’ salary slip or Form 16 or Income Tax Returns.
    • If you are self-employed, last 3 years’ Income Tax Returns with computation of income and last 3 years CA Certified or audited Balance Sheet and Profit and Loss Account.

    How to calculate EMI on your personal 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, repayment details, interest and principal components etc. making it simple for you to understand.

    About Allahabad Bank

    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 Personal Loan FAQs

    1. How to contact Allahabad Bank personal loan customer care?

      To contact the customer care, call the 24x7 toll-free number which is 1800 57 22 000.

    2. How to check Allahabad Bank Personal loan status?

      You can check your Allahabad bank personal loan status by contacting customer care (as given in the next section) or by contacting the nearest branch of the bank.

    3. Am I eligible for Allahabad Bank personal loan?

      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.

    4. How do I repay Allahabad Bank Personal loan?

      You can repay the loan in Equated Monthly Installments (EMI's) using the ECS facility or through post-dated cheques.

    5. What is the maximum loan one can get from Allahabad Bank ?

      Allahabad Bank offers personal loans as high as Rs. 75,0000 for successful applicants depending on their financial record and repayment history.

    6. What is the tenure for Allahabad Bank personal loan?

      Allahabad Bank offers personal loan with a tenure period ranging from 12 months to 60 months making it suitable for all loan seekers.

    7. As a Permanent confirmed employees am I eligible for a personal loan from Bank of Baroda?

      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:

      1. You should have a minimum a year’s experience in service
      2. You should either should be employed at:
        • Central or State Government or Autonomous Bodies or Public or Joint sector undertakings.
        • A reputed Limited company or a MNC or a reputed educational Institution
    8. What are the interest rates for personal loans from Bank of Baroda?

      The rate is generally 4.5% but for:

      • Pensioners: Base Rate + 4.50%
      • Defence Pensioners: Base Rate + 4.50%
      • Earnest Money Deposit: Base Rate + 3.25%
    9. As a self-employed professional am I eligible for a personal loan from Bank of Baroda?

      Yes, you can as long as you have proof of experience or service as any one of the following professionals listed here:

      • Doctors
      • Architects
      • Interior Designers
      • Engineers
      • Chartered Accountants
      • ‘Technical & Management Consultants & practicing Company Secretaries only, with a stable business’ as on Bank of Baroda portal
    10. I am an insurance agent. Am I eligible for a personal loan from Bank of Baroda?

      Yes, you are. But under the following circumstances:

      • You should be doing insurance business for at least the last -5- years
      • You have a stable and regular income, also maintaining a Savings bank account with the bank that credits your commission cheques from their principals.
    11. What is the minimum amount of loan that can be borrowed from Bank of Baroda for personal finance?

      The general minimum amount that can be borrowed is Rs. 20,000 from Bank of Baroda for personal finance.

    12. What is the maximum limit of loan amount that can be borrowed 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).

    13. What is the maximum tenure for Bank of Baroda personal loans?

      You can take a maximum of up to 36 months to repay your loan amount.

    14. What is the charges levied for defaulting a monthly instalment?

      You have to pay 2% of the loan amount as penalty fee for missing a payment due date for their personal loan.

    15. Can I make prepayments? Do I have to pay an extra fees or charges for the same?

      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.

    Other loan products offered by Allahabad Bank

    Allahabad Bank New Saral Loan Allahabad Bank Trade Loan

    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.

    Allahabad Bank Personal Loan Reviews

    • Allahabad Bank
      "Bad services"
      0.5 1.0/5 "Really Bad"
      Actually first day someone said i have a very good credit score and started giving me a wrong commitment and i will get loan amount of Rs. 8 lakhs after that they have given me only Rs. 4.90 lakhs and i'm not sure about the interest rate provided to me. For the personal loan its 2 years tenure period. I am paying the EMI of Rs. 22000 around
      Was this review helpful? 10
      , new delhi
      Reviewed on Jul 23, 2019
    • Allahabad Bank
      Allahabad Bank
      "Need to decrease charges"
      0.5 3.0/5 "Satisfactory"
      I have taken a personal loan in ALLAHABAD for the past 5 years ago.The drawback which I was face during document verification took too long and delayed for approval authority. The loan got disbursed more than a month. For the duration of 5 years the loan was taken. The rate of interest is much high. Now I closed the loan.
      Was this review helpful? 6
      , gurgaon
      Reviewed on Jun 08, 2019
    • Allahabad Bank
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      It has been almost six years since i had taken this loan amount, it has been a good experience. The whole process had been very good, it was very easy and the loan got sanctioned in very less days. The customer service had been good and the response from the staff side also had been very nice.
      Was this review helpful? 7
      , ahmedabad
      Reviewed on May 25, 2018
    • Allahabad Bank
      "Faster approval"
      0.5 4.0/5 "Great!"
      My personal loan is on going with Allahabad Bank. The process was very good but the processing fee was more. It was taken 2 years back and the total duration is 4 years. I am happy with the rate of interest. The loan process was faster but the procedure was lengthy.
      Was this review helpful? 7
      , bangalore
      Reviewed on Feb 07, 2018
    • Allahabad Bank
      "got discounts on rate and charges as I am an ex-service man."
      0.5 4.0/5 "Great!"
      Total tenure is for 18 months where three more months is there to complete the personal loan. According to the government rules Allahabad bank did not collect any charge as I am an ex-service man. Absolutely the Allahabad bank is good and the interest rate is very less for us and I got it without submitting any papers.
      Was this review helpful? 5
      , mumbai
      Reviewed on Oct 21, 2015
    • Allahabad Bank
      0.5 5.0/5 "Blown Away!"
      I am working with Allahabad bank so they gave discount on the rate of interest and in charges. I got the personal loan for simple are and also received staff benefit. Partial payment can be done and pre closure is nothing as can close at any time. Rate that I got was 10.50%.
      Was this review helpful? 11
      , mumbai
      Reviewed on Sep 11, 2015
    • Allahabad Bank
      0.5 5.0/5 "Blown Away!"
      My personal loan was disbursed within 2-3 days from the allahabad bank. There was no much documents required as i have the account with them for the past 15 years.Interest rate offered is 14% with the nominal processing fee.The bank is best in the customer service and the response to the customer.
      Was this review helpful? 12
      , kolhapur
      Reviewed on Jun 08, 2015
    • Allahabad Bank
      "Good Service Overall"
      0.5 2.0/5 "Expected more"
      Allahabad Bank Personal Loan main advantage is i have my salary account with them it was quite easy to get the loan. Interest rate was 15.50% it was nominal and charges was also fine. I got loan sanctioned in 7 days, everything is fine i did not find much difficulty it was smooth process.
      Was this review helpful? 14
      , patna
      Reviewed on Sep 23, 2014
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