The history of Allahabad Bank dates back as early as the 19th Century. Founded on April 24th 1865, by a group of Europeans, present in Allahabad, the bank is the oldest joint stock bank in the country. Allahabad Bank boasts of coming into existence at a crucial juncture when the banking sector was taking shape in India. One of the most trusted banks by people, Allahabad Bank has a widespread network in the country and provides various products and services in the sector of personal banking, social banking, corporate banking, etc. In the personal banking sector, Allahabad Bank provides a wide array of financial products debt and credit cards, home loans, personal loans, car loans, two wheeler loans, a variety of savings accounts, and much more.
Two Wheeler Loans from Allahabad Bank:
Allahabad Bank New Saral Loan has been designed to offer finances to people who work for organization whose salaries are being disbursed through any Allahabad Bank branches. This loan may be used for the purpose of buying a two wheeler or any consumer durable and tangible item. Owing a two wheeler in India is of utmost importance given the condition of dilapidated roads and dense traffic conditions. A two wheeler is convenient, time effective, and is also easy on your pocket. Maintaining a two wheeler requires a lot lesser effort than maintaining a car. Allahabad Bank understands this need of every Indian, hence offers New Saral Loan and AB Mobike loan to customers at affordable interest rates. With the help of financial assistance from Allahabad Bank, you can buy a two for owning a necessary mode of transport or for the thrill of biking.
Features and Benefits of Allahabad Bank Two Wheeler Loans:
Features and Benefits – AB Mobike Loan:
- Loan is provided for purchase of new two wheeler.
- The guarantor for the loan can be the borrower’s spouse or a person of good means.
- The Loan amount offered is maximum of Rs. 1 lakh (replacing maximum Rs. 40,000).
- The loan margin is 10% of total on road cost of the two wheeler.
- The repayment period is 48 months.
Features and Benefits – Allahabad Bank New Saral Loan:
The target group for this type of loan are people who work for an organization whose salaries are being disbursed through any Allahabad Bank branches.
- The borrower’s minimum gross salary per month should be Rs.20000.
- This loan can be availed by a person only if he is a permanent employee with a minimum 2 years’ service in the same organization.
- The organization in question must have strength of minimum 20 eligible employees.
- The loan can be used for buying a two wheeler, any consumer durable item or any other tangible item(s). These items need to be hypothecated to Allahabad Bank, and for meeting domestic, social, religious and other exigency expenses.
- Loan utilisation should not exceed 50% of the total loan amount for meeting domestic, social, religious and other exigency expenses.
- The quantum of loan is 24 times of the current Gross Monthly Salary of the borrower. This is subject to maximum loan limit of Rs.7.50 Lac and minimum loan limit of Rs.50000/-
- The loan margin is 10%. This is to be calculated on the basis of total Assets owned or to be bought by the borrower.
AB Mobike Loan Eligibility:
- The borrower needs to have a minimum salary of Rs.15000 per month or ITR of Rs.180000.
- The loan eligibility will be his/her salary for 6 months or half of ITR amount (maximum of Rs.1.00 Lakh).
- Applicant should be between 21 to 60 years old.
- If the borrower is a salaried individual, the loan should be repaid 3 months before the date of retirement.
- Allahabad Bank New Saral Loan
- The applicant should be at least 21 years old.
- The loan should be repaid at least one year before his/her retirement from service.
- Applicant’s minimum gross salary per month should be Rs.20000.
- Applicant should be a permanent employee with a minimum 2 years’ service in the same organization.
Rate of Interest AllahaBad Bank Bike Loan:
The rate of interest for AB Mobike Loan is Base Rate + 3%.
Frequently Asked Questions (FAQs)
- What is the repayment period for New Saral Loan?
The loan can be repaid in a maximum of 60 Equated Monthly Instalments (EMIs), and 1 year before borrower’s retirement.
- What is the prepayment penalty for New Saral Loan?
It is 2.25% of outstanding balance, only in case of takeover.
- What is the loan margin of AB Mobike Loan?
The loan margin is 10% of total on road cost of the two wheeler.