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  • Personal Loan BYTES FROM OUR KITCHEN

    Allahabad Bank New Saral Loan

    The New Saral Loan from Allahabad Bank provides the quick funding you need to meet emergency expenses, or make that long-awaited purchase of a vehicle, or an expensive consumer durable product.

    Purpose of Allahabad Bank New Saral Loan

    This loan can be taken in order to:

    • Purchase a vehicle.
    • Purchase an expensive consumer durable / electronic product.
    • Purchase any other tangible product of a high value, which can be validly hypothecated (placed as a collateral or guarantee) to the bank.
    • Fund emergency expenses of a social / religious / domestic nature – so long as these expenses do not exceed 50% of the loan amount.

    Eligibility Criteria for Allahabad Bank New Saral Loan

    To be eligible to take the New Saral Loan from Allahabad Bank, one must meet the following eligibility criteria:

    • The salary of the applicant must be routed and disbursed through any Allahabad Bank branch.
    • The minimum monthly salary of the applicant must be at least Rs.20,000.
    • The applicant must have been employed by the same organization for at least 2 years prior to applying for the loan.
    • The Organization proposed for designation should have a minimum strength of 20 eligible employees.
    • The applicant must be a minimum of 21 years old.
    • The loan should be paid off at least 1 year before the applicant’s retirement from service at that particular company (or in general, if he / she reaches retirement age).

    Features of Allahabad Bank New Saral Loan

    Following are the features of the Allahabad Bank New Saral Loan:

    • The loan carries a processing fee of 1.22% of the loan amount (subject to a minimum of Rs.609).
    • No documentation charges.
    • No Mortgage charges.
    • No Inspection & Supervision charges.
    • Prepayment penalty of 2.28% of the outstanding balance, only in the case of takeover.
    • Allahabad Bank requires a collateral in the form of:
      • Hypothecation of articles being financed.
      • Other items or existing articles owned by the applicant, whose value covers that of the loan.
      • Spouse as a guarantor.
      • Parents as a guarantor (in case of unmarried applicants).
    • Repayment can be done in a maximum of 60 EMIs.
    • The loan must be repaid 1 year before the borrower’s retirement from service.

    Benefits of Allahabad Bank New Saral Loan

    • Up to 24 times of the gross monthly salary is available as a loan.
    • Maximum loan amount that can be taken under the Allahabad Bank New Saral Loan is Rs.7,50,000.
    • Minimum loan amount that can be taken under the Allahabad Bank New Saral Loan is Rs.50,000.
    • The loan amount will be disbursed only after taking into account all the deductions (including EMIs) – to ensure that the net monthly take home salary of the applicant does not fall below 40% of the gross monthly salary.
    • A margin of 10% is to be calculated, based on the total assets owned (or to be owned) by the applicant.

    Allahabad Bank New Saral Loan Interest rate

    The interest rate on this loan is = Base Rate of interest + 4.00%, which is 9.70% + 4.00% = 13.70%.

        

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