Multiple banks. Different interest rates. Call it a "conflict of interest".
  • Allahabad Bank New Saral Loan is Rated as "Excellent!" by 6 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service



    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%.

    Allahabad Bank New Saral Loan Reviews

    • Allahabad Bank Personal Loan
      "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? 3
      , ahmedabad
      Reviewed on May 25, 2018
    • Allahabad Bank Personal Loan
      "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? 4
      , bangalore
      Reviewed on Feb 07, 2018
    • Allahabad Bank Personal Loan
      "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? 1
      , mumbai
      Reviewed on Oct 21, 2015
    • Allahabad Bank Personal Loan
      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? 10
      , mumbai
      Reviewed on Sep 11, 2015
    • Allahabad Bank Personal Loan
      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? 11
      , kolhapur
      Reviewed on Jun 08, 2015
    • Allahabad Bank Personal Loan
      "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? 12
      , patna
      Reviewed on Sep 23, 2014
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