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  • Allahabad Bank New Saral Loan

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  • 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 of the loan

    • 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

    • 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

    • 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.
    • Repayment can be done in a maximum of 60 EMIs.
    • The loan must be repaid 1 year before the borrower’s retirement from service.

    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).

    Benefits

    • 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.

    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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