Allahabad Bank Personal Loan for Pensioners

Allahabad Bank Personal Loan for Pensioners is the ideal solution for pensioners looking to fund an immediate financial expense. Everything from medical bills to wedding expenses can be easily met by availing an Allahabad Bank Personal Loan for Pensioners. What’s more, the interest rate that Allahabad Bank offers pensioners’ personal loan is extremely competitive.

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

Features and Benefits

Quantum of loan:

• Borrowers can avail a loan amount that is equal to 10 months’ pension, inclusive of relief. However, the following age limit is applicable.
• Pensioners up to the age of 65 years can avail up to Rs 2.00 Lacs
• Pensioners above the age of 65 years can avail up to Rs 1.00 Lacs
• ( Age of the borrower will be considered from the date of loan sanction)
• The minimum loan amount that one can avail with this scheme is Rs 25000/-
• Total deductions must not be over 50% of the monthly pension. This includes the present loan instalment.

Margin: Nil

Repayment Period: Maximum 48 months.

Security:In case of death of pensioner, as security, the family of the pensioner must provide personal guarantee and undertaking to repay the loan.

Insurance:Irrespective of loan amount, you will be covered with an insurance policy ‘Group Personal Accident Insurance Policy’ which is worth Rs.200,000/-. For those under Personal Loan Scheme for Pensioners, this policy covers accidental death.

Interest rate

MCLR+3.00%

Eligibility

To be eligible to apply for the Allahabad Bank Personal Loan for Pensioners, the borrower must fall into any of the following categories:

• All state Government, teachers’ and Central Government pensioners may apply. Allahabad Bank pensioners who have credited their monthly pensions in the Allahabad Bank accounts are also eligible to apply for this loan.
• The maximum age of the pensioner to be eligible to apply is 73 years (as on the date of disbursement of loan). Please note that the loan must be repaid in full before the borrower attains 75 years of age.

FAQs on Allahabad Bank Personal Loan

1. What is the delivery channel?

All branches.

2. Will I be charged for processing?

No. there is no processing fee applicable with this loan.

3. What are the eligibility criteria for this loan?

To be eligible to apply for the Allahabad Bank Personal Loan for Pensioners, the borrower must fall into any of the following categories:

• All state Government, teachers’ and Central Government pensioners may apply. Allahabad Bank pensioners who have credited their monthly pensions in the Allahabad Bank accounts are also eligible to apply for this loan.
• The maximum age of the pensioner to be eligible to apply is 73 years (as on the date of disbursement of loan). Please note that the loan must be repaid in full before the borrower attains 75 years of age.