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  • Allahabad Bank Used Car Loan

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  • Allahabad Bank offers car loans to its customers who wish to purchase a pre-owned car at rate of interest rates ranging between 9.05% and 11.05% and repayment tenure between 1 year and 5 years. The process to apply for a used car loan from Allahabad Bank is very simple and can be applied for either online or offline.

    Features and Benefits of Allahabad Bank Used Car Loan

    Maximum Loan Amount

    The bank belongs to a league which offer maximum funding for used cars. The maximum loan amount under this scheme is up to 85% of the agreed purchase price or 60% of the valuation of the vehicle, whichever is lower. This feature is one of the best in class.

    Low Interest Rates

    Generally, the rate of interest for used car loans is substantially higher than the rates for new cars. However, Allahabad bank seems to stay away from differentiating between new and used cars. The rate of interest range between 9.05% and 11.05%, making it one of the lowest in the market.

    Premium Repayment Tenure

    A firm testimony of Allahabad bank’s effort to provide the best terms is the enduring repayment tenure. Loan availed on used cars can be repaid in up to 60 months (or residual life of the vehicle), which is a whopping 5 years.

    Pleasing Charges & Fees

    Allahabad bank charges a processing fee of just 1.20% of the total loan amount towards paperwork and handling. The bank does not penalise customer for prepayment of loan amount if paid off in full. In case of a takeover from another bank, the prepayment penalty is 2.25% of the outstanding balance.

    Security Clause

    Until full repayment of borrowed amount and interest charges, the vehicle will be hypothecated to Allahabad bank. After successful closure of the car loan account, full ownership rights will be transferred to the borrower.

    Allahabad Bank Used Car Loan Eligibility Criteria

    • For the salaried class, employees on permanent rolls of the company with a minimum experience of two years, drawing a monthly gross income of Rs 25,000 and above are eligible.
    • Self-employed businessmen and professionals filing ITR on a regular basis are welcome to apply. Income threshold will be determined on case to case basis.
    • Agriculturalists and farmers with minimum of 5 acres of irrigated land. Retired individuals drawing a monthly pension of Rs.15,000 and above can also apply for a used car loan.
    • Retired individuals should draw a monthly pension of Rs.15,000 in order to be eligible for the used car loan from Allahabad Bank.

    Documents required to avail a car loan for pre-owned cars from Allahabad Bank

    Some of the documents that you will have to submit in order to avail a car loan from Allahabad Bank for the purchasing of pre-owned car are given below:

    • Proof of address such as Passport, utility bills.
    • Proof of identity such as Aadhaar Card, PAN Card, etc.
    • The loan application form.
    • Passport size photograph.

    Note: It must be noted that based on your eligibility criteria and at the discretion of the bank you will be asked to furnish documents as per the lender’s requirement.

    How to apply for a pre-owned car loan from Allahabad Bank?

    Some of the steps that you will have to follow in order to apply for a pre-owned car loan from Allahabad Bank are given below:

    • Visit the official website of Allahabad Bank.
    • On the main page, click on ‘Car Loan’.
    • You will be directed to a separate page where you will have to click on ‘I want to apply for a car loan’.
    • You will be directed to a separate page which will be application form for the car loan. Duly fill the application form and enter the captcha in the box given below. Once you have filled all the information, click on ‘Submit Loan Application’. The form has been submitted. The bank will then get in touch with you and further assist you with the process of applying for a pre-owned car loan.

    One of the other process that you can follow in order to avail a pre-owned car loan from Allahabad Bank is by simply visiting the nearest branch of the bank with the necessary documents. An official from the bank will help you with the process of applying for a car loan.

    Tips to make the loan application process easy

    Some of the tips that you can implement in order to make the loan application process easy are given below:

    • Conduct a proper research: It is highly recommended that you do a good amount of homework with a view to choose the best terms which include a conducive repayment tenure.
    • Apply for loan online: It is always recommended that you apply for car loan from Allahabad online. This not only saves time and effort but the whole process is extremely simple and hassle-free.
    • Check your eligibility criteria before applying: You must check the eligibility criteria before applying for a car loan from Allahabad Bank.
    • Keep all your documents in place: You must ensure all your documents are in place so that the process of applying for a car loan from Allahabad Bank is quick, smooth, and hassle-free.

    Frequently Asked Questions (FAQs)

    1. I have a query related to my car loan. How can I get in touch with a customer care executive?
    2. You can call on the 24x7 toll-free number 1800-5722-000 in case of any car loan related query. A customer care executive will get in touch with you and will help you with your query.

    3. Can I calculate the car loan EMI on the official website of Allahabad Bank?
    4. Yes, you can visit the official website of the Allahabad Bank and under the ‘Car Loan’ section, you can find the EMI calculator and based on the loan amount you plan to avail and the repayment tenure, you can calculate the EMI you will have to pay.

      You can also calculate the EMI you will have to pay by visiting the official website of BankBazaar.

    5. How important is my credit score in order to avail a car loan from Allahabad Bank?
    6. Your credit score plays a huge role in the bank offering you a car loan at a lower interest rate. u must ensure your credit score is 750 and above so that you can avail a car loan of your choice at a lower rate of interest.

    7. How old should the pre-owned car be so that I can avail a car loan for the same?
    8. The car should not be older than 3 years for you to be able to avail a car loan for the same.

    9. Do I need a collateral in order to avail a car loan from Allahabad Bank?
    10. You will need a guarantor and a collateral security if your loan amount is above Rs.20 lakh.

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    Allahabad Bank Used Car Loan Reviews

    • Allahabad Bank Car Loan
      "Excellent car loan "
      0.5 5.0/5 "Blown Away!"
      Recently 2 years before i have taken my car loan from Allahabad bank and the application process was hassle free. The interest rate is less when i compared to other and i took the loan amount of Rs. 5 lakhs. They have sanctioned the loan in the same day.
      Was this review helpful? 5
      , new delhi
      Reviewed on Jul 24, 2019
    • Allahabad Bank
      Allahabad Bank Car Loan
      "Helpful Loan"
      0.5 5.0/5 "Blown Away!"
      Took my car loan from Allahabad bank because they have provided me a low interest rate. I bought the loan amount of Rs. 3.65 lakhs and they have approved the loan in 2 days and they have given me a cheque. I approximately paid the down payment 25% from the margin value. I'm making the EMI amount through online.
      Was this review helpful? 2
      , coimbatore
      Reviewed on Jul 18, 2019
    • Allahabad Bank Car Loan
      "One of the better banks"
      0.5 3.5/5 "Pretty good"
      I have got the car loan with the Allahabad bank and the response is good one too. Its very well known to me and I got the loan approval in a day of time. Everything is better one for me with them as such. There are not much interaction with them.
      Was this review helpful? 7
      , bangalore
      Reviewed on Jun 14, 2018
    • Allahabad Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      It has been a good experience i had with this car loan where i was happy with the loan amount and the services which they had provided me. It has taken very short time for getting the loan, and the process has been very good. The rate of interest has been good with them where compared with the market it was low.
      Was this review helpful? 3
      , ahmedabad
      Reviewed on May 25, 2018
    • Allahabad Bank Car Loan
      "Good to avail"
      0.5 4.0/5 "Great!"
      I took the car loan from Allahabad bank on 2014, they have sanctioned 90% of loan from ex showroom price. I have purchased Hyundai Eon, they helped to complete the process on time and also they gave me part payment, balance transfer and foreclosure option.
      Was this review helpful? 1
      , gurgaon
      Reviewed on Sep 21, 2017
    • Allahabad Bank Car Loan
      "Very Good service"
      0.5 5.0/5 "Blown Away!"
      When I applied for a car loan with Allahabad bank, it was very easy and smooth process and the documentation process was also very easy. The rate of interest is nominal with Allahabad, when compared to others. Totally, it is a very good service provided by the above mentioned bank.
      Was this review helpful? 4
      , ahmedabad
      Reviewed on May 04, 2017
    • Allahabad Bank Car Loan
      "Best "
      0.5 5.0/5 "Blown Away!"
      I have got the car loan with Allahabad bank and the interest rate is floating based, also all nationalized banks are providing interest rate on same manner. Within a week of time , the loan amount got disbursed. Customer service is fine with the Allahabad bank.
      Was this review helpful? 4
      , mumbai
      Reviewed on Feb 18, 2017
    • Allahabad Bank Car Loan
      "Excellent!!!"
      0.5 5.0/5 "Blown Away!"
      The service is Allahaba bank is good. Within one day they processed the car loan with the interest rate of 8.50% because being the employee of the bank . There was no processing fee. They approved the 85% of the loan for the public and 90% loan for the employee but i availed 65% of the loan.
      Was this review helpful? 4
      , mumbai
      Reviewed on Mar 10, 2016
    • Allahabad Bank Car Loan
      "Easily processed"
      0.5 5.0/5 "Blown Away!"
      I had availed a Car Loan from Allahabad Bank in January 2014. the tenure period of the loan was 1 year. They charged an interest rate of 10.15% which I feel was higher than other banks. But the processing was completely hassle free. I just visited the branch and since I a good connect with the manager they processed my loan within 2-3 hours.
      Was this review helpful? 6
      , gurgaon
      Reviewed on Sep 19, 2015
    • Allahabad Bank Car Loan
      "Good "
      0.5 4.0/5 "Great!"
      The service provided by Allahabad Bank was really good and they have offered a car loan within a day which is really god.The process was really easy to get the loan.The interest rate offered was around 9.75% which is a average rate. I will surely recommend this bank for the loan process.
      Was this review helpful? 2
      , muzaffarpur
      Reviewed on Jul 13, 2015
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