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.
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.
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:
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.
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:
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.
Some of the tips that you can implement in order to make the loan application process easy are given below:
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.
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.
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.
The car should not be older than 3 years for you to be able to avail a car loan for the same.
You will need a guarantor and a collateral security if your loan amount is above Rs.20 lakh.
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