Be it any educational expense, sudden medical emergency or destination wedding – a personal loan is an answer to all your questions. And availing a personal loan from Allahabad bank has its own charm and advantages.
Allahabad Bank is one of the oldest banks in India established in the year 1865. Since after the nationalization, the bank offered enormous features and services to the large section of the population, and one of such is the personal loan. Allahabad Bank termed the personal loan as ‘New Saral Loan,’ and beneficiaries are professionals, employees of an organization, and pensioners. The interest rate against the personal loan varies as per the class, and the benefit goes to the pensioners as they get the personal loan at a low interest rate.
So, if you belong to any class mentioned above and looking for more details of Allahabad personal loan such as Eligibility, interest rate, documentation process, and online application procedure, then you have landed in the right place as here you will get the brief info of the same.
What is the interest rate offered by the Allahabad bank against the personal loan?
As stated earlier, Allahabad bank personal loan interest rate varies, and the same depends upon the class. If you are a salaried employee, then the interest rate will be 13% against the personal loan. However, if you are self-employed, then the interest rate will be a bit higher, and it goes to 14.5%.
What makes Allahabad Bank personal loan unique from other banks?
Well, there are various factors which make the Allahabad unique from the other banks, and the list of features are listed below which will help you to determine the key differences of personal loan provided by Allahabad bank and other banks.
Allahabad personal loan amount depends upon the salary, it means more you have income more you will get the loan amount, but the maximum loan value is Rs 7.5 lakh. So, if you are willing to get the personal loan, then it should be 24 times your salary. However, the bank also retains the lowest value, and it is Rs 50,000, which means you can avail the loan from Rs 50,000 to Rs 7.5 lakh.
Allahabad Bank offers the personal loan at lowest EMI, which enables the borrowers to repay the loan amount effectively. Thus, the bank fulfills the needs of the borrowers and reduces the repayment burden through efficient EMI.
It is the charge deducted by the bank against the personal loan. The processing fee of Allahabad bank is 1.20% of the loan amount for all categories.
These were the key features of personal loan provided by Allahabad Bank. Everybody wants the personal loan at a low interest rate so that they will have to repay less to the bank. The low-interest rate depends upon several factors, and the same are listed below.
What are the factors which result in low-interest rate against the personal loan?
It is well known that the loan amount and time period are inversely proportion, means if you need the loan for a more extended period then you will have to repay the amount at the low-interest rate, and if you need the amount for a shorter duration, then the bank will charge high-interest rate against the personal loan.
Affinity with the bank
The bank offers low-interest rate to those customers who follow the protocol of the bank and had shown the commitment amid the repayment of the loan. So, if your past record and the bonding with the bank is good, then you may get the personal loan at a low interest rate.
Allahabad bank offers a low-interest rate to the pensioners and high-interest rate to the self- employed. So the interest rate varies as per the occupation of the borrowers. However, if you are a salaried person or bank employees, then you may get the personal loan at a minimum interest rate.
It is the score which tells about your previous repayment track record and the ability to repay the loan amount. Bank uses this tool to determine how much loan you can get from them, if your CIBIL score is right, and then there may be a chance that you will get the personal loan at a low interest rate.
These were the factors which result in the low-interest rate against the personal loan. After knowing about this, you must be clear about your monthly EMI which you will have to pay against the loan amount. Allahabad bank offers personal loan calculator, and with its use, you can calculate your monthly EMI. For your convenience, the detailed process is listed beneath.
How to access the Allahabad Bank Personal loan calculator?
- Go to the official page of EMI Calculator provided by Allahabad Bank.
- Soon, you will find four sections on your screen, i.e., loan amount, interest rate, long term, and moratorium period.
- Now your job is to select the loan amount and use the slider to fix the loan amount needed by you.
- After that, move to the interest rate and repeat the task.
- Now, jump to the long term section and use the slider to fix the loan tenure.
- The final step, select moratorium period and adjust the slider as per your need. The range lies from 1 year to 30 years.
- After completing the above task, you will find the monthly EMI details on the left end of the page.
Now you have calculated your monthly EMI, and it’s time to proceed for the application process. There are two ways through which you can get the personal loan of Allahabad bank, i.e. online and offline. For the offline process, you can visit the nearest branch of Allahabad bank and then submit the application form with the necessary documents. For online method, follow the steps listed beneath.
How to apply for the personal loan offered by the Allahabad Bank?
- Visit the official website of Allahabad bank.
- In the page, you will get various categories of the personal loan, select the one as per your need.
- Now, click on ‘Apply Online’ listed on the left end of the page.
- Thereafter, you will have to enter your PAN Number, Name, Email ID and Mobile Number. After filling those details, click on Sign Up.
- After signing in, you will receive the application form, and your task is to fill the same with relevant information.
- Now, enclose the documents such as Identity Proof (Aadhar Card, Voter ID Card, etc.), Income Proof (salary slip, Bank statement copy of last 3 months), Address Proof (Electricity Bill, Telephone Bill, etc).
- After enclosing the documents, click on the ‘Submit’ button.
That’s it; soon you will get the confirmation message from the Allahabad bank. Now the bank will scrutinize the application form and documents, and once it is approved, your loan amount will be disbursed in your bank account in a quick time. Hence, be in touch with the bank to grab exclusive offers and services.