Allahabad Bank Personal Loan - Frequently Asked Questions

Am I eligible for Allahabad Bank personal loan?

Allahabad Bank offers personal loans only for salaried individuals earning more than the minimum stipulated amount per month depending on the city of their residence. The minimum monthly income required for Allahabad Bank personal loan is Rs. 50,000 per month. If you fall into this group, you can definitely apply for a Allahabad Bank personal loan.

How do I repay Allahabad Bank Personal loan?

You can repay the loan in Equated Monthly Installments (EMI's) using the ECS facility or through post-dated cheques.

What is the maximum loan one can get from Allahabad Bank?

Allahabad Bank offers personal loans as high as Rs. 75,0000 for successful applicants depending on their financial record and repayment history.

What is the tenure for Allahabad Bank personal loan?

Allahabad Bank offers personal loan with a tenure period ranging from 12 months to 60 months making it suitable for all loan seekers.

As Permanent confirmed employees am I eligible for a personal loan from Allahabad Bank?

Yes you are, but there are a couple of eligibility criteria’s that you have to meet as a permanent confirmed employee to apply for a personal loan from Allahabad Bank. This includes:

You should have a minimum a year’s experience in service

You should either should be employed at:

Central or State Government or Autonomous Bodies or Public or Joint sector undertakings.

A reputed Limited company or a MNC or a reputed educational Institution

What are the interest rates for personal loans from Allahabad Bank?

The rate is generally 4.5% but for:

Pensioners: Base Rate + 4.50%

Defence Pensioners: Base Rate + 4.50%

Earnest Money Deposit: Base Rate + 3.25%

I am an insurance agent. Am I eligible for a personal loan from Allahabad Bank?

Yes, you are. But under the following circumstances:

You should be doing insurance business for at least the last -5- years

You have a stable and regular income, also maintaining a Savings bank account with the bank that credits your commission cheques from their principals.

What is the minimum amount of loan that can be borrowed from Allahabad Bank for personal finance?

The general minimum amount that can be borrowed is Rs. 20,000 from Allahabad Bank for personal finance.

What is the maximum limit of loan amount that can be borrowed from Allahabad Bank for personal finance?

The maximum amount that can be loaned is generally Rs.2 lakhs but is subject to conditions such as the profession of the individual. For instance: The max. Limit is Rs. 1 lakh for Civil Pensioners, whereas its Rs. 2 lakhs for Defence Pensioners and Rs. 5 lakhs for Earnest Money Deposit (EMD).

What is the maximum tenure for Allahabad Bank personal loans?

You can take a maximum of up to 36 months to repay your loan amount.

What are the charges levied for defaulting a monthly instalment?

You have to pay 2% of the loan amount as penalty fee for missing a payment due date for their personal loan.

Can I make prepayments? Do I have to pay an extra fees or charges for the same?

No, you can make prepayments without any extra charges towards the personal loan from this bank.

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