Allahabad Bank Personal Loan - Fees and Charges

To help individuals meet various needs, Allahabad Bank offers different kinds of personal loans, namely New Saral LoanNew Saral Loan Personal Loan to Pensioners and Personal Loan to Doctors. For all new customers, the bank will provide personal loans on the new MCLR based interest rate, while for all existing customers, the personal loans will continue to be available under the Base Rate based interest rate.

Allahabad Bank MCLR (Marginal Cost of funds based Lending Rate) (For new borrowers)

The Reserve Bank of India has recently announced a new interest rate system for all new loan borrowers. The new MCLR (marginal cost of funds based lending rate) came into effect from April 1st, 2016 and takes into consideration components like marginal cost of funds, tenor premium, operating costs and negative carry on account of cash reserve ratio (CRR). The following table denotes the MCLR set by the bank with effect from April 1, 2016.


MCLR (in percentage)

Overnight MCLR


1 month MCLR


3 months MCLR


6 months MCLR


1 year MCLR


Allahabad Bank Personal Loan Interest Rates (MCLR)

Allahabad Bank will be offering new personal loans based on the new MCLR based interest rate system which came into effect as of April 1, 2016. Currently, the MCLR for one year has been fixed at 9.60% and the same will be applicable on all personal loans in addition to the bank’s mark-up rate.


MCLR Based Interest Rate

New Saral Loan

MCLR + 4.00 % (a rebate of 0.50% will be provided if the equitable mortgage or liquid collateral of the building or land offered is equal to the amount of the loan)

Pensioner’s Personal Loan

MCLR + 3.00 %

Doctor’s Personal Loan

MCLR + 5.00 %

Allahabad Bank Base Rate & Prime Lending Rates (For existing borrowers)

For all its existing borrowers, Allahabad Bank will offer personal loans on the Base Rate system. The bank revised its Base Rate with effect from 5/10.2015. Base Rate is set by the RBI each year and is the minimum rate which the bank is allowed to charge its customers. The Prime Lending Rate is the average interest rate which is charged by banks on loan products. Following is the base rate (BR) and the Benchmark Prime Lending Rate (BPLR) for Allahabad Bank.

Base Rate (w.e.f 5/10/2015)

Prime Lending Rate (w.e.f 5/10/20165)



Allahabad Bank Personal Loan Interest Rate (Base Rate)

All existing customers of Allahabad Bank can avail personal loans on the Base Rate based interest system. The interest rate on the loans is subject to change with the change in base rate.

Note: The MCLR rates mentioned above are effective as of April 1, 2016. To know the currently applicable interest rates for personal loans, please contact the bank at the time of application. Interest rates for personal loans are subject to change, without prior notice, with change in MCLR / Base Rate.

Loan Types

Personal Loan

Personal loans are taken primarily for fulfilling your personal aspirations such as vacation, a perfect wedding, home renovation or a much desired gadget. In addition to being relatively easy to apply for, personal loans are unsecured loans which means that you don't need any collateral to take this loan. They are one of the simplest form of loans with customer-friendly repayment terms.

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Home Loan

Home Extension Loan is useful when you want to add more space to your existing home. We make it easy for you to extend your existing residential property as per your requirements. You often renovate your home to suit your changing needs. This loan can be used to carry out repairs / improvements within your existing owned residential properties.

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Loan Against Property

A sudden requirement of funds is an unavoidable circumstance of business or personal life. Whether a personal necessity (hospitalization, child's marriage) or a professional one (expanding business operations on a priority basis), every person requires immediate financial backing at key moments.
In this context, it is pertinent to consider an invaluable alternative source of finance known as Loan Against Property (LAP). This is a loan borrowed by placing one's owned property as collateral. The funding may be given by financial institutions after scrutinizing the validity of the said property and its current market value.

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Business Loan

Running a business is not easy. You have to constantly think of ways and means to keep it going and growing. As a part of the growth plan, you require financing for expanding operations or to buy new equipment or inventory or simply increase the working capital. To help you with your financing needs we offer Business Loans that will help your business grow.

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Personal Loan is an unsecured loan given to borrower against his Income and credit...





Quick and Easy Home loan, a secured mortgage loan for your home / house needs careful...


A loan against property (LAP) is a good alternative if you need capital. Your property...


Running a business is never an easy task. One is bound to face financial hiccups.
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