About Allahabad Bank Car Loan
Be calculative when it comes to buying your dream car as it involves a whole lot of savings and investment for a reasonable period of time. As much you are selective of the car models, you also need to be the same when it comes to the lender from whom you can take a loan to buy the vehicle.
Allahabad Bank can be a suitable lending partner for your car loan, which is available to both salaried and self-employed classes for buying passenger cars, sports utility vehicles (SUVs), multi-utility vehicles, etc. As far as loan tenure is concerned, it is 7 years for new cars and 5 years for used vehicles.
Allahabad Bank Car Loan Interest Rates
| Particulars | Description |
|---|---|
| Interest Rate | For New Cars: 8.05% Onwards |
| Processing Fee | Nil under Monsoon Bonanza till 30.09.2017 |
| Prepayment Charges | 2.28% of the outstanding balance in case of a takeover ofloan, else there is no fee. |
| Documentation Charges | NIL |
| Late Payment Penalty | 2% per month |
| Margin | 15% of on-road price |
Allahabad Bank Car Loan EMI Calculator
The EMIs constitute a portion of interest and principal amount payable till the expiry of the tenure. The quantum of loan, interest rate, and the tenure dictate the amount of EMI you must have by the time date of repayment arrives. Having an idea of EMI beforehand is critical to a sound a car loan journey as you can plan and budget accordingly to pay the same easily.Loan Amount Interest Rate Tenure(Months) Monthly Instalment (EMI) Total Interest Amount Total Amount (Principal + Interest) Year Principal Interest Balance Amount
| Loan Amount (in ₹ ) | Loan Tenure (In years) | Interest Rate(in % p.a.) | EMI(in ₹ ) | Total Interest Outgo(in ₹ ) | Total Amount(EMI+Interest) (in ₹ ) |
|---|---|---|---|---|---|
| 300000 | 1 | 9.10% | 26249 | 14992 | 314992 |
| 300000 | 2 | 9.10% | 13719 | 29261 | 329261 |
| 300000 | 3 | 9.10% | 9554 | 43940 | 343940 |
| 300000 | 4 | 9.10% | 7480 | 59029 | 359029 |
| 300000 | 5 | 9.10% | 6242 | 74525 | 374525 |
| 300000 | 6 | 9.10% | 5423 | 90424 | 390424 |
| 300000 | 7 | 9.10% | 4842 | 106725 | 406725 |
Allahabad Bank Car Loan Eligibility Criteria
| Criteria | Salaried | Self-employed |
|---|---|---|
| Age | 21-60 years | 21-70 years |
| Income | A minimum gross salary of Rs. 25,000 is required | Must be an income tax assessee. |
| Job/Business Status | A work experience of 2-3 years is mandatory | Must have been involved in the business for atleast 2-3 years |
Documentation Required in Allahabad Bank Car Loan
| Proofs | Salaried | Self-employed |
|---|---|---|
| Age Proof | PAN Card/Passport/Driving License/School or College Leaving Certificate, or Other Documents Showing Age Proof | PAN Card/Passport/Driving License/School or College Leaving Certificate, or Other Documents Showing Age Proof |
| Identity Proof | Voter ID, Driving License, Passport/PAN Card, Passport Size Photographs | Voter ID, Driving License, Passport/PAN Card, Photographs |
| Income Proof | Latest Salary Slip, Form 16 | ITR for Last 2 Years along with computation of profit & loss account for the said period |
| Residence Proof | Ration card/Driving licence/Voter Card/Passport /Telephone Bill/ Electricity Bill/Life Insurance Policy | Ration card/Driving licence/Voter Card/Passport /Telephone Bill/ Electricity Bill/Life Insurance Policy |
Allahabad Bank Car Loan Application Form
Clear in your mind of the aforesaid things? If yes, then you can head straight to any nearest branch of Allahabad Bank to apply for a car loan. Upon reaching the branch, you should ask the competent official to give you the application form. You must fill the form correctly and put a signature, wherever required, before handing it over to the concerned official. Along with that, make sure you submit relevant documents for the smooth processing of the application, which will be scrutinized to the core. Only upon successful investigation does the bank will disburse you a car loan.
