Allahabad Bank Car Loan - EMI, Interest Rate 2023, MICR - Wishfin

Allahabad Bank Car Loan

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

Interest RateFor New Cars: 8.05% Onwards
Processing Fee Nil under Monsoon Bonanza till 30.09.2017
Prepayment Charges2.28% of the outstanding balance in case of a takeover ofloan, else there is no fee.
Documentation ChargesNIL
Late Payment Penalty2% per month
Margin15% 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.

EMI Calculator for Car Loan
Loan Amount (₹)
Interest Rate (%)
Tenure (Month)
Loan Amount
Interest Rate
Monthly Instalment (EMI)
Total Interest Amount
Total Amount (Principal + Interest)
YearPrincipalInterestBalance Amount
For example-If you have availed a car loan of Rs. 3,00,000 from Allahabad Bank and want to calculate the EMIs, you can glance through the table below.

Loan Amount
(in ₹ )
Loan Tenure
(In years)
Interest Rate(in % p.a.)EMI(in ₹ )Total Interest Outgo(in ₹ )Total Amount(EMI+Interest) (in ₹ )

Allahabad Bank Car Loan Eligibility Criteria

Age21-60 years21-70 years
IncomeA minimum gross salary of Rs. 25,000 is requiredMust be an income tax assessee.
Job/Business StatusA work experience of 2-3 years is mandatoryMust have been involved in the business for atleast 2-3 years

Documentation Required in Allahabad Bank Car Loan

Age ProofPAN Card/Passport/Driving License/School or College Leaving Certificate, or Other Documents Showing Age ProofPAN Card/Passport/Driving License/School or College Leaving Certificate, or Other Documents Showing Age Proof
Identity ProofVoter ID, Driving License, Passport/PAN Card, Passport Size PhotographsVoter ID, Driving License, Passport/PAN Card, Photographs
Income ProofLatest Salary Slip, Form 16ITR for Last 2 Years along with computation of profit & loss account for the said period
Residence ProofRation card/Driving licence/Voter Card/Passport /Telephone Bill/ Electricity Bill/Life Insurance PolicyRation 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.

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