Allahabad Bank Personal Loan

Allahabad Bank Personal Loan Interest Rates

ParticlularsDescription
Interest Rates8.45%-13.00%
Loan Amount₹50,000-7.5 Lakh
Tenure5 Years
Processing Fees1.22% of loan Amount, Minimum ₹1,228
Pre-closure Charges2.25% of outstanding balance only in case of takeover
Guarantor RequirementGuarantor Required
Minimum Income₹20,000 p.m.

Personal Loan

Quotes from 18 banks | Instant Approval | Maximum Loan Eligibility

    Almost done, few more details required.

    Eligibility Criteria

    • The minimum gross monthly salary of the borrower must be ₹20,000
    • He or she must be a permanent employee with a minimum of two years of service in the organization

    Documentation Required

    SalariedSelf-employed
    Photo ID and age proofPhoto ID and age proof
    Signed application form with photograph Signed application form with photograph
    Residence proof Residence proof
    Last 6 months bank statementLast 6 months bank statement
    Last 3 months salary – slipsLast 3 years Income Tax Returns with computation of Income
    Form 16 or Income Tax ReturnsLast 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

    Allahabad Bank Personal Loan Eligibility

    Now let us understand the loan amount eligibility with the help of an example below.

    Suppose, you are working in a renowned company and earning an attractive salary of ₹80,000 monthly. So, after deducting all your necessary monthly expenses, you would be saving around 40%-50% of your income each month. Let’s say, if you are able to save around 50% of your monthly income, you might be interested to know your personal loan eligibility.

    In bank’s point of view, it will assume that you are able to save around ₹40,000 per month out of your monthly income of ₹80,000. So, your savings can be used to repay the EMIs of your personal loan. So, now, if you calculate your amount, tenure and rate of interest, you will get to know your EMIs that you will have to pay every month so as to repay the loan amount that you are eligible for.

    Amount- ₹ 1 lakh
    Loan Tenure-5 years
    Rate of Interest-12.10%-14.60%
    Your monthly EMI will be ₹2,230-2,358

    So your calculation for personal loan would be

    Rs 1 lakh x 40000/2230=₹17.93 lakhs and 1 lakh x 40000/2358=₹16.96 lakhs

    So, your personal loan amount eligibility will range between ₹16.96 lakhs- ₹17.93 lakhs.

    Allahabad Bank Personal Loan EMI Calculator

    Stands for Equated Monthly Installment, EMI is nothing but the sum of the interest and principal which is payable each month on personal loan. So, now you must be wondering how Allahabad Bank calculates your EMI when it comes to personal loan. Well, your EMI gets calculated in a very easy and simple manner. The EMI Calculator of Allahabad Bank takes into account your loan amount, interest rate and tenure of the loan in order to calculate your monthly installments.

    Moreover, firstly the calculator will computes the interest component and then the principal amount that you will have to pay towards the personal loan.

    For Example: If you are interested in availing a loan of ₹5,00,000 from Allahabad Bank for 5 years for a foreign vacation and the bank is charging you with an interest rate that ranges between 12.10%p.a.

    In fact, for your reference there is a table below, wherein you can also know your EMI, interest and total amount payable on the same amount of loan for different tenures.

    EMI Calculator forPersonal Loan
    Loan Amount (₹)
    Interest Rate (%)
    Tenure(year)
    Results
    Loan Amount
    Interest Rate
    Tenure(Months)
    Monthly Instalment (EMI)
    Total Interest Amount
    Total Amount (Principal + Interest)
    YearPrincipalInterestBalance Amount

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    EMI Calculator