Allahabad Bank Personal Loan Interest Rates September 2023
Personal Loan
Quotes from 18 banks | Instant Approval | Maximum Loan Eligibility
By accepting our "Terms and Conditions" you authorize WIshfin and its associated Partner Banks to run a CIBIL/Experian check for your profile
To,TransUnion CIBIL Limited[Formerly known as Credit Information Bureau (India) Limited]One Indiabulls building ,Unit No 1901 – 1905,19th Floor, Tower 2A-2B, Jupiter Mill compound,Senapati Bapat Marg, Lower Parel, Mumbai 400 013
Sub: Grant of Consent
Dear Sirs,
In connection with submission of the application for my credit information offered by CIBIL (“Consumer Credit Information”) through Wishfin and delivery of the Consumer Credit Information to the Company, I hereby acknowledge and agree to the following:
- The Company is my lawfully appointed agent and he / it has agreed to be my agent for the purposes, including, without limitation, to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the Agreement entered into between the Company and TUCL, and the Company has granted its consent for being appointed for the aforesaid purpose.
- I grant my unconditional consent to the Company to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the consistent with the Agreement entered into between the Company and TUCL, as the case may be, and the Company has granted its consent for being appointed for the aforesaid purpose. I hereby represent and acknowledge that: (a) I have carefully read the terms and conditions of the Agreement entered into between the Company and TUCL understood the same; or (b) the Terms of Understanding in relation to the use of the Consumer Credit Information has been agreed between me and the Company.
- I hereby expressly grant unconditional consent to, and direct, TUCL to deliver and / or transfer my Consumer Credit Information to the Company on my behalf.
- I shall not hold TUCL responsible or liable for any loss, claim, liability, or damage of any kind resulting from, arising out of, or in any way related to: (a) delivery of my Consumer Credit Information to the Company ; (b) any use, modification or disclosure by the Company of the contents, in whole or in part, of my Consumer Credit Information , whether authorized or not; (c) any breach of confidentiality or privacy in relation to delivery of my Consumer Credit Information to the Company ; (d) for any use made by the Company which is contrary to the Agreement entered into between the Company and TUCL.
- I acknowledge and accept that: (a) TUCL has not made any promises or representations to me in order to induce me to provide my Consumer Credit Information or seek any consent or authorization in this regard; and (b) the implementation of the Agreement between TUCL and the Company is solely the responsibility of the Company
- I agree that I may be required to record my consent / provide instructions electronically and in all such cases I understand that by clicking on the "I Accept" button below, I am providing "written instructions" to Wishfin authorizing Wishfin to obtain my Consumer Credit Information from my personal credit profile from TransUnion CIBIL LIMITED, [formerly known as Credit Information Bureau (India) Limited]]. I further authorize Wishfin to obtain such information solely to confirm my identity and display my Consumer Credit Information to me. Further in all such cases “By checking this box and clicking on the ‘Authorize button, I agree to the terms and conditions, acknowledge receipt of TUCL privacy policy and agree to its terms, and confirm my authorization for Wishfin to obtain my Consumer Credit Information .
- I understand that in order to deliver the product to me, I hereby authorize Wishfin, to obtain my Consumer Credit Information from TUCL.
- By submitting this registration form, I understand that I am providing express written instructions for Wishfin to request and receive information about me from third parties, including but not limited to a copy of my consumer credit report and score from consumer reporting agencies, at any time for so long as I have an active Wishfin account. I further authorize Wishfin to retain a copy of my information for use in accordance with [Wishfin’s] Terms of Use and Privacy Policy.
- I UNDERSTAND THAT THE PRODUCT IS PROVIDED ON AN “AS-IS”, “AS AVAILABLE” BASIS AND TUCL EXPRESSLY DISCLAIMS ALL WARRANTIES, INCLUDING THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT.
- I shall not sue or otherwise make or present any demand or claim, and I irrevocably, unconditionally and entirely release, waive and forever discharge TUCL , its officers, directors, employees, agents, licensees, affiliates, successors and assigns, jointly and individually (hereinafter “Releasee”), from any and all manner of liabilities, claims, demands, losses, claims, suits, costs and expenses (including court costs and reasonable attorney fees) (“Losses”), whatsoever, in law or equity, whether known or unknown, which I ever had, now have, or in the future may have against the Releasee with respect to the submission of my Consumer Credit Information and / or my decision to provide TUCL L with the authority to deliver my Consumer Credit Information to the Wishfin . I agree to defend, indemnify, and hold harmless the Releasee from and against any and all Losses resulting from claims made against TUCL L by third parties arising from and in connection with this letter.
- I agree that the terms of this confirmation letter shall be governed by the laws of India and shall be subject to the exclusive jurisdiction of the courts located in Mumbai in regard to any dispute arising hereof. TUCL is entitled to assign its rights hereunder to any third person without taking my prior written consent.
Yours faithfully,
Name :____________________________Address : ____________________________Date : ____________________________
Eligibility Criteria
- The minimum gross monthly salary of the borrower must be INR 20,000
- He or she must be a permanent employee with a minimum of two years of service in the organization
Documentation Required
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 INR 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 INR 40,000 per month out of your monthly income of INR 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 – INR 1 lakh
Loan Tenure – 5 years
Rate of Interest – 12.10% – 14.60%
Your monthly EMI will be INR 2,230 – INR 2,358
So your calculation for personal loan would be
INR 1 lakh x 40000/2230 = INR 17.93 lakhs and 1 lakh x 40000/2358 = INR 16.96 lakhs
So, your personal loan amount eligibility will range between INR 16.96 lakhs – INR 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 INR 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.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Year | Principal | Interest | Balance Amount |
---|
1 | ₹ 77,473 | ₹ 56,297 | ₹ 4,22,526 |
2 | ₹ 87,385 | ₹ 46,385 | ₹ 3,35,141 |
3 | ₹ 98,565 | ₹ 35,205 | ₹ 2,36,576 |
4 | ₹ 1,11,176 | ₹ 22,594 | ₹ 1,25,400 |
5 | ₹ 1,25,511 | ₹ 8370 | ₹ 0 |