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Allahabad Bank Personal Loan Details With Interest Rate

Kindly Check Complete Details For Allahabad Bank Personal Loan.

Allahabad Bank
Personal Loan
50,000-7.5 lac
Upto 60 months
Full Details for Allahabad Bank Personal Loan

Allahabad Bank New Saral Loan

Target Group

  • Employees of those Organizations only whose salaries are being disbursed through our Bank Branches.


  • Minimum Gross Monthly salary of the proponent should be Rs.20000/- and he / she should be a permanent employee with a minimum 2 years service in the same Organization.
  • The Organization proposed for designation must have strength of minimum 20 eligible employees.


  • The age of the applicant should be minimum 21 years and loan should be repaid at least one year before his/her retirement from service.


•Loan may be utilized for the purpose of purchasing any consumer durable item / two wheeler, etc or any other tangible item(s) which can be validly hypothecated to the Bank and / or for meeting domestic, social, religious and other exigency expenses.

•However, for meeting domestic, social, religious and other exigency expenses, utilization of loan should not exceed 50% of the loan amount.

Quantum of Loan:

•24 times of present Gross Monthly Salary, subject to maximum loan limit of Rs.7.50 Lac and minimum loan limit of Rs.50000/-

•Loan amount should be assessed in such a manner that net take home salary after taking into account all deductions (existing and EMI of new loan) is not below 40% of the monthly gross salary.


10% (to be calculated on the basis of total Assets owned or to be purchased by the borrower).


•Hypothecation of articles being financed and /or other items of existing article owned by the proponent covering the full value of loan amount.

•Guarantee of spouse or parents in case of unmarried applicants.

Processing Fee

Prepayment Penalty -

2.25% of Outstanding Balance only in case of takeover.

Personal Loan for Pensioners


To meet the personal or domestic requirement a pensioner can opt for a personal loan, but they cannot avail the loan for speculative purpose. It means that a pensioner can take a loan for meeting his/her personal or domestic needs but he/she cannot apply for a loan for speculative purposes.

Loan Amount:

A pensioner can take loan of an amount equal to his/her 10 months’ pension amount, subject to the maximum limit as follows:

  • Maximum of Rs.2 lakhs can be taken as a loan in case the pensioner is 65 years of age.
  • Maximum of Rs.1 lakh can be taken as a loan in case he/she is above 65 years of age.
  • Minimum of Rs 25000 can be taken as a loan by the pensioners. Loan installments should not be more than 50% of the monthly pension of the pensioner.


No margin is required for pensioners.


  • In a maximum of 48 months the loan should be repaid. It means a pensioner should repay the loan amount in 48 months or less.


A Group Personal Accident Insurance Policy of Rs.2 lakhs is provided by Allahabad Bank irrespective of the loan amount taken by the pensioner to cover the accidental death.


Personal guarantee is needed as security, without any personal guarantee a pensioner cannot avail this personal loan. To cover the loan amount liquid security is also to be provided by the pensioner.

Allahabad Bank Personal Loans for Doctors or Medical Practitioners


For meeting any personal expenses or any other expenses of professional requirements doctors can apply for the personal loan from the bank.

 Loan Amount: 

Doctors can apply for an Allahabad Bank Personal loan of an amount equal to the salary or Rs.5 lakhs whichever is lower. It means that doctors can avail a loan of the lower amount which is either equal to their salary or Rs.5 lakhs. The annual income should be the income as per the Income Tax Return submitted to the income tax department.


In maximum of 60 months loan should be repaid. It means a doctor or a medical practitioner should repay the loan amount in 60 months or 5 years or less. EMIs should be paid through post-dated cheques for the purpose of repayment.


Neither primary nor collateral securities are mandatory to avail the loan.

Allahabad Bank Personal Loan Interest Rate

Allahabad Bank’s MCLR is 8.60%.

New Saral Loan: Allahabad Bank’s New Saral Loan’s interest rate is MCLR + 4.50%. The processing fee varies from one individual to another. A prepayment penalty is 2.25% of the outstanding balance in case of a takeover.

Loan to Pensioners: Interest rate for Allahabad Bank personal loans to Pensioners is MCLR + 3.50%. There is no processing fee charged under this loan scheme.

Loan to Doctors: Interest rate for a personal loan to Doctors is MCLR + 5% and the processing fee varies from one individual to another. The prepayment penalty in case of a takeover is 2.25% of the outstanding balance.

Documentation Required

Availing the loan requires the submission of the following documents:

•A copy of the passport, driving license or the Voter’s ID card which shows the applicant’s name against his photograph. This document would serve as the valid identity proof of the applicant.

•Age proof- Copy of Passport / Voter ID card / PAN Card. Any one of the document can be submitted as a valid Age Proof because all the listed documents have the individual’s photograph along with his or her name against the photograph and date of Birth proving the age of the applicant.

•Application Forms to be filled up correctly. The motive of this form is to get all the information of the borrower, so it’s the main responsibility of the borrower to provide true and correct information and the form should be signed.

•The ration card copy, telephone or electricity bill copy, copy of the passport or the rental agreement which would state the name of the applicant and the place of residence. These documents are the address proof of any individual and would be required by the bank for address verification purposes.

•The bank statement of the last 6 months of the bank account held in the name of the applicant. This statement would give a fair picture of the individual’s financial status which is a factor in determining the applicant’s creditworthiness.

•If the individual earns a salary then he should submit his Salary Slip of the last 3 months or his current Salary Certificate along with his Form 16 and the latest Income Tax Return filed by him. This would show the actual salary the applicant earns and would be a tool to measure if the salary measures the minimum salary criterion as applicable in the eligibility section

•For self- employed applicant: Last 3 years Income Tax Returns with computation of Income and last 3 years CA Certified/ Audited Balance Sheet & Profit and Loss Account which is used to legally depict the current net income of the individual and to check whether it matches the level of minimum net monthly income as laid down in the eligibility criteria checklist.

Allahabad Bank Personal Loan EMI Calculator

The EMI calculator is a simple and handy tool that makes the financial planning of the applicant really easy. One may know how much saddle the upcoming loan EMI is going to put on their monthly budget.

The applicant may select the EMI calculator and fill up the requisite details accordingly. Post-filling up the details such as Loan Amount, Rate of Interest and Tenure, the results would be prompt and the applicant may know the forthcoming EMI amount in case he/she applies for the personal Loan.

Click here for the EMI calculator of Allahabad Bank

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