Is Allahabad Bank Personal Loan The Best?

After the merger with Indian Bank from 1st April 2020 Allahabad Bank offers a high loan amount to its customers at an affordable rate. This is the reason why you choose Allahabad personal loan. An unsecured loan would be easy for you to borrow as there will be no requirement or a collateral. This is only feasible for you if your credit score is good and you have a minimum income to pay the borrowed amount. Read the post and know how to get a low Allahabad Bank personal loan interest rate.

Tips to get a low interest rate on Allahabad personal loan!

The bank charges an interest rate on your loan that ranges from 9.60%-10.20% per annum. And to get the most affordable rate for a lower EMI, you should follow the below mentioned pointers.

  • Maintain credit score: Pay your credit card bills and loan EMI on time so that it can help you later to borrow a personal loan. Because they help in building your credit score. And if you haven’t paid the EMI on time then it can have a bad effect on your repayment history. And you end up paying the high interest for your Allahabad personal loan.
  • Add security: If you don’t think that it would be possible for you to increase the credit score then there is also another way to get a low interest rate. You can add a co-applicant to your Allahabad personal loan. The advantage is that the income and repayment of the co-applicant is counted to decide your Allahabad Bank personal loan interest rate which can bring you an affordable rate.

What is the Allahabad personal loan eligibility?

To borrow a loan, you need to have a regular income. And the individuals working in PSU, Central and State Govt. Departments, large Corporate or MNCs can apply for the loan. You can borrow up to 20 times your net monthly income from Allahabad Bank. Using the loan you can meet various expenses such as Marriage, Educational, medical, etc.

How do I Apply for Allahabad Personal Loan?

Visit the bank branch, fill up the loan application form, submit the form with the following documents.

  • PAN card
  • Aadhar card
  • Voter ID card
  • Driving license
  • Passport
  • Bank statement 
  • ITR report
  • Form 16
  • Salary Slip or certificate

And after that pay INR 512 + GST which is a processing fee for your personal loan. Once the application is submitted wait for 2-3 days to get a response from the bank.  The loan would be disbursed to your account in 24 hours of the approval and then you can use it to meet your money requirement.

Allahabad personal loan repayment methods

To do your loan payment you need to choose a tenure and the bank provides you up to 8 years to pay the loan amount. Choose the tenure which gives you affordable EMI with low interest burden. Using Electronic Clearing Service (ECS) or National Automated clearing House (NACH), you can pay your EMI every month on time before the due date.

If you miss your EMI then the bank would levy a penalty interest of 2% on your next EMI. So get an Allahabad personal loan and solve all your financial issues using the loan amount.