Allahabad Bank Car Loan | Interest Rates | Documents | EMI Eligibility Calculator
Allahabad Bank Dream Car Loan: Get details on Interest Rates, Check Eligibility, documents, processing fees, loan amount & purposes online at Deal4loans.
Allahabad bank car loan details:
| Interest Rates | 8.20% – 10.70% |
| Max. Loan Amount | 3 times of annual salary |
| Processing Fees | NA |
| Prepayment Charges | 2.28% of Outstanding Balance |
| Min. Income | Rs.25000/- p.m |
| Loan Repayment | 7 years |
Allahabad Bank Car loan Interest Rates
For new Vehicle = 8.20% – 8.55%
For pre-owned Vehicle = 11.40%
Eligibility (Income) For Allahabad Bank Car Loan
✔ Salaried Person: Minimum gross monthly income of Rs.25, 000/-
✔ Agriculturist: Minimum 5 acres of irrigated land holding
✔ Professional & Self-Employed / Businessmen: An IT assesee. With full collateral security, IT assessment order / IT return may be waived.
✔ Retired individuals: Drawing monthly pension of Rs 15000/- and above.
✔ Firm/ Companies: Net profit is sufficient to meet repayment of car loan
Eligibility (Service Period of Applicant/ Repayment Age/Age of Firm & Company)
Salaried Person: The loan should be repaid at least three months before the date of retirement from service.
Other than Salaried person: Repaid before attaining the age of 70 years.
Firm/ Companies: should be existent for at least 2 years.
For Customer’s Information, If borrower can take 4 lakh of loan amount for 5 years at 8.75% rate of interest than he have to pay Rs.8254.89 per month as an EMI. So as per this emi borrower have to pay total interest of ₹ 95293.4 in 5 years tenure period.
| Loan amount | Interest Rate | EMI | Tenure |
| 4 Lakh | 8.75% | 8254.89 | 60 months |
Purpose :
Purchase of new Vehicle for personal use/official use
Purchase of pre-owned vehicle, not more than 3 years old
The term Vehicles includes: Car, Van, JEEP, Multi Utility Vehicles (MUVs).
How Much Loan Amount You Can Get From Allahabad Bank for Car Loan
For New Vehicle 15% of the cost of vehicle on Road (i.e. one time registration + first time Road tax & insurance charges etc.).
For Pre-owned Vehicle – 85% of the “Agreed Purchase Price” as valued by Approved Automobile Valuer or 60% of the Valuation of the Vehicle, whichever is lower.
About Allahabad Bank:
The Oldest Joint Stock Bank of the Country, Allahabad Bank was founded on April 24, 1865 by a group of Europeans at Allahabad. At that juncture Organized Industry, Trade and Banking started taking shape in India. Thus, the History of the Bank spread over three Centuries – Nineteenth, Twentieth and Twenty-First.
