ALLAHABAD BANK

Loans/ Finance

Saral Loan

All permanent employees of reputed public sector/ private institutions/ organizations, whose salary are disbursed through our branches or not disbursed through our branches but they are ready to enter into tie up for remitting the salary. The amount is 24 months net salary or maximum Rs.300, 000 whichever is less. Minimum Rs.40, 000. The borrower can avail 50% of the eligible amount may be awaited for meeting personal needs.

Consumer Loan

Salaried persons with gross salary of As. 7000/- and above per month and repayable in 36 EMI. Maximum loan amount is As. 40,000/- and can be availed in cash or in kind. This scheme is open to full-time permanent employees of existing corporate clients of Allah bad Bank. The scheme also covers such employees of reputed organizations where the employer undertakes to deduct the installments from employee's salary and remit the same to our Bank for credit of his/ her loan account with us.

Car Finance

All Professionals/ Self Employed/ businessmen who are Income Tax assessee, Agriculturists having minimum 5 acres of irrigated land, salaried persons with minimum income of as 10,000/- p.m. are eligible for the loan. The amount for loan is 85% of the cost of the vehicle to be purchased, subject to a maximum of 2 times of net annual income/ net annual salary.

Housing Loan Scheme

The loan is available to Salaried individuals (with recovery tie-up of salaries/ without tie-up of salaries), professionals/ self-employed persons and businessmen who are Income Tax assessee. Quantum of loan depends upon the repayment capacity of the borrower within a maximum period of 20 years or length of remaining service, whichever is less. Repayments options for salaried persons desirous to extend the repayment period beyond the date of retirement will be eligible up to 5 years after the retirement. Availability of progressive monthly installment under the scheme.

Educational Loan

To provide financial assistance on reasonable terms to needy and meritorious students to pursue Higher/ Professional/ Technical Education up to Rs.15 lacks for abroad in the form of a package including tuition fees and other charges payable to the institute or expense required to complete the course.

Personal Loan Scheme for Pensioners

All State Government and Central Government pension holders with age not exceeding 70 years having back up family pension facility and drawing pension from Allah bad Bank branches/other banks/Post Offices are eligible for loan of 10 times of pension subject to maximum As. 75,000/- and minimum As. 20,000/-. The loan is repayable in maximum 36 Equated Monthly Installments. Allah bad Bank's pensioners (ex-employees) are also eligible for the loan. Person/s drawing pensions from other banks/ Post Offices shall have to furnish collateral security amounting to 50% of loan amount by way of FDA/ NSC/ KVP/ LIP (surrender value). The borrower is automatically covered under Accidental Death Insurance of As. 1 lack.

Other retail products are available to fulfill various needs of consumer.